Instant loans for unemployed people are available if you are in dire need of money and unemployed. Many platforms offer you loans or cash advances with good repayment plans, no credit check and no collateral. The Covid 19 pandemic has made millions globally including Americans go out of job and get off their normal budget.
Have you therefore found yourself in a challenging financial situation due to unexpected expenses during this post pandemic era? Getting a loan may seem daunting, but it isn’t really. Especially that there are several ways to get emergency payday loans for unemployed people available for you.
Unexpected circumstances definitely occur which will necessitate you getting loans for unemployed people. You can get help in no time when such emergencies occur at a time you don’t have enough money on you and you don’t have a job or employment.
Top 14 Best Loans For Unemployed People
What are the Top 14 Best Instant Loans For Unemployed People you may ask? Below is a list of MONEY CABAL top 14 picks:
- Solo Funds
- Payday Loans
- Social Security
- Unemployment Benefits
- Alimony or child support
- Spouse Income
- Pension or retirement income
- Recurring Interest
- Bank or Credit Union
- Direct Lenders
This is one of the best loans for unemployed people in the USA. If you are unemployed, Klover should be your go-to option. With Klover, you get access to quick, fast, easy, and instant cash loans with no credit check and no interest rate.
Klover is one unemployment cash advance app you can try. You can download the app from your Google play store or iOS store, fill in the necessary details required and apply for a loan instantly.
To download the app from Google Play Store and apply for loan, CLICK HERE.
To download from Apple Store and apply for loan, CLICK HERE.
MoneyMutual is another top option regarding instant loans for unemployed people you can use if you are looking to access instant loans as an unemployed person in the country. With MoneyMutual, you can access short-term loans as high as $5,000 with a low-interest rate. MoneyMutual is an online marketplace for lenders. The process of getting started on MoneyMutual is pretty easy.
4 in 10 Americans wouldn’t be able to come up with $400 in an emergency according to the Economic Well-Being of U.S. Households report. Because of that reality, and a heartfelt duty to our fellow Americans, MoneyMutual built our online marketplace. We offer you simple, quick and secure access to lenders. It all starts with a simple form that takes about five minutes to complete.
You could have a decision in minutes and the money you need could be direct deposited in your account in as little as 24 hours.
To apply for an unemployment cash advance from MoneyMutual, CLICK HERE.
If you want to use this app, your checking account must have had active income from a single job for the previous two months. Brigit takes this step to ensure that they don’t go to someone who doesn’t have a consistent income and the app will charge you a monthly interest rate of 9.99 percent.
With Brigit, you can get up to $250 instantly. Simply tap to get a cash advance within seconds. No credit check. No interest. Pay it back without hidden fees or “tips.” It only takes about 2 minutes. No credit check required. No interest. This is our 3rd pick on the list of instant loans for unemployed people.
To apply for loan from Brigit, CLICK HERE.
This is a top pick on our list of quick, easy and instant loans for unemployed people with option for you if you are looking for a cash advance platform that gives loans to unemployed people in the US.
With MoneyLion, you can try the instacash offers and enjoy loans with no stress. The instacash offer can be used for an unemployed individual or individuals with bad credit. All you need do is register on their site, submit the necessary credentials and apply for an instant loan. You’ll get credited within 24 hours of approval.
To apply for a cash advance from MoneyLion, CLICK HERE.
SoLo Funds, our 5th pick on the list of instant loans for unemployed people, allows you to borrow money from your friends and pay them with “tips” rather than a scary interest rate. However, you need to be careful since these tips can be sky-high (you don’t want to pay as much as you would for a payday loan).
The maximum amount is $1,000 and it’s incredibly simple to do. You’ll have to describe why you need the money but that is easily done!
Repayment extensions allowed
No credit check
If you can’t pay it back, turn it into a gift
Not guaranteed to find someone willing to help you
Tips can be expensive
Collections are reported to credit bureaus so if you can’t repay, it’ll damage your score.
6. PayDay Loans For Unemployed People
A payday loan is also known as a salary loan, payday advance, or deferred presentment. It’s a quick way to get small or unsecured cash advances. To pay for necessities, 7 out of 10 Americans use payday loans every year. This is because it’s an easy and reliable tool, especially during emergencies.
There are two options when acquiring a payday loan. These two types of loans include:
Unsecured loans. You can obtain this kind of loan without the use of any property or asset. It’s an agreement based on trust that the borrower will repay the amount.
Secured loans. You can apply for this loan depending on your assets. They can include your house or car, and you can borrow the equivalent amount of money with low interest. If you fail to pay the loan, the lender can use your asset to get the money back. PayDay Loans is considered our 6th pick on our list of instant loans for unemployed people.
Why Do Unemployed Need Payday Loans?
Millions of people worldwide are coping with the loss of jobs brought about by the COVID-19 pandemic. Many of those who lost jobs may have experienced stress, anxiety, depression, and other mental health problems. On top of it, they also have financial constraints brought to them by unemployment.
What concerned unemployed people is where to find a company that will give them emergency loans as they don’t have a regular source of income. Is there a company that’s willing to extend a helping hand during a sudden financial struggle?
Payday loans seem to be created for situations when life takes an unexpected turn. They also do offer emergency payday loans to the unemployed. Payday loan brokers match you with reliable online lenders while they take care of all the processing elements.
What Are the Benefits of Payday Instant Loans for Unemployed People?
Why should you avail of payday loans? Some benefits are as follows:
They don’t require any assets. You do not need to secure any assets to borrow money.
They are convenient and easy to get. All the transactions are conducted online. You can complete the requirements, mainly filling out applications and signing credit agreements from the comfort of your home.
They are fast and reliable. Since borrowers usually grab payday loans during emergencies, lenders process applications fast and send the money as soon as possible.
They don’t affect credit ratings. Payday loans do not influence your credit score in any way.
How to Apply for Payday Loans For Unemployed People?
Getting a payday loan is pretty simple. You only need to meet the following requirements:
- Be 18 years old and above
- Have an active checking account
- Has a valid identification card
- Has a verified income – unemployment benefits and guarantor funds also work!
- Becoming jobless during this time of pandemic should not worry you to apply for an emergency loan. You have
- sources who offer help, such as payday loan companies.
Other Ways To Get Loans For Unemployed People
If you can prove you have regular income from other sources and have good credit, you may be able to be approved. Lenders may consider alternative income sources from places other than an employer.
Here are a few examples of regular income that may help you qualify for a loan for unemployed people when you don’t have a job.
7. Social Security
If you’re unemployed because of an underlying medical issue or retirement, there’s a chance you have, or are eligible for, regular income from Social Security. Though you don’t have a job, Social Security income can help you get approved for the personal loan you need. This is why we considered this item as one of the loans for unemployed people.
8. Unemployment benefits
Unemployment benefits is another pick for loans for unemployed people. As a full-time employee, a portion of your paycheck goes toward funding unemployment insurance. When you lose your job through no fault of your own, you may be eligible for various unemployment benefits. One of these benefits includes a weekly paycheck.
Yes, unemployment benefits cover only a portion of what you can earn as a full-time employee, but they can help you qualify for that emergency loan.
9. Alimony or child support
If you collect alimony or child support, this may qualify as regular income and could help you get approved for an emergency loan as an unemployed person. This is also noteworthy pick in the list of loans for unemployed people.
10. Spouse’s income
If you’re unemployed but your spouse is still working, their income can help you get the personal loan you need. There is a catch though: To include their income, they must be a cosigner on the loan. Having a cosigner can help in other ways that we’ll touch on later. This is our 10th pick for loans for unemployed people.
11. Pension or retirement income
Pension or retirement income is our 11th pick for loans for unemployed people.
If you’re retired, you may not be gainfully employed, but you may have a regular income. If your company provided a pension that you’re collecting, many lenders consider this regular income for loan approval. The same goes for any other retirement income, including 401(k) and IRA distributions.
12. Recurring interest
If you have an annuity or other investment account that pays you regular interest, you can use this interest as income on many loan applications. This is our 12th pick for loans for unemployed people.
For example, if you have a $100,000 annuity that pays an average of 6.5% interest, you can claim up to $6,500 as regular annual income to get approved for a personal loan.
13. Bank or credit union
Our 13th pick for loans for unemployed people is through Bank or credit union. The first option is to work with an institution you’re familiar with, so head to the bank or credit union you frequent. Because your bank or credit union has worked with you for a number of years, it may be more flexible with its approval terms.
There may be some additional requirements to get approved, like opening a certificate of deposit — a savings account that requires you to leave your cash in it for a fixed period of time in return for higher-than-average interest payouts — or auto-drafted loan payments, but this may relax the income or credit score requirement.
14. Direct lenders
Our final pick for loans for unemployed people is Direct Lenders. The internet doesn’t lack online lenders. A quick search will turn up literally thousands of options, including many direct lenders.
Direct lenders are those who lend the money directly to you; there is no middleman or additional markup on the loan, and you’ll make the payments directly to the lender.
You can apply to these lenders one by one. This can be a time-consuming process for those with bad credit, but if you shop around, it generally nets you better loan terms, including lower interest rates and loan fees.
Frequently Asked Questions Unemployment Cash Advance Apps
People tend to ask a lot of questions when it comes to cash advances and below are some frequently asked questions.
What app gives you $100?
There are a lot of cash advance Apps you can get a $100 advance. Cash App, Dave and a host of others.
What apps give you an advance on your paycheck?
You can get an advance on your paycheck from apps like MoneyLion, Dave, Brigit, and lots more
Does Cash App let you borrow money if you are employed?
Cash App allows you to borrow money that fits into your salary or employment status. All you need to do is register and get started with them.
Are there other apps like Dave?
There are a lot of cash advances apps such as Cash App, Klover, MoneyMutual, Brigit, etc. All these apps are similar to cash advance apps like Dave.
Getting unemployment cash advance apps if you are unemployed should not be much of a problem for you anymore. Go through the list above, try any of the options given, and get an instant loan today.
Do You Need Reputable Cash Advance Apps Like Dave, Earnin Or Other Payday Advance For Quick And Emergency Cash?
If you are in United States of America (USA), you can also apply for an emergency cash advance loan even if you have a poor or bad credit rating. If you need the top and best Apps For No Credit Check Loans Guaranteed Approval Direct Lender, CLICK HERE.
These Top 10 Best Instant Loans No Credit Checks Guaranteed Online Approval are also highly recommended.
If you are in Canada, these 10 cash advance loan apps could meet your emergency and quick cash loan request.