No Credit Check Personal Loans – Proof of Income Needed?
Posted on | October 23, 2009 | 1 Comment
Getting a no credit check personal loan can often be difficult because lenders of money want to see your financial history. Your financial history or your financial report card is your credit score and if you have none or you don’t want the loan company to see it then you are a very risky borrower. If you have just gotten out of college then you have the potential to be a much higher reward for these companies but you are still a risk.
When getting a no credit check loan something that will make the process much easier is proof of income. By proof of income we mean a pay stub or something similar that can prove that you are getting paid at least by weekly or monthly by a company or individual. Just a bank statement or financial statement is usually not the best proof of income.
If you have any type of document that shows the hours you worked, how much you are getting paid and the taxes that are being taken out then this should suffice as proof of income. This can go a long way in helping the lender realize that you are not as risky of a borrower as you come off being. If you have no credit and no proof of income then you are going to find it very difficult to get a loan.
This does not mean that there are not companies out there that will help you get a loan but you are going to have to do quite a bit of research to find these companies. Most loan companies have seen the amount of bankruptcies that have taken place in the financial sector over the last few years and they do not want to be another number on the list. To avoid going bankrupt they want to fund people that are actually going to pay for their loan.
By doing your research and finding out what information a specific company needs will make the loan process much easier for you. Most of the loan companies out there have an 800 number that you can call and get this information from the comfort of your own home or office. Some loan companies are actually doing many of the steps online so you might want to check this out.
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Author: Tiffany Mann
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October 23rd, 2009 @ 10:28 pm
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