Availability of a personal loan is usually a straightforward process for individuals with a stable income, as it provides lenders with a sense of financial stability and safety. However, on the other hand, many out there need to have traditional proof of income, so their journey becomes a bit challenging.
Whether you’re a freelancer or someone with an irregular income, there is no need to worry, as we are there for you. Stashfin offers quick personal loans without much hassle, and with just a few taps on your smartphone, you are more than good to go. Today, in this blog, we’ll dive deep into the strategies on how to apply for a personal loan without conventional income proof.
What is a personal loan? What are its advantages?
As the name implies, it is a type of unsecured loan offered to individuals for personal use in order to fulfill their personal needs without any hindrance. Unlike secured loans that require collateral, personal loans are granted based on the creditworthiness, income, and the borrower’s ability to repay.
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Versatility
Personal loans offer potential borrowers complete flexibility to use the funds for a variety of purposes. Therefore, whether you need to consolidate high-interest debt, cover medical expenses, finance home refurbishment, or plan a family vacation, Stashfin doesn’t restrict on how the funds can be utilized.
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Instant Access
Compared to other forms of financing, when you apply for this type of quick personal loans, they often provide quick access to loan amounts. The overall application process is typically streamlined, and we offer accessible online applications with rapid approval times. This instant access makes personal loans attractive for individuals facing time-sensitive opportunities.
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Consolidation of debt (if required)
If you have an ongoing debt, you can easily use this loan for its consolidation. For example, these can be credit card balances or any loan, so these loans can be used to combine these debts into a single, more manageable loan with a potentially lower rate of interest. By doing so, one can reduce the overall interest costs and simplify a lot of things!
How Do I Apply for a Personal Loan Without Proof of Income?
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Credit History
In order to qualify for personal loan eligibility without income proof, a strong credit history becomes reasonably necessary. Remember that a score above 750 or even more may be required.
(Tip: If your credit history is not compelling, try to use a credit card and repay EMIs on time.)
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Alternative Income Proof
It can be pretty tricky to show regular income proof, especially as a self-employed individual. If it’s possible for you, then try to provide bank statements, any proof of rental income, or even tax returns.
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Apply with a Co-applicant
It is quite a good option to have a co-applicant when you are trying to get personal loan online instantly. This is simply because a co-applicant with a steady income and a good credit score will help you get loans on better terms.
Why Stashfin?
Stashfin offers personal loan in emi with just a few taps on your smartphone. We provide an easy-to-use application on Play Store/App Store for Android and iPhone users respectively or one can easily explore our website.
We offer such loans without charging any interest amount on the principal for a stipulated period. What are you waiting for? Get in touch with us today.