It can be tough to get a loan when you’re unemployed, because most lenders require proof of income. The good news? You can find legitimate lenders who may approve you as long as you have steady income, even if it’s not from a job — such as unemployment benefits, child support, retirement income or disability benefits.
Our top 5 picks for unemployed borrowers
These loans for unemployed borrowers could be a match if you need cash quickly.
Cleo is an AI-powered budgeting and cash advance app, offering 0% interest cash advances up to $250. While its advances are handy, Cleo's strength lies in its ability to help you budget and save money. Set targets based on your income and spending habits, and its quirky AI assistant will help you stay on track.
And unlike some cash advance apps, you don't need recurring direct deposits or W-2s to qualify for cash advances with Cleo. With its combination of cash advances, budgeting, round-up saving and credit-building tools, Cleo is ideal for anyone who wants to take greater control of their finances.
Loan Amount
$20 - $250
APR
0%
Turnaround time
3 to 4 days or instant for a fee.
Available in all states
Cleo is an AI-powered budgeting and cash advance app, offering 0% interest cash advances up to $250. While its advances are handy, Cleo's strength lies in its ability to help you budget and save money. Set targets based on your income and spending habits, and its quirky AI assistant will help you stay on track.
And unlike some cash advance apps, you don't need recurring direct deposits or W-2s to qualify for cash advances with Cleo. With its combination of cash advances, budgeting, round-up saving and credit-building tools, Cleo is ideal for anyone who wants to take greater control of their finances.
The top concern for personal loan lenders is your ability to repay the loan, and usually, that means having steady income from a job. But OneMain considers other sources, such as government benefits, alimony, child support or other forms of income. It also offers a cosigned loan, which can greatly increase your chances of getting a loan, and funding is possible as soon as one hour after approval. But it charges origination fees, its lowest rate is 18% and you may have to visit a branch office to complete the loan process.
Min. credit score
Not specified
APR
18% to 35.99%
Loan amount
$1,500 to $20,000
Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
The top concern for personal loan lenders is your ability to repay the loan, and usually, that means having steady income from a job. But OneMain considers other sources, such as government benefits, alimony, child support or other forms of income. It also offers a cosigned loan, which can greatly increase your chances of getting a loan, and funding is possible as soon as one hour after approval. But it charges origination fees, its lowest rate is 18% and you may have to visit a branch office to complete the loan process.
Pros
Accepts alternative income sources
Fast turnaround time
Offers cosigned loans
Cons
Charges origination fees
High minimum APR
May need to visit a branch location
Loan amount
$1,500 to $20,000
APR
18% to 35.99%
Interest Rate Type
Fixed
Min. credit score
Not specified
Turnaround Time
As soon as one hour
Loan Term
24, 36, 48 or 60 months
* OneMain Disclosures:
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
While many cash advance apps require monthly subscriptions and charge hefty fees for instant transfers, Chime's MyPay feature has no mandatory fees and only one potential fee — $2 for an advance of any size. If you can wait a day or two, this app is totally free to use and offers advances up to $500. Plus, it accepts income from alternative sources, such as government benefits, so you're eligible for a cash advance with no job. But it's not available everywhere, you have to get your earnings by direct deposit and you need to have a Chime checking account to qualify for advances.
Loan Amount
$20 - $500
Turnaround time
Within 24 hours or $2 for instant transfers
Costs
No subscription fees
Not available in: Colorado, Connecticut, Georgia, Illinois, Maine, Maryland, Massachusetts, Minnesota, Montana, Nevada, New Jersey, New Mexico, South Dakota, Vermont, Washington, Wisconsin, Wyoming
While many cash advance apps require monthly subscriptions and charge hefty fees for instant transfers, Chime's MyPay feature has no mandatory fees and only one potential fee — $2 for an advance of any size. If you can wait a day or two, this app is totally free to use and offers advances up to $500. Plus, it accepts income from alternative sources, such as government benefits, so you're eligible for a cash advance with no job. But it's not available everywhere, you have to get your earnings by direct deposit and you need to have a Chime checking account to qualify for advances.
Pros
No monthly subscription required
Accepts alternative income sources
Free funds transfer within 2 days
Cons
Not available in all states
Requires direct deposit
Need a Chime checking account
Loan amount
Up to $500
Loan Term
Until next deposit
Turnaround time
Within 24 hours or $2 for instant transfers
MyPay™ line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS 2316451). MyPay eligibility: To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details. Instant funds: Option to get funds instantly for $2 per advance or get funds for free within 2 days. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
OppLoans doesn't have a minimum credit score to qualify for a loan, and it's open to income from numerous sources besides employment. It also only requires a soft credit check, so there is no impact on your score — whether you're approved or not. But rates can be steep, you need to receive your income source by direct deposit and it's not available in all states.
Loan Amount
$500 - $5,000
APR
160% to 195%
Turnaround time
As soon as the same business day
Online application
Yes
Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, West Virginia
OppLoans doesn't have a minimum credit score to qualify for a loan, and it's open to income from numerous sources besides employment. It also only requires a soft credit check, so there is no impact on your score — whether you're approved or not. But rates can be steep, you need to receive your income source by direct deposit and it's not available in all states.
Vola Finance provides an unemployment loan of up to $500 when you connect a bank account that meets three eligibility requirements:
At least three months old
Average balance of $150
Proof of income and activity
The app also features spending analytics and tools to help you better manage your money. However, how much you'll pay for Vola's subscription fee is anybody's guess. Third-party and customer reviews say it's anywhere from $1.99 to $28.99 a month. But the company doesn't clearly disclose a fee structure before you sign up.
Loan Amount
Up to $500
Turnaround time
Within 5 hours or instant to Vola card
Available in all states
Vola Finance provides an unemployment loan of up to $500 when you connect a bank account that meets three eligibility requirements:
At least three months old
Average balance of $150
Proof of income and activity
The app also features spending analytics and tools to help you better manage your money. However, how much you'll pay for Vola's subscription fee is anybody's guess. Third-party and customer reviews say it's anywhere from $1.99 to $28.99 a month. But the company doesn't clearly disclose a fee structure before you sign up.
Pros
Advances up to $500
Get an extension of up to 10 days
Free delivery within five business hours
Cons
Opaque and potentially expensive subscription fees
Our team of loan experts looked at dozens of cash advance apps and personal loans before narrowing them down to the best ones for unemployed borrowers. We also regularly review and update our selections to make sure our picks are the best in the market and ideally suited for their categories.
Here are the criteria we considered when choosing the best loans and apps that loan you money instantly without a job:
Turnaround times
Interest rates
Monthly fees
Origination fees
Transaction fees
Credit requirements
Income/deposit requirements
Loan amounts
Repayment plans
Better Business Bureau ratings and reviews
Trustpilot ratings and reviews
How to compare loans and cash advances for unemployed borrowers
Whether you’re looking for a small cash advance to tide you over or a larger loan amount, here are some key factors to compare.
Advance or loan limits. Loans have higher limits than cash apps, but only borrow as much as you need — especially if you’re on a tight budget.
Fees. Be sure you’re aware of any fees that come with unemployment loans, such as monthly charges for cash advance apps or origination fees for personal loans.
Credit score. Cash advance apps typically don’t check your credit, but personal loan lenders may have minimum requirements to qualify.
Loan terms. Consider how long you think you’ll need to repay the loan. You usually only get a couple of weeks with cash advance apps, but personal loans give you the opportunity to spread out your loan payments.
Turnaround times. Cash advance apps and loans can both offer fast funding, but if you need money instantly, you might have better luck with a cash advance app.
Pros and cons of cash advance apps and loans for unemployed people
Consider the benefits and drawbacks of unemployment loans.
Pros
Fast funding possible
Some options don’t require credit checks
Cash advance apps typically don’t charge interest or late fees
Personal loans offer larger loan amounts
Cons
Cash advance apps may require a monthly subscription fee
Personal loans can come with high rates
Fees for expediting cash advances can be steep
Risk of hurting your credit if you can’t make your loan payments
When to consider a loan
If you’re unemployed, you might be wondering if taking out a loan is a good idea. It might make sense if you:
Need to cover essential living expenses like food, rent or utilities
Have a medical emergency and need to pay for treatment
Have urgent home or car repairs
Are facing some type of expense that can’t be put off
Have a job offer letter with a start date in the next six months
Avoid taking out a loan that you aren’t certain you can repay. If you miss payments, you could end up owing multiple times what you borrowed in fees, hurt your credit and even risk facing a lawsuit from your creditor.
When to consider alternatives
Likewise, taking out a loan while you’re unemployed may not be the right option if one of these situations applies to you:
The thought of adding one more monthly payment to your plate stresses you out.
You don’t have a regular income.
You could sell something you own to come up with the cash instead.
The item you need to pay for is a “want” rather than a need.
We currently don't have that product, but here are others to consider:
How we picked these
What is the Finder Score?
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
Alternatives to cash advance apps and personal loans for unemployed people
If a cash advance app or personal loan isn’t the right move for you, consider these alternatives to borrowing money:
Government assistance. Programs like the Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF) can help with food or cash needs if you’re not working and need help making ends meet.
Payment plans. If you have a major car repair or a large medical bill, see if you can set up a payment plan rather than borrowing money.
Negotiate with creditors. If it’s existing debt that’s causing a shortfall in funds, ask your creditors about pausing payments for a month or two, getting an extension or lowering your monthly payment.
Sell your stuff. Make some money by decluttering your home or garage and selling your old belongings to people who can use them.
Find a side hustle. Whether you’re between jobs or retired, there are a ton of ways to make a little extra cash in today’s gig economy.
Frequently asked questions
Are cash apps payday lenders?
No, but they share some similarities. Both options offer short-term loans, which are usually paid back within two weeks. But cash advance apps don’t charge interest or late fees, whereas payday loans charge both.
How to get $200 instantly without a job?
Most likely your best option to get $200 fast is with a cash advance app that offers loans for unemployed people. You’ll have to pay a fee to get the funds transferred instantly, but at least you won’t have to pay interest.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf.
See full bio
Hi
I want to make a loan forn $350. But I only bring in between 197 to 200 biweekly
My husband pays the rent.and utilities. It’s just a loan for myself personally
And my credit score is 670.
What are my chances of getting approved?
Finder
AliyyahJune 16, 2017Finder
Hi Kim,
Thank you for your comment. Your chances of approval will depend on many factors and vary depending on the lender you apply with. If you’re concerned about being denied because of your employment status, one idea is to consider using a joint application so that your partner’s qualifications are considered as well.
Please feel free to contact us again should you have any additional questions.
Best regards,
Aliyyah
ScottJune 6, 2017
I need a short term loan for a building construction business venture, I have work already lined up, I just need money to tide me through till first payout, my credit score is low and I am currently unemployed?
Finder
haroldjacobJune 21, 2017Finder
Hi Scott,
Thank you for your inquiry.
Should you need a loan for your business venture you may want to consider the list of offers on our business loan page. On the page, is a comparison table you can use to see which lender suits you.
Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this information has helped.
Cheers,
Harold
VanajaMay 6, 2017
As a widow and house wife unemployed want a personal loan how can I apply can repay monthly an emi if 2000rs. Loan amount I need 5 lakhs.
Finder
HaroldJuly 2, 2017Finder
Hi Vanaja,
Thank you for your inquiry.
As per checking you already opened the correct page. Next, go to the section where has a title of “Can you qualify for a short term loan with alternate income?” then review the options available. Select the offer that will best fit your personal requirements.
I hope this information has helped.
Cheers,
Harold
CarissaApril 6, 2017
Hello. How do I get a loan for my first home which will be turned into my my first at home company as well if I don’t have an income at this time or employment history for the past two years? Is it possible? Thank you sincerely for your time.
Finder
AliyyahApril 7, 2017Finder
Hi Carissa,
Thank you for your question.
If you’re currently unemployed and don’t have an employment history for the past two years, there are lenders who may consider your application based on other factors. One idea to consider is including a guarantor on your loan application — this is a person who agrees to pay back the loan if you’re unable to.
To get started with a loan to purchase a home, I highly recommend you read more about mortgages to effectively compare your options.
Feel free to reach out to us again if you have any further questions.
Best regards,
Aliyyah
codyApril 2, 2017
Hello my name is Cody and I recently lost my job and recently got all my money stolen and I do not have the time to wait to get it back, I am in the process though. I need $300 so I can pay my rent but have a horrible credit score of 526 if I remember right and I do donate plasma 2 time a week for a total of 280 a month and I need the money this week though. I have been denied every where. What should I do?
Finder
AliyyahApril 5, 2017Finder
Hi Cody,
Thank you for your question.
Sorry to hear about your recent troubles. If you’ve been denied loans in the past, one idea is to consider a guaranteed short-term loan as your next option. Although these lenders don’t promise to approve 100% of applicants, they tend to have more flexible eligibility criteria and could be what you’re looking for.
Another resource to consider is our article on bad credit loans, where you can compare lenders who tend to approve applicants with lower credit scores.
If you have any other questions, feel free to get in touch with us again.
If you need extra cash between paychecks, Earnin offers withdrawals on the money you’ve already earned — without charging a fee.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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Hi
I want to make a loan forn $350. But I only bring in between 197 to 200 biweekly
My husband pays the rent.and utilities. It’s just a loan for myself personally
And my credit score is 670.
What are my chances of getting approved?
Hi Kim,
Thank you for your comment. Your chances of approval will depend on many factors and vary depending on the lender you apply with. If you’re concerned about being denied because of your employment status, one idea is to consider using a joint application so that your partner’s qualifications are considered as well.
You could also read our article on tips to avoid personal loan rejection, which may have information that’s helpful for you when applying.
Please feel free to contact us again should you have any additional questions.
Best regards,
Aliyyah
I need a short term loan for a building construction business venture, I have work already lined up, I just need money to tide me through till first payout, my credit score is low and I am currently unemployed?
Hi Scott,
Thank you for your inquiry.
Should you need a loan for your business venture you may want to consider the list of offers on our business loan page. On the page, is a comparison table you can use to see which lender suits you.
Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this information has helped.
Cheers,
Harold
As a widow and house wife unemployed want a personal loan how can I apply can repay monthly an emi if 2000rs. Loan amount I need 5 lakhs.
Hi Vanaja,
Thank you for your inquiry.
As per checking you already opened the correct page. Next, go to the section where has a title of “Can you qualify for a short term loan with alternate income?” then review the options available. Select the offer that will best fit your personal requirements.
I hope this information has helped.
Cheers,
Harold
Hello. How do I get a loan for my first home which will be turned into my my first at home company as well if I don’t have an income at this time or employment history for the past two years? Is it possible? Thank you sincerely for your time.
Hi Carissa,
Thank you for your question.
If you’re currently unemployed and don’t have an employment history for the past two years, there are lenders who may consider your application based on other factors. One idea to consider is including a guarantor on your loan application — this is a person who agrees to pay back the loan if you’re unable to.
To get started with a loan to purchase a home, I highly recommend you read more about mortgages to effectively compare your options.
Feel free to reach out to us again if you have any further questions.
Best regards,
Aliyyah
Hello my name is Cody and I recently lost my job and recently got all my money stolen and I do not have the time to wait to get it back, I am in the process though. I need $300 so I can pay my rent but have a horrible credit score of 526 if I remember right and I do donate plasma 2 time a week for a total of 280 a month and I need the money this week though. I have been denied every where. What should I do?
Hi Cody,
Thank you for your question.
Sorry to hear about your recent troubles. If you’ve been denied loans in the past, one idea is to consider a guaranteed short-term loan as your next option. Although these lenders don’t promise to approve 100% of applicants, they tend to have more flexible eligibility criteria and could be what you’re looking for.
Another resource to consider is our article on bad credit loans, where you can compare lenders who tend to approve applicants with lower credit scores.
If you have any other questions, feel free to get in touch with us again.
Best regards,
Aliyyah