No Income Loans – How To Qualify

By Allison Martin
how to get a no income loan

Money running low, and you need a little cash to hold you over? Or maybe you have a large expense coming up, and you don’t know how you’ll get the funds you need?

The good news is you have options to get you over the hump, even if there’s no traditional income coming in. 

If you receive social security benefits, child support, or any other financial assistance other than employment income, you can still qualify for loans. 

Interest-Free Cash Advances

You can get an interest-free cash advance of up to $250 through MoneyLion’s Instacash℠ feature. This means you can access the funds you need without paying a cent in interest. There’s no monthly fee either! 

Worried you won’t qualify because your credit isn’t great or you aren’t currently employed? Don’t be. There are no credit checks to use this feature, and you’re not required to provide proof of traditional income. 

All that’s required to apply for interest-free cash advances is a checking account! Download the MoneyLion app to your mobile device, create a free account, and securely connect your checking account to determine how much Instacash you qualify for in minutes.

MoneyLion will evaluate your bank account activity to determine if you’re eligible. In most instances, you’ll be approved if your account has been established for 2 or more months and has a positive balance. You should also have a history of deposits, which can also be from government benefits, child support or alimony if you’re not currently employed. 

Once you’re qualified, requesting cash is even easier. Simply input the amount you want to advance (up to your available limit) and the funds will arrive in your bank account in minutes. When it’s time to repay the cash advance, the amount you owe is automatically deducted from your bank account. 

Credit Builder Loans 

Another viable option is a Credit Builder Loan from MoneyLion. It gets you the cash you need in hand and helps boost your credit rating. And there’s no credit check to apply for the loan.

While Instacash cash advances are ideal for small financial emergencies, credit builder loans are a better fit as you can get more cash in hand, up to $1000. Plus, payment activity is reported to the 3 credit bureaus – Equifax, Experian and TransUnion.

As the affordable automatic payments are processed, your payment history will likely improve. Payments account for 35 percent of your credit score, and on-time payments will help your score increase, assuming you manage other debt obligations responsibly. 

You may qualify for a credit builder if you have a checking account that’s at least 60 days old and is in good standing. Your transactions should also demonstrate a stream of income, even if it’s from government benefits, child support or alimony. 

To sign up, download the MoneyLion app, create an account, and link your bank account to apply for Credit Builder Plus. You may qualify for up to $1,000 and receive the loan proceeds in minutes. Depending on your finances, MoneyLion may also save a portion of the funds in an interest-earning Credit Reserve Account in your name for you until the loan is paid full. 

Payments are automatically deducted from your checking account. So, you won’t have to worry about due dates, missed payments or pesky fees. 

This loan product is a component of the Credit Builder Plus membership. It’s $19.99 to access this affordable loan that also builds credit, along with Instacash cash advances and other premium features.

See if you qualify for a Credit Builder Loan.

Get a No Income Loan Today!

Don’t stress yourself out over money woes. Consider an Instacash cash advance or Credit Builder loan from MoneyLion. Both can help you get the relief you need, even if your credit is less than perfect. Plus, you may qualify if you’ve been laid off or furloughed. 

Give MoneyLion a try today. If qualified, there’s no obligation to accept a loan product, and your credit score won’t be impacted when you apply.

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