Can I Get a Personal Loan With No Income?

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Financial emergencies can happen to anyone at any time, but taking out a loan requires fulfilling some important criteria. And for most if not all lenders, one of those requirements is a stable income.

So can you get a personal loan with no income? Unfortunately, all loan applicants at Need Money Now are required to have permanent employment with earnings of at least $400 per week (after tax).

There may be some scenarios that can make it difficult to know if your situation allows you to qualify for a personal loan, so in this article we will explain what counts as permanent employment and income.

What Counts as Permanent Employment in New Zealand?

The first and most important criteria that loan applicants must fulfill is having permanent employment. But what is considered permanent employment?

Permanent employment is not defined by your number of hours – both full-time and part-time employees can be permanent. Employment is considered permanent when an individual has no expected end-date for their employment and they have full employment responsibilities and rights.

Other types of employment that do not count as permanent employment include:

  • Fixed-term employment, with a fixed end-date or ending after a certain project
  • Seasonal employment
  • Casual employment, in which there are no guaranteed work hours or ongoing employment expectations
  • Independent contractors that require ongoing projects for a wage, such as film production workers
  • Self-employment, such as freelancers in various industries who manage their own finances

It can be easy to confuse casual employment with permanent part-time employment. The main difference between these two is the existence of a clear work pattern – if there is a sustainable pattern of work, the job is considered permanent part-time employment.

What Counts as Income?

For Need Money Now to successfully process a loan application, an applicant must make a minimum of $400 per week, after taxes. This money is only considered applicable income if:

  • It comes from a source of permanent employment, as discussed above
  • It is electronically transferred into the applicant’s bank account every payday
  • It is consistent and the transfers are reflected in the transaction history of your account over the last few months

What doesn’t count as income includes:

  • Any kind of benefits (including disability benefits)
  • Pensions
  • Self-employment income

Why Do I Need Permanent Employment and Income for a Need Money Now Loan?

We understand that our employment and income policies can be frustrating for some potential applicants. However, Need Money Now is committed to practicing responsible lending – we offer total transparency and quick, reliable service, while ensuring that every applicant can successfully pay off their loans.

If an applicant does not have permanent employment and stable income, they might find it difficult and stressful to make their repayments on time. As a responsible lender, it is our responsibility to encourage applicants to find other financial options before they apply for a Need Money Now loan.

We want to make sure that our borrowers can pay back their loans without a headache, which is why our repayments are limited to 25% or less of the borrower’s weekly pay after tax. At Need Money Now, we seek to understand and care for every borrower and their needs.

Ready For Your Need Money Now Loan?

If you have permanent employment, stable income over $400 per week, and qualify for our other loan criteria, and if you are in need of a quick and easy loan, then apply for a Need Money Now loan today.