MoneyLife

What Are No Income Loans?

By Marc Guberti
no income loans

No income loans are an easier way for people who cannot prove their income to secure a loan. Income loans are a type of personal loan that is ideal for seasonal workers and self-employed individuals who are interested in accessing additional funding. 

No-income loans can also assist people who recently lost their jobs and can’t show any proof of documented income. Since no-income loans don’t require as much documentation as conventional loans, it’s common for them to come with higher interest rates. 

If money is running low and you don’t have income rolling in, no-income loans can help. You can qualify for no-income loans even if you receive social security benefits, child support, or any other financial assistance other than employment income. 

Emergency loans with no job and interest-free cash advances 

While no-income loans do not require many prerequisites, you should still consider other loan options at first because no-income loans have high-interest rates. Luckily, MoneyLion has loan options with the same accessibility level as no-income loans, all without the high-interest rates.

You can get an interest-free cash advance of up to $250 through MoneyLion’s Instacash℠ as long as you have an active checking account. This emergency no-income loan comes without monthly fees or credit checks. If you make some money on your own but you want to pay off certain expenses sooner, you can think of Instacash as an early payday cash advance.

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 within minutes.

MoneyLion will evaluate your bank account activity to determine if you’re eligible for an online loan before notifying you of how much money you can access. 

You can increase your chances of getting approved by maintaining a positive credit balance, having an account older than two months, and showing a history of frequent deposits. If you are unemployed, know that government benefits, child support, or alimony also count as income with MoneyLion. 

Once you are approved and officially qualify for Instacash, the funds that you request will be deposited into your bank account shortly. When it’s time to repay the cash advance, the amount you owe will automatically be deducted from your bank account. 

MoneyLion Credit Builder Plus membership 

The MoneyLion Credit Builder Loan gives you access to funds while offering you the opportunity to boost your credit score at the same time. Like Instacash, the Credit Builder Loan does not require a credit check. This loan is one of the best ways to quickly get a $1,000 loan online.

Your payment activity, which accounts for 35% of your credit score, will be reported to the three major credit bureaus. In turn, your on-time payments will raise your score over time. Making on-time payments when repaying your Credit Builder loan as well as any other debts will subsequently increase your credit score.

A Credit Builder Plus membership also makes it easy to track your finances thanks to the Financial Heartbeat feature from MoneyLion. Many people find it difficult to track their finances, but MoneyLion makes this process a breeze. The Credit Builder loan will help you monitor the four most important aspects of your financial health: savings, spending, insurance coverage, and credit scores.

To sign up, start by downloading the MoneyLion app. From there, create an account and link your bank account to the app before you apply for the Credit Builder Plus membership. You can qualify for up to $1,000 and also receive the loan within minutes. 

Depending on the state of your finances, MoneyLion might save a portion of the funds in an interest-earning Credit Reserve Account in your name until the loan is paid in full, at which point the money will be released to you. 

Payments are automatically deducted from your checking account. So, you won’t have to worry about due dates, missed payments, or additional fees. This loan product is a component of the Credit Builder Plus membership, which costs $19.99 to access. It’s worthwhile because this loan not only offers money when you need it but it can also help you build credit. See if you quality for a Credit Builder loan today! 

Get more for less with Overtime 

MoneyLion wants to help you get more from your money. That’s why MoneyLion is planning to release a new buy-now-pay-later service called Overtime. With flexible payment plans, Overtime can be applied to any of your purchases. 

Rather than paying for products in a lump sum, you can choose to pay for your purchases incrementally as a way of getting more mileage out of your money. You can break each expense into four separate payments with 0% APR, too. Join the Overtime waiting list today! 

Make your own money so you don’t have to borrow 

No-income loans grant you access to additional funds. However, before taking out a loan, you should first consider starting a side hustle or pursuing another way to boost your annual income. Bringing in some income is better than bringing in no income at all, especially when it comes to paying back your no-income loans.

Here are some side hustles to consider! 

  • Write an eBook
  • Become a tutor
  • Sell retail arbitrage

Here is a complete list of side hustle opportunities that can help you make $500 or more each month! 

Get a no-income loan today!

Don’t stress yourself out over your finances. Apply for a Credit Builder loan from MoneyLion regardless of what your credit score looks like. That way, you can get access to vital funds and raise your credit score at the same time! It’s a win-win.

Frequently Asked Questions

Can you get a loan if you have no income?

You can get a loan even if you have no income. Most no-income loans carry higher interest rates, but with Instacash, you’ll have access to up to $250 without having to pay any interest for an entire month! Furthermore, MoneyLion accepts unemployment, alimony, and child support as qualified forms of income.

How can I borrow money with bad credit and no job?

Most borrowers will need a job and decent credit to qualify for loans. However, that’s not the case with MoneyLion, which only requires a soft credit check and proof of recurring deposits. Alimony, child support, and unemployment benefits are all acceptable forms of income from MoneyLion.

Can someone under 18 take out a loan?

The only way someone under 18 can take out a loan is if a parent or guardian co-signs the loan because most people under 18 have poor credit. But with MoneyLion’s Credit Builder Plus loan, you can get a loan and build your credit in the process.

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