Generally, lenders require some income proof before they will approve a loan. However, you may be able to get a no-income loan if you can show how you will repay it. There are three types of no-income loans: Stated income loan, verified assets: You can get a stated income loan if you have some income.
Accordingly, can freelancers get personal loan?
Financial documents that show stability of income will help you easily get a Personal Loan for self-employed. The bank may also require self-employed individuals to be in business for a certain amount of time. You can check your Personal Loan for self employed eligibility here.
Additionally, how can I get a loan if I get paid cash?
If you run a business or work in a field where you’re paid in cash instead of receiving a regular paycheck, you may qualify for a bank statement loan by giving the lender access to your bank account records. This helps the lender see that you make regular deposits.
Which type of loan does not need income proof?
Though personal loans are generally unsecured, meaning that there is no need to submit collateral, if one does not have proof of income, he/she can negotiate with the bank to disburse the loan amount following the submission of collateral.