Borrowing Money Online without a Paycheck

Borrowing Money OnlineBorrowing money online can be a convenient solution to short-term financial requirements. Today, many loan options exist, that offer simple and quick service via completely online solutions. Borrowing money can be easy, but typically, you shall need a proof of a stable income in the form of paychecks or salary slips. But what if you have stable income that enables you to pay off a loan on time, yet you don’t have a pay stub to share? This can happen if you’re self-employed, free-lancing, working as an independent consultant, or receive funds from securities such as income schemes, etc.

In such a situation, finding a loan online or through other sources can be significantly harder than it otherwise is. We help you find a solution that’s likely to fit your situation, through this article. We share what options you’re likely to have, and also offer to help you understand whether or not a loan is what you indeed need in the first place.

Do You Really Need a Loan?

Sometimes it so happens, that a person gets tempted to take a loan without:

  • Fully understanding whether or not there is a need for it, or
  • Considering other ways to borrow money when a loan is hard to get.

When you’re facing a challenge getting a loan since you do not receive a fixed regular paycheck from an employer, it could be a good idea to first be sure whether or not you really nee a loan. Answering some questions to yourself can help you be sure:

  • Is your need for money inevitable?
  • Can you not try asking family and friends?
  • Is there anything valuable that you can easily sell to get the money you need?
  • Can you liquidate any investment?
  • Is there enough time to try a crowdfunding campaign? Is the purpose relevant for that?

Loans for people who do not have a paycheck to provide, can be quite expensive and giving a thought to the above could provide you with answers that might just save you money.

However, once you have determined that a loan is the way to go, it’s time for us to share the ways in which you could borrow money online without the need for a paycheck.

Borrow Money Online with other Income Sources

Having a stable income and still not being able to get a loan with ease, can be frustrating and this often is the case when your income doesn’t come in the form of a salary with a pay stub from a traditional job. Here are the other forms of income that you may be able to secure a loan using:

Loans against Securities

If you have valuable securities such as gold, real estate, vehicles, etc. you can pledge one or more of them to get a loan. Typically, such a loan would be time-taking and would only provide you funds of value that’s equivalent of a part of the estimated value of the assets pledged, as the lender has to factor in the cost of recovering the funds by liquidating the asset, and also the cost of the interest and expenses on the loan.

Loans for Self-Employed Individuals

Self-employed individuals, free-lanced professionals, small business owners and independent consultants can also get loans from services like ours, as long as there is enough proof of a stable income available for at least six months. Each loan request may be carefully scrutinized, in order to ensure there is a fair margin of security in the loan decision. Bank and income verifications in such cases, are likely to take longer time, and borrowers may need to be mindful of this before applying for a loan in such a situation.

Income from other Sources

It may well be possible to secure a loan if you have a regular income from savings, house rentals, etc. However, the approved loan amount may be significantly smaller than if you had the same income from a traditional salary paying job. This is, because income like rentals may have more risk associated with them. One of the easiest ways to find out your eligibility in this situation, is to apply for the loan and allow the lender to perform the necessary assessment.

Other ways to Get Money when in Need

Sometimes, loans are the only option considered by people in need of money. However, there are other ways to borrow money and, in a situation, where there is a need but no easy way to get a loan, these could be more than just valuable to consider:

  1. Borrowing from family and friends
  2. Selling valuable items that you possess but don’t require
  3. Liquidating investments that you may have made
  4. Generating income doing some small jobs
  5. Running a crowdfunding campaign

Apply for a Loan with CashUSAToday

At CashUSAToday, we don’t just provide loans to people who have a pay stub as a proof of income from their job. In some cases, we can approve loans for people with other sources of stable income too. If you have a provable stable income that can safely cover a loan repayment, simply apply for a loan with us and our team shall get in touch with you. If found eligible, you could secure a loan with multiple repayments, that you can use in your situation of need.

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