How To Get Approved For A Loan Without A Job

 

 How to get approved for a loan without a job. Yeah, I'm sure you probably thought this was a joke, but it's not. You literally can get approved for a home loan without a job, and I'm gonna tell you how

 

  So as many of you know, with the traditional loan process, they are looking to see if you can repay a loan.

 

The traditional loan process starts off the same way. In most cases, you'll go to a Bank or Credit Union, you'll fill out an application, you'll show them your employment, your income, your assets, and they'll either approve you or deny you for the loan. And in some cases, they may even counter offer, meaning you may ask for a loan for 10,000 dollars, and they may say no, we can't give you 10,000, but we'll give you 5,000 do. That's called a counteroffer. But in any case, they are looking to see if you can repay the loan and what your ability to repay that loan is because banks charge an interest rate and they make money from you paying back the loan.

 

So they really only want to lend when they feel like they're probably going to make money off of that it. So that's the first thing. The second thing that you need to know when it comes to the loan process is if you are going to be getting a loan that has collateral or one that doesn't have collateral. For example, when you're applying for a loan that has collateral, like an auto loan or a mortgage loan, they usually will give you those credit terms with lower interest rates and to more people, because they have collateral.

 

Meaning if you don't pay your car loan, they have a car.

 

They can repossess, they can take it back, and they can resell it to recoup some of their money. When it comes to unsecured loans or UN collateralized loans, that's a little bit riskier for Bank. They don't have anything that they can repossess or come yet. So they're going to be requiring a higher credit score, and they're going to charge a higher interest rate for these loans. So now that you know the difference between the two, let’s talk about how you can start getting your loans approved.

 

Like I said, in most cases, when you go to get a loan, they are going to look at your employment or your income. And so if you're saying that you do not have a job that is completely okay. If you still have income, you don't necessarily need a job to get approved for a loan. They just want to make sure that you have a stable income. So what income do you receive that stable?

 

Do you receive Social Security, pension, disability? Do you receive child support? Alimony, what other type of income do you receive on a regular basis that you expect to continue to receive? If you have those things, you can still qualify for a loan if you're self-employed. For example, they have documentation for self-employed people.

 

Entrepreneurs usually need to be self-employed for two years before they can apply for most loans because they're going to be asking for two years’ worth of tax returns. However, I'm going to tell you a Super-secret way how you can get approved for a loan without doing any of this. So now Let's talk about the best solution and a better solution to getting approved for loans. Let's talk business credit. As many of you guys already know, Noel is a real estate mogul.

 

I own lots of rental properties. I am a real estate entrepreneur. I make millions of dollars a year investing in real estate. And the easy way that I was able to do that and how I took my business from six figures to seven figures was through business credit. Business credit literally will allow you to create an entirely different credit profile that you can borrow under that doesn't have to deal with your personal credit.

 

Let me explain. You literally can set up a business, and in many cases, you can set up a business in one day and start building business credit in a matter of weeks. You literally just set up your business, meaning you name your business. You get an LLC or S Corp. Or C Corp.

 

You get an Ein, which stands for an employer identification number. You get a professional email, a professional website, and a professional phone number. And boom, you have all of the things that you need to be an official business.  

 

The next thing you do, once you have that is you go to the credit bureaus and you create business credit profiles. You literally can create a profile in a matter of days through all three of the business credit bureaus. You have Experian business, you have Equifax business, and you have done in Bradstreet. Between those three bureaus, you can get vendor credit reported there. Then you move on to store credit.

 

In a matter of months. You can have cash credit cards like Capital One City, American Express, and all of these different types of credit cards that are available for businesses with no job. Again, you can establish business credit in a very short amount of time. And I have had students and myself getting hundreds of thousands of dollars in our business's name in less than a year. Yes, you heard that right.

 

In less than a year, you can have credit cards, business lines of credit, all of these different loans available for business in less than a year. And this is really how you want to get approved for loans if you don't have a job. And as a bonus, because you know, this is no. Well, I just love telling you guys everything. Let me give you another really quick bonus.

 

Another place you can get loans. Almost anyone can get approved at is PayPal and Square. And this is this other company called Five Star Processing. So let me tell you a quick secret. Once you have a business established, you can set up merchant processing accounts through companies like PayPal, Square, and Five Star Processing.

 

And the great thing about it is all three of these merchant processing companies. Again, companies that allow you to accept credit cards in and pay invoices, make invoices for customers and have them pay them. All three of these merchant processing companies will allow you to borrow money. Paypal has working capital loans and loans for small businesses. Square has Square capital where they lend money to small businesses, and Five Star Processing will even lend to startups.

 

I literally have had students that are getting 5 10,000 dollars, and they just opened up their business a few months ago. Literally, this is the best way to start getting approved for a loan without having a job.