Self-employed borrowers might be able to submit tax returns, bank statements, or other documentation as proof of income for a personal loan.
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A common requirement when applying for a personal loan is proof of income. This could be a challenge if you’re self-employed, especially if your income is irregular or difficult to prove.
However, there are several lenders willing to work with self-employed borrowers that offer other paths to approval besides a typical pay stub or W-2, such as tax returns and invoices, or that allow borrowers to attach a cosigner or collateral to the loan. Approval will be easiest if you have good to excellent credit. For example, the average APR for borrowers with a FICO score of 720 to 779 was 16.59% in November 2023, according to Credible data on three-year loans.
Being self-employed provides freedom and flexibility, but it can also make qualifying for financing more difficult. Most lenders want to see pay stubs or tax returns to verify income. So what if you need a personal loan but don’t have easy income documentation as a freelancer contractor or small business owner?
Luckily, you still have options for “no proof of income” loans if you’re self-employed. This guide explains how to get personal loans without income verification when you’re your own boss.
Challenges of Documenting Self-Employment Income
Traditional lenders like big banks typically require extensive paperwork to prove your income if self-employed
- 1099 tax forms from clients showing income earned
- Federal tax returns for 1-2 years to verify earnings
- Business bank account statements to show regular deposits
Gathering all these documents can be tedious Plus, if you’re just starting out self-employed, you may not even have tax returns yet.
Self-employed borrowers need a better way to verify income for personal loans. And some lenders now cater specifically to the needs of freelancers, contractors, and small business owners.
Types of No Income Verification Loans for Self-Employed
If you’re self-employed and need a personal loan but don’t want the hassle of documenting earnings, consider these options:
1. Bank Statement Loans
With bank statement lending, the lender reviews deposits into your business checking account to assess your income. This allows them to approve your loan application without requiring tax returns or 1099s.
Some top lenders offering personal loans without income docs for the self-employed include:
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LendingClub – Loans up to $100k based on bank statements and business details
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Kabbage – Lines of credit up to $250k based on accounting data
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BlueVine – Loans up to $250k with just bank statements
2. No Income Verification Loans
Some lenders don’t require any income documentation and rely more heavily on other factors for loan approval. These include:
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Personify Financial – No income verification needed, just a soft credit check
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Upgrade – Uses credit data and cash flow tools for approval
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LendingPoint – No income or employment info needed with a FICO over 580
3. Business Revenue Loans
Rather than scrutinizing your personal income, these lenders focus on your company’s overall revenue to determine if you qualify. This allows financing even if you don’t pay yourself a regular salary.
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Fundbox – Lines of credit based on annual business revenue
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Kapitus – Loans for startups based on average monthly revenue
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National Funding – Financing based on yearly business income
4. Secured Business Loans
Some lenders offer secured small business loans that require collateral like equipment, inventory, or accounts receivable. The ability to secure the loan means documenting income isn’t as necessary.
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OnDeck – Secured term loans and lines of credit
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BlueVine – Lines of credit secured by outstanding invoices
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Fundera – Loans secured by accounts receivable or assets
Tips for Self-Employed Borrowers With No Income Docs
If you don’t have tax returns or pay stubs handy, make the most of alternative documentation to improve your chances of loan approval:
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Show profitability – Provide bank statements highlighting steady business income deposits
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Detail your experience – Outline your professional credentials and time self-employed
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List major clients – Namedrop impressive brands that you work with
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Explain income gaps – Disclose why any deposit fluctuations occurred
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Offer collateral – If possible, secure the loan against business assets
Also be sure your personal credit score is in good shape. Many no income verification lenders put more weight on your credit profile.
Pros and Cons of No Income Verification Loans
No proof of income personal loans offer self-employed borrowers certain advantages:
Pros
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Faster application without income paperwork
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Approval based on business revenue, not personal income
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Flexible options for early-stage businesses
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Allows use of collateral to offset income gaps
Cons
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Generally higher interest rates
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Smaller maximum loan sizes in some cases
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Difficult to qualify if you have bad credit
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Risk of putting up valued assets as collateral
For the right applicant, the pros outweigh the cons. But carefully consider both when deciding if this route is best for your situation.
What About No Income Verification Mortgages?
While no documentation personal loans are available, most mortgage lenders still require proof of income, even for self-employed borrowers. Very few offer no income verification mortgages.
But some alternative mortgage options to consider include:
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Bank statement loans – Use bank deposits to verify income
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1099 loans – Base approval on 1099 income alone
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Low-doc loans – Provide just one year of personal and business tax returns
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Alternative income loans – Use sources beyond W-2 wages for qualification
In general, expect a higher down payment and interest rate compared to a standard mortgage.
Questions to Ask Before Applying for No Income Verification Loans
Here are a few key questions self-employed borrowers should ask before seeking no proof of income personal loans:
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Will my credit score qualify me for approval?
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What loan amount do I need for my purpose?
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Should I provide statements from my business account or personal account?
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Is there collateral I can offer to improve my loan terms?
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Will the repayment period align with my projected income?
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Does the lender clearly explain interest rates, fees, and penalties?
Thinking through these considerations will help ensure the best loan fit for your freelance or small business needs.
How to Apply for No Income Verification Loans
If you’ve decided this type of financing makes sense for your situation as a self-employed borrower, here are the steps to follow:
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Check your credit. Having at least a 660 FICO score makes approval most likely. Review your credit reports and dispute any errors.
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Choose lenders. Compare offers from lenders specializing in no income verification loans. Look for the best rates, terms, and borrower reviews.
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Gather documentation. In addition to good credit, most lenders will want to see your business bank account statements. Some may also request assets lists, company financials, or details on business revenue.
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Apply online. Complete the lender’s online application providing your SSN, contact details, income sources, loan purpose, and employment info.
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Get approved. The lender will review your application and notify you if approved. Sign your loan agreement digitally to finish up.
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Receive funds. Once approved, the lender will deposit your loan funds directly into your bank account, often as soon as the next business day.
With the right lender, getting a personal loan without income verification can be a fairly smooth and streamlined process. Just make sure to choose an established lender and take steps to get the best loan rates and terms for your needs.
Alternatives to Explore
Beyond specialized no income verification loans, a few other options exist that could help finance expenses when self-employed:
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Business credit cards – Build business credit to qualify for cards without personal income docs.
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Business lines of credit – Access revolving credit lines to withdraw what’s needed month to month.
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SBA loans – Government small business loans based on company financials rather than personal income.
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Home equity loans – Use home equity as an income-free borrowing source if you’re a homeowner.
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401(k) business financing – Borrow against retirement savings and repay yourself with interest.
Each option has pros and cons to weigh based on your situation. But they provide alternative financing sources if no proof of income loans don’t work out.
The Bottom Line
Don’t let lack of W-2s or tax returns hold you back from securing financing for your startup or small business. With the right lender, you can qualify for personal loans without income verification through alternative documentation.
Just be sure to shop around for the best self-employed loan rates and terms for your needs. Seek lenders that look beyond income requirements to focus on your broader business financial profile.
With a bit of research, self-employed borrowers can access no proof of income loans to cover expenses between irregular client payments. The application process is often much quicker as well without piles of pay stubs and tax returns to supply.
Just make sure to use no income verification loan funds responsibly. And have a plan for repaying the borrowed amount on time each month.
9 lenders that work with self-employed borrowers
While some lenders don’t offer personal loans to self-employed borrowers, there are several that do. Here are several Credible partners that provide personal loans for the self-employed:
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, its also is one of few lenders that doesnt have a minimum credit score requirement (if you apply on the lenders website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesnt require your Social Security number to prequalify on its site. Youll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, youll need to go elsewhere, as Discover doesnt allow cosigners.
Funds are available as soon as the next business day after loan approval.
3 – 7 years
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you dont need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
2 to 7 years
Autopay and direct pay
Available in all states
Time to get funds
Credit card refinancing, debt consolidation, home improvement, major purchase, other
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. Its easy to prequalify with LendingClub, especially if youre uncomfortable providing your Social Security number, as the company doesnt require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that youll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, youre less likely to have your application declined once you apply (if youve already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Available in all 50 states
Time to get funds
Debt consolidation, paying off credit cards
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesnt require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you dont have good credit. You also wont be able to apply with a cosigner, since SoFi doesnt accept cosigners; nor does it offer secured personal loans.
2 – 7 years
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Available in all states
Phone, email, live chat
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Solely for personal, family, or household uses
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Powers Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. Youll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Origination fee, late fee, unsuccessful payment fee, check processing fee
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Credit card refinancing, debt consolidation, home improvement, and other purposes
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers whove prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Origination fee, late fee, dishonored payment fee
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Debt consolidation, emergency expense, life event, home improvement, and other purposes
1 to 5 years (2 to 5 years through Credible)
Happy Money has been in operation since 2009 (formerly known as Payoff). Its an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but thats not as high as some other lenders origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans arent available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 – 5 business days after verification
Debt consolidation and credit card consolidation only
If youre self-employed, Avant requires that you submit your two most recent years’ complete, official tax documentation.
Best for all credit types
3.9
Borrowers with bad credit considered
Funds as soon as the next business day
1-year loan terms available on Avants website
Not available in HI, IA, MA, ME, NY, VT, or WV
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers whove prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Origination fee, late fee, dishonored payment fee
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Debt consolidation, emergency expense, life event, home improvement, and other purposes
1 to 5 years (2 to 5 years through Credible)
Self-employed borrowers will need to provide their tax returns from the two most recent years to prove their income.
Best for low origination fees
3.9
Long loan terms available
May fund in 1 to 2 days
Low minimum income requirement
Available in all states
Trustpilot score of 4.9/5 stars
High minimum loan amount
Axos is one of few lenders that offers loans for business purposes. Plus, it has a low minimum income requirement, offers repayment terms up to 7 years, and is available in all states. But If you need a loan under $10,000, youll need to look elsewhere. While this lender may charge an origination fee, its fees are on the low side, topping out at 3%. Youll also want to have good credit to apply for a loan with Axos. You can expect to receive funds 1 to 2 business days after the loan is approved.
3, 4, 5, 6, 7 years
Available in all 50 states
Time to get funds
As soon as the next business day after successful verification
Debt consolidation, home improvement, self-employment, and other purposes
Best Egg works with borrowers who have a variety of employment statuses, such as salaried, self-employed, or retired.
Be sure to check with Best Egg to see what documentation you’ll need to provide.
Best for high close rates if pre-approved
4
Low minimum income requirement
Scored second in J.D. Powers Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
Not available in DC, IA, VT, or WV
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Powers Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. Youll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Origination fee, late fee, unsuccessful payment fee, check processing fee
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Credit card refinancing, debt consolidation, home improvement, and other purposes
Self-employed borrowers will need to provide their two most recent years’ worth of tax returns to prove their income.
Best for no origination fees (and low rates)
4.4
May fund the next business day
Long loan terms available
Direct pay to creditors
Secured loans not available
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesnt require your Social Security number to prequalify on its site. Youll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, youll need to go elsewhere, as Discover doesnt allow cosigners.
Funds are available as soon as the next business day after loan approval.
3 – 7 years
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Self-employed borrowers will need to submit the first two pages of IRS Form 1040 along with the first two pages of either the Schedule C or K1 form.
Best for consolidating credit card debt
3.9
Limited loan terms available
Not available in MA or NV
Happy Money has been in operation since 2009 (formerly known as Payoff). Its an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but thats not as high as some other lenders origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans arent available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 – 5 business days after verification
Debt consolidation and credit card consolidation only
If you’re self-employed, you’ll need to submit a recent tax return or other forms like a 1099 as proof of income.
4
Low minimum income requirement
High close rate on loans made through Credible
Available in all states
Funding not as fast as some competitors
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. Its easy to prequalify with LendingClub, especially if youre uncomfortable providing your Social Security number, as the company doesnt require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that youll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, youre less likely to have your application declined once you apply (if youve already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Available in all 50 states
Time to get funds
Debt consolidation, paying off credit cards
To potentially qualify for a loan, self-employed borrowers will generally need to show proof of consistent income through tax returns or bank statements.
In addition to income, SoFi will also consider your credit score, and education level.
4.9
Large loan amounts available
Autopay and direct pay discounts
Long loan terms available
5,000 minimum loan amount
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesnt require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you dont have good credit. You also wont be able to apply with a cosigner, since SoFi doesnt accept cosigners; nor does it offer secured personal loans.
2 – 7 years
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Available in all states
Phone, email, live chat
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Solely for personal, family, or household uses
To apply, self-employed borrowers must provide their two most recent tax returns.
Best for fair credit
4.5
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you dont need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
2 to 7 years
Autopay and direct pay
Available in all states
Time to get funds
Credit card refinancing, debt consolidation, home improvement, major purchase, other
If you’re self-employed, you’ll need to submit the previous year’s full tax return plus proof of recent income in the form of a digitally deposited check or a business invoice.
Best fast personal loans for all credit types
3.9
May fund in 1 business day
No minimum credit score requirement on lender site
Trustpilot score of 4.9/5 stars
May charge a high origination fee
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, its also is one of few lenders that doesnt have a minimum credit score requirement (if you apply on the lenders website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Learn More: Where to Get a Personal Loan
If you’re just starting out as being self-employed, then providing the commonly required two years’ worth of tax returns might be difficult.
In this case, applying for a personal loan with a cosigner could be a good option. Not all lenders allow you to apply with a cosigner, but some do.
Even if you don’t need a cosigner to qualify for a personal loan, having one could get you a lower interest rate than you’d get on your own.
Before you borrow, be sure to consider multiple lenders. This way, you can more easily find a loan with a good rate as well as favorable terms.
How to get a personal loan when you’re self-employed
If you’re ready to take out a personal loan, follow these four steps:
- Shop around and compare lenders: Research and compare as many personal loan lenders as possible to find the right loan for you. Consider not only interest rates but also repayment terms, any fees charged by the lender, and requirements for self-employed borrowers. Also remember to check if the lender accepts cosigners, as having one might help you get approved if you’re having trouble proving your income.
- Choose your loan option: After comparing lenders, choose the loan option that best suits your needs.
- Complete the application: Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or bank statements.
- Get your funds: If you’re approved, the lender will have you sign for the loan so your money can be sent to you. The time to fund for a personal loan is typically about one week — though some lenders offer fast personal loans that are funded as soon as the same or next business day after approval.
You typically need good to excellent credit to qualify for a personal loan. While some lenders offer personal loans for bad credit, these loans typically come with higher interest rates than good-credit loans.
If you’re struggling to get approved because of your credit, applying with a cosigner could improve your chances. Having a cosigner with a good score might also qualify you for a better interest rate than you’d get on your own.
Before you get a personal loan, it’s important to consider how much that loan will cost you over time. This way, you can be prepared for any added expenses. You can estimate how much you’ll pay for a loan using our personal loan calculator.
Learn More: How to Get a Personal Loan With a 600 Credit Score
Ways to show Proof of income when you are Self employed
FAQ
Is it possible to get a personal loan without proof of income?
Can I get a loan without income proof?
What is a hardship loan?
Can a self-employed person get a loan?
Getting any kind of loan usually requires showing proof of income so lenders feel assured a borrower has a steady salary that can keep them making their monthly payments on time. If a borrower is self-employed and has an irregular income or cash flow, it can be hard for them to prove they’re ready to take on a loan.
How do I get a personal loan with no proof of income?
There are several ways to get approved for a personal loan with no proof of income, including applying with a co-signer and falling back on an excellent credit score. Some people who need money fast to pay for unexpected expenses or large purchases turn to personal loans.
Can a self-employed person get a personal loan without a bank account?
In other situations (such as when a person is self-employed), they may have sufficient income for a personal loan, but it’s more challenging to prove the amount to the lender’s satisfaction. Here’s more information about personal loans for the self-employed with no proof of income. Recommended: Guide to Personal Loans Without a Bank Account
What are the loan requirements for self-employed individuals?
Loan requirements for self-employed individuals will be similar to the typical loan requirements as determined by the lender. In addition to evaluating factors like the applicant’s credit score, many lenders will require proof of income. Traditional documentation used to verify income includes pay stubs and W2s.