Apply for a Loan at

✔️ Bad Credit Loans - Not a Problem!

If you have bad credit score, don't be worry, our lenders work with all scores!

✔️ Our Service works 24/7 for you

If you need some urgent money, no matter what day it is now, just fill out the application!

✔️ No Credit Check Loans Near You

After you fill the application you may receive money the same day after approval!

Need A Loan Now?

No Income Verification Loan

The lender will consider your financial stability and ask you to bring what is needed in the previous questions and two months of bank statements that show two months deposit from direct deposits only. This means it must be checked for direct deposit paycheck or government benefits only placed into your personal account monthly.

Can you Get a Loan if you Have no Income?

It depends on how much down payment is required from you. If it is less than 5%, then the lender will consider your financial stability and ask you to bring what was needed in the previous questions and two months of bank statements that show two months deposit from direct deposits only. This means it must be checked for direct deposit paycheck or government benefits only placed into your personal account monthly. If it is more than 5%, the lender will look at your real estate assets to secure this loan. You can also ask a friend or relative to co-sign the loan.

How Can I Get a Personal Loan with no Income Verification?

Do you have assets? If yes, then your friend can lend you money. However, if you do not have any assets to mortgage with them, you should consider helping co-signer hands. If still no luck, start searching for another lender. Make sure that they are licensed and accredited. Some scammers can freeze your account as well as your credit score if they are not licensed.

What is a No-Income Verification Loan?

This is also known as a subprime mortgage, which means less stringent requirements or non-conventional loans. From the word itself, no income verification, the lender does not require an income statement. They don’t verify the income statement you submit, either! The only thing they do is look at your credit score and decide whether the risk involved in loaning money to you is worth their time and effort. It is more for people with bad credit or no credit history at all. You might wonder how it is possible without having their income being verified, but there are a few ways through which you can get this type of mortgage. The most basic method is using real estate for a down payment to qualify for this mortgage loan.

History of No-Income Verification Loan

In the 1990s, no income verification was commonly seen. However, after the housing bust in 2007 and 2008, this type of mortgage became less popular. The only lenders offering this type of loan are considered non-conventional sources. It helps people who have a bad credit history to get a new home not through the kind of mortgage that will come with higher premiums but through subprime, which has zero to low down payment. The most common use of no income verification loans is for first time home buyers. This type of loan is also beneficial for those whose salary will vary each month due to commission-based jobs or has fluctuating income.

Another advantage of them is that they have flexible criteria for credit score or bank statements. No Income Verification Mortgage offers a lower monthly cost due to discounts or package deals like property insurance and tax certificate. They also offer loans with a shorter repayment period upon request since this type of loan can be paid off within 30 years or so instead of 40 or 50 years, which is what conventional loans come with. In these times, where people are looking for ways to save money by buying more affordable homes, no income verification loan can become a good option for many people out there. Elizabeth Leanza can also help you out in buying homes.

However, another setback in this kind of mortgage is the very high risk with regards to the borrower’s ability to repay the loan if he/she loses their job, which frequently happened during that time, especially in the construction industry including various sectors involved in the construction – engineering services, contractors, equipment manufacturers, real estate brokers, and others. With the volatile economies and high unemployment rates, there has been less demand for no income verification mortgages lately or construction loans. If you have bad credit history and need help on how you can get a house, some organizations can help out, such as the National Foundation for Credit Counseling (NFCC). The NFCC is designed to help people rebuild their financial condition using budget management and financial education materials and counseling services that are free and confidential online and in-person. There are five different types of counseling they offer:

  • debt management;
  • bankruptcy;
  • foreclosure avoidance;
  • retirement counseling;
  • homeownership education programs.

Is a No-Income Verification Right for You?

If you have bad credit and do not have any assets to verify, you might want to consider asking a friend or family member with good credit and income to co-sign the loan. Of course, the primary borrower would still be responsible for making all of the payments independently. However, this also means that if anything goes wrong with your loan, it will be your co-signer who bears all of the risks.

For anyone who has been trying to qualify for another type of mortgage without success, No income verification can be of great advantage, especially if he/she can bring enough down payment with him/her and also meet other qualifying rules about having no bank statement issued with his/her income at hand. When it comes to getting a mortgage loan, there are many different avenues to take depending on your situation. Two options can be possible solutions for someone looking for assistance getting a loan.

Steps to apply for No Income Verification Loan

  1. Submit your application for a house loan.
  2. Make sure everything is right on your application before sending it to the lender.
  3. Check for double-checking errors and make sure everything is clear and understandable. This will make your lender’s processing of your application faster.
  4. Wait for the lender to reply to your application. Once received, they may request additional information from you or ask you to attend an interview.
  5. Make sure you oblige with their request, not just because that will speed things up but also because this helps them know more about you and your financial situation as well as if you are indeed capable of paying off your loan or not.

If approval is granted, prepare yourself financially and then finalize everything with a contract before making the down payment and securing the property.