When applying for a loan, you may be asked to provide proof of income. Let’s go over all the types of income sources you could use to apply for the extra money you need.
When thinking about income, most people immediately think of the income from their job—your regular paycheck, your W2, your direct deposit every two weeks. But in today’s ever-changing financial landscape, income can come from a variety of sources, some of which may actually help you qualify for a loan or credit product even if you don’t have a traditional 9-to-5 job.
If you're considering applying for a loan through services like Check City, whether it’s a payday loan, installment loan, or personal loan, it’s helpful to understand not just the usual sources of income but also the less common ones that may still count. This is especially useful for those who are self-employed, part-time workers, gig workers, or even semi-retired.
Let’s take a closer look at some common and uncommon types of income, how lenders might view them, and how you can document them properly to strengthen your loan application.
What Counts as Income?
First, it’s important to understand that different lenders and loan types may have various requirements for what qualifies as income. But not all income has to come from a traditional job.
Here are several types of income that could count when applying for a loan, if properly documented:
1. Wages and Salaries
The most common type of income comes from wages and salaries. These are the regularly scheduled payments you get from your employer if you’re a traditional W2 employee. This can be some of the most steady income and thus the most reliable when using this type of income in a loan application.
2. Gig Economy and App-Based Work
Income from rideshare platforms (like Lyft or Uber), food delivery apps (like DoorDash or Uber Eats), and freelance portals (such as Fiverr or Upwork) can all be considered legitimate earnings.
In fact, millions of Americans now rely on this flexible form of work. If you regularly earn through one or more platforms and receive direct deposits or regular pay stubs, this may be usable income for certain loan products.
Tip: Download or print your earnings reports from the app. Screenshots of weekly summaries or 1099 forms during tax season can help verify income.
3. Social Security and Disability Benefits
Social Security payments, including SSDI (Social Security Disability Insurance) and SSI (Supplemental Security Income), are considered stable, recurring income by many lenders. This can be particularly helpful for older adults, individuals with disabilities, or those in caretaker roles.
Make sure you can provide documentation such as benefits letters or recent deposit records from your bank account.
4. Rental or Room Share Income
Do you rent out a basement, spare room, or vacation property? Platforms like Airbnb, Vrbo, or even simply collecting rent from a roommate can add to your monthly income. While this can be irregular, if it’s consistent and well-documented, it may be counted when you apply for a loan.
Tip: Keep a running log of monthly earnings and bank statements showing incoming rental payments.
5. Child Support and Alimony
Court-ordered child support or spousal support can sometimes be considered income, particularly when applying for loans where long-term income stability is a factor. However, you'll typically need court documents plus a record of recent payments.
It's worth noting that you're not required to disclose this income if you don't want to be considered based on it, but if you're looking to qualify and this helps, it may strengthen your application.
6. Pension and Retirement Distributions
Income from pension plans, 401(k) distributions, or annuities can count as reliable income, especially for retirees or those transitioning from full-time work. Even RMDs (required minimum distributions) from IRAs may help support your application if they’re consistent.
Be prepared to show pension statements or account distribution records.
7. Self-Employed or Small Business Profit
Side hustles and small businesses may not offer a W2, but if you operate a business and draw income from it, that still counts.
Crafters, consultants, lawn care providers, and many others earn income through sole proprietorships, LLCs, or informal businesses.
To assist with a loan application, provide tax returns, 1099 forms, or profit/loss statements. Even simple ledgers or cash flow logs may help demonstrate your income reliability.
8. State Assistance or Public Benefits
In some cases, government assistance, like SNAP (food stamps), TANF, or housing vouchers, may count as supplemental income. While this usually won't satisfy the full income requirement on its own, when combined with other sources, it can offer lenders broader insight into your financial situation.
Note: This varies by lender and state, and some public benefit income may have limitations when used for financial qualifications.
9. Royalties and Licensing Income
Though less common, some people earn income from intellectual property such as book sales, online courses, music royalties, or even software or photography licenses. If these are semi-recurring or can be tracked year-over-year, they offer another way to show consistent financial inflows.
Tip: Provide contracts, licensing agreements, or 1099 forms from the paying entities.
How this Applies to Loans from Check City
Many loan types offered through Check City, such as payday loans or installment loans, require proof of income, but that doesn't always have to be a paycheck from an employer. Depending on the product and state regulations, you may use alternate forms of income with the right documentation.
Loan options like payday loans are short-term solutions intended for emergency needs. Important financial factors should be considered before borrowing, including the ability to repay by the due date. If you're looking for more flexible repayment terms, a personal or installment loan may also be a useful option for you.
Keep in mind:
- You’ll generally need to provide recent income documents, such as pay stubs, benefits letters, or bank statements.
- Loan approval is not guaranteed. Approval decisions are based on a variety of factors.
- Responsible loan use includes understanding all repayment terms and only borrowing what you can reasonably afford to pay back.
- Visit www.checkcity.com to explore state availability for loan products and full application requirements.
Final Thoughts
Traditional jobs aren’t the only way to bring in income, and they aren’t the only forms of earnings that can support a loan application. Whether you drive for a rideshare company, host guests in your home, or receive retirement income, these alternative streams can offer financial flexibility when used wisely.
By keeping a clear record of your income, no matter the source, you may be able to access financial tools and manage unexpected expenses confidently. And if you ever need help understanding which financial solution is right for you, Check City makes the process simple, professional, and customer-focused.
