Can I Get a Personal Loan With No Income Proof?

The most scaring factor for banks and financial companies is to opt for a personal loan. The fact is that they are not safe at all due to no collateral means. Hence, the banks depend on salary slips to be sure that their repayment will be done on time. In the present time, many of the customers depend on freelancing or work from home. In this case, having a salary slip is not possible. This makes them think a single thing, “personal loan apply online without salary slip” personal loan no proof of income.

Personal Loan with no income proof

Even as a freelancer, it is possible to have a personal loan with the help of invoice and bank statements. But it is possible that the loan is required by the housewives or unemployed that make it difficult to get income proof. Let us tell you a secret, the banks' documents actually depends on the persona of the applicants (in some cases). Hence, if an individual has a good record of payment and credit with banks then it can come handy.

You need to understand that lenders are looking for applicants that can afford repayments. It doesn’t matter where the money is coming from (until it is legal). Hence, if one is able to assure bank about repayments then they are eligible for the personal loan. Here are some tips that can be followed by the individual to know about personal loan apply online without salary slip.

1. Alternative income - As mentioned above, many individuals opt for freelancing options that qualify for a loan. Apart from this, it can be child support, pension, retirement funds, social security benefits, disability, capital gains, housing income, trust income, partner income, savings, government annuity, etc.
2. Security - There are collateral options as well that can be availed by the borrowers. In case, there is nothing to present as income proof then keeping the security is a great way for a secured loan. It can be gold, assets, vehicle, etc. that can be used in the form of security.
3. Automatic payments - It is also an alternative that is accepted by many applicants. They can simply watch out for options such as automatic payment deduction that gives a sense of security for on-time payments. In addition to this, it will even help in improving credit or CIBIL score.
4. Cosigner - It is one of the plus points when it comes to personal loans no proof of income. Many applications are passed because of a good guarantor to avail loan. The cosigner can be considered as third-party that will apply for the loan with the borrower. In case, a borrower is not able to make payments, the bank will go for a cosigner. However, it is not an ideal choice and can be subject to drift or conflict among family members. However, if a borrower is sure about the repayment then it can work smoothly for cosigner without any daunt on credit score.

No matter what, make sure that the CIBIL score is to the mark. If the score is anything but stellar then you can say bye to the personal loan with or without salary slips.