topic Re: Personal Line of Credit - No Proof of Income in Personal Finance

Personal Line of Credit - No Proof of Income

rdwilson7071 — Fri, 08 Nov 2019 17:51:27 GMT

Hey everyone (1st post!),

Are there any banks/credit unions that offer personal lines of credit without having to provide proof of income?

Any reccomendations would be appreciated!

Re: Personal Line of Credit - No Proof of Income

Anonymous — Fri, 08 Nov 2019 18:03:43 GMT

@rdwilson7071 wrote:
... Any reccomendations would be appreciated!

I'd recommend searching this particular subforum for "PLOC" and you'll find many different approvals. I will suggest most of those require no POI, but if not explicitly stated you can always ask the OP in the thread or DM.

Personally I have two: NFCU 15K & RBFCU 5K. Neither required POI.

Good luck.

Re: Personal Line of Credit - No Proof of Income

Shooting-For-800 — Sat, 09 Nov 2019 01:02:24 GMT

Often POI requirements vary dramatically depending on claimed income and your CRs.

Navy Federal did not ask me for any POI for any of my 3 credit cards with them based on income in the 6 figures.

Of course, honesty is best just in case...

Re: Personal Line of Credit - No Proof of Income

RickNATL — Mon, 11 Nov 2019 08:48:17 GMT

Didnt ask:

- Penfed
- Navy Fed

Asked:
- Georgia's Own
- Wells Fargo

Re: Personal Line of Credit - No Proof of Income

Anonymous — Tue, 12 Nov 2019 08:57:49 GMT

@RickNATL wrote:
Didnt ask:

- Penfed
- Navy Fed

Asked:
- Georgia's Own
- Wells Fargo

Never been asked for POI by:

1. Navy

2. PenFed

3. HSBC

4. Citi

5. Wells Fargo

6. BMO Harris

7. US Bank

YMMV. Some get asked for POI and others do not.

Re: Personal Line of Credit - No Proof of Income

Anonymous — Tue, 12 Nov 2019 23:14:02 GMT

I think the better question is, are there any Banks that offer LOC without a HP? lol

Aside from the reasons that have been discussed regarding 4506-T and what 3rd party it goes through. I've never understood the aversion to POI, it's fairly simple process to upload docs to the Lenders. At least for my Personal Loans it was.

Re: Personal Line of Credit - No Proof of Income

Namaste7 — Sun, 17 Nov 2019 15:36:25 GMT

Other posters provided good DPs. IMHO, the answer will depend on your relationship with the bank or CU. If you have an existing credit product with a bank/CU, you may not have to provide POI on the PLOC app.

Sometimes, the institution will indicate if POI is required based on the amount requested in the LOC application. If you do not have a depository or credit relationship with a bank or CU, PLOC approval may be more challenging with or without POI requests.