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 going to tell you how. Let's go.
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. And they may say,
"No, we can't give you 10,000 but we'll give you 5,000." That's called a counter offer. 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.
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. But when
it comes to unsecured loans or uncollateralized loans, that's a little bit more risky for a bank.
They don't have anything that they can repossess or come get. 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 2, let's talk about how you can start getting
your loans approved. So, 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 stable income. So, what income do
you receive that stable? Do you receive social security? A 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 2 years before they can apply for most
loans because they're going to be asking for 2 years worth of tax returns. However, I'm going
to tell you a super secret way how you can get approved for loans 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, Noelle 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 6 figures to 7 figures was through business credit.
Business credit literally will allow you to create an entire 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 a C corp, you get an EIN which stands for employer
identification number. You get a professional email, professional website and a professional
phone number and boom! You have all of the things that you need to be an official business.
There's a little bit more to it. It doesn't take very long but I've made an entire video
you can watch that whole video that teaches you how to set up your business really quickly.
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 one of,
through all 3 of the business credit bureaus. You have Experian business, you have Equifax business
and you have Dun and Bradstreet. Between those 3 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, 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 businesses
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 Noelle, 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 5-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 5-star processing. And the great thing
about it is all 3 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 3 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 5-star processing will even lend to startups. I literally have had students
that are getting 5, 10 thousand dollars and they just opened up their business a few months ago.
Literally, this is the best way to start getting approved for loans without having a job. So,
I have created an entire training program that is about an hour long that teaches you all about
how to invest in real estate, how to start making money even if you have bad credit
and no money --my exact formula. Check it out at noellesfreetraining.com. It's all the information
that you need because I want to make sure that you have all of the information, all of the knowledge,
and all of the resources that you need to be successful. This is Noelle. To your success.