Is there a way to get a loan without proof of income?

[bretlee6]

Is there a way to get a loan without proof of income?

Well I am sure you could find a dodgy loan shark

But unlikely from a trusted source that you would actually want to take a loan from

Better off going to citizens advice OP

The type of places that lend money to people who can't show they can pay it back are usually the types of places you don't want to be borrowing money from.

Also, if that's the position you're in, borrowing money is rarely the best solution, even though it might feel like it.

What's the actual problem OP, maybe we can point you in the right direction?

Not a good idea

I have had several personal loans in the past from high street banks with no proof of income

Only places that take full advantage of the person that is unable to pay it back.
I wouldn’t.

I have had loans from Santander, TSB, Lloyds, Tesco and Sainsburys without ever having to show anything that proves my income
Obviously I have to give that info and lying is a bad idea but I have never been asked for wage slips etc

@Hoppinggreen

I have had loans from Santander, TSB, Lloyds, Tesco and Sainsburys without ever having to show anything that proves my income Obviously I have to give that info and lying is a bad idea but I have never been asked for wage slips etc

Presumably you had a salary paid into a bank account though - which other banks would be able to see on a credit check.

@Hoppinggreen

I have had loans from Santander, TSB, Lloyds, Tesco and Sainsburys without ever having to show anything that proves my income Obviously I have to give that info and lying is a bad idea but I have never been asked for wage slips etc

Oh don't be daft!

Probably from Big Pat down the snooker hall with 40% interest, but you'd risk getting your kneecaps shattered if you defaulted.

I am not being daft
How have any of those companies seen what I earn? Obviously they have done a CC on me but I wasn’t aware that they could see what I earn from that, if I’m wrong then apologies

@Hoppinggreen

I am not being daft How have any of those companies seen what I earn? Obviously they have done a CC on me but I wasn’t aware that they could see what I earn from that, if I’m wrong then apologies

Regular income, credit card, loan and current account balances is EXACTLY what credit checks show!

Well I have learned something then.
I knew it checked credit cards and loans but had no idea they could see what was in my current account or my income
Good job I never lied about it then

I check my credit file every month with 3 agencies and they don't show my current account balance or regular income. It only shows loan balances for credit cards/personal loans/mortgage, credit agreements like mobiles and whether repayments have been made on time.

Mainstream loan companies ask what your income is for personal loans but they don't tend to ask for proof (i.e. payslips) and they can't get proof just by doing a credit check. However it is fraudulent to lie about your income to get a loan.

@luxsolar

I check my credit file every month with 3 agencies and they don't show my current account balance or regular income. It only shows loan balances for credit cards/personal loans/mortgage, credit agreements like mobiles and whether repayments have been made on time.

Mainstream loan companies ask what your income is for personal loans but they don't tend to ask for proof (i.e. payslips) and they can't get proof just by doing a credit check. However it is fraudulent to lie about your income to get a loan.

You're right. I work in banking and see people's credit reports every day. It doesn't show balances in current accounts at all. It will show an overdraft balance and whether it is within its limit but the data is for that day on that specific month I haven't had a personal loan for quite a few years but in the past I have had them with a few of the major high Street banks and have never once been asked for income proof The bank I work for also has a vehicle finance side to it and they don't request income proof either

I haven’t given proof of income for a loan.. only mortgage.

So I’m NOT actually daft then

All the secured high street loans I have had have never asked for proof of income. Employers name and job title but that’s it.

As you work in a bank then you will know all about Current Account Turnover (CATO) during a credit reference then Jmaho.

@Malalaa

As you work in a bank then you will know all about Current Account Turnover (CATO) during a credit reference then Jmaho.

I'm not sure if you are trying to make out I'm lying but I will repeat what I have said again. I work for a bank (not in a bank) and we use credit reports to view the data of people applying for both mortgages and other finance. And on the credit reports there is no current account balances on the credit reports. We don't see it. So you can quote all you like at me. I'm not lying about my job or lying about what we see

CATO doesn't show current account balances. I never said you were lying about working for a bank but your processes may need a re think if you're lending vast sums of money without properly using credit referencing, CATO & CATO affordability index.

www.crc.business-school.ed.ac.uk/sites/crc/files/2020-10/AE102-Use-of-CATO-Data-in-Affordability-Baker.pdf

So it’s where your account allows Open Banking?
Mine never did so then I have never provided income verification when applying for a loan

[quote Malalaa]CATO doesn't show current account balances. I never said you were lying about working for a bank but your processes may need a re think if you're lending vast sums of money without properly using credit referencing, CATO & CATO affordability index.

www.crc.business-school.ed.ac.uk/sites/crc/files/2020-10/AE102-Use-of-CATO-Data-in-Affordability-Baker.pdf[/quote]
I work in mortgages and our processes are just fine thanks we actually get proof of income and bank statements. We use different indexes such as delphi and CII. My original post was to say that current account balances do not show on your credit report which you've now agreed with and I also commented to say I have never been asked to prove my income on a loan application.
I'm not quite sure why you've jumped on me as I haven't said anything that isn't correct. You've copied a link to tell us all what CATO is. I'm not sure what purpose this serves other than to give yourself an ego boost and make yourself look clever. Quite baffling and funny

I don't think we had to provide proof of income for the last unsecured loan that we took out from a high street bank. They just asked for income and outgoings and approved us straight away, money was in our account the next day I think.