How to Apply for a Personal Loan Without Income

Most consumers can benefit from a personal loan from time to time. Unlike auto loans and mortgages, consumers can use personal loans for anything from debt repayment to vacations. Having a steady job with a good source of income is the easiest way to qualify for a loan, but many consumers can still qualify even without a source of income by using their financial assets as collateral against the loan or finding a co-signer.

Step 1

Create a list of any sources of alternative income you receive, such as child support payments, alimony or Social Security payments. Gather proof of these forms of income from check stubs or statements.

Step 2

Create a list of your liquid financial assets, including your checking and savings accounts, private retirement accounts, 401Ks, personal stocks and bonds. Gather current statements for these assets.

Step 3

Create a list of any other financial assets you have, such as a home or vehicle. You may be able to use these items as collateral against a personal loan.

Step 4

Ask a friend or family member with good credit and a source of income to co-sign your personal loan. A co-signer agrees to take responsibility for the debt if you default on the loan. This backing improves your chances of qualifying for a personal loan.

Step 5

Visit your bank and request a personal loan application in person. Having a pre-established relationship with the bank may help you qualify for a personal loan.

Step 6

Complete the loan application in its entirety, ensuring you include information about any financial assets you have and your co-signer's information.

Step 7

Provide your banker with your completed application, your identity information and proof of your alternative form of income and financial assets.

Step 8

Open a secured loan if you cannot qualify for a traditional personal loan. With a secured loan, you will need to provide either collateral, such as a car, to back the loan or fund a savings account or CD, which the bank will hold until you pay off your loan in full.

Things You'll Need

  • Proof of child support, alimony or Social Security

  • Current bank statements

  • Current retirement account statements

  • Co-signer