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Unemployed and need a loan? Compare lenders and terms

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If you’re worried you won’t meet the employment requirements to borrow, find out about unemployed loans.

If you’re unemployed or recently self-employed and are in need of a loan, you may be wondering whether any lender will consider your application. This guide will take you through your options for borrowing while you’re unemployed, what you need to be aware of and how you can apply.

Jump to compare lenders who may consider you below >>>

Can I get a loan if I’m unemployed?

Yes! Some lenders will consider you for a loan when you’re not currently employed, but you’ll need to be earning some form of income or have suitable income-earning assets to repay the loan. This could mean receiving welfare payments, being self-employed or receiving a regular deposit into your account from investments.

Often, lenders will require access to your banking history and financial documents in order to verify that you’ll be able to repay your loan.

Can you qualify for a short term loan with alternate income?

ProviderGenerally acceptedConditions
ACE Cash ExpressYesMust show proof of income.
Advance AmericaNoMust show proof of income, requirements vary by state.
CashNetUSAYesMust show proof of income, requirements vary by state.
Cash CentralYesMust show proof of income, requirements vary by state.
Check CityNoMust show proof of income, requirements vary by state.
Check into CashNoMust show proof of income, requirements vary by state.
LendUpNoMust show proof of income, requirements vary by state.
LendYouNoMust show proof of at least $1,000/month income, requirements vary by state.
OppLoansNoMust be employed for 3+ months and receive paychecks via direct deposit. New Mexico does not require direct deposit.
ProviderGenerally acceptedConditions
ACE Cash Express?Full application determines whether it’s acceptable or not.
Advance America?Full application determines whether it’s acceptable or not.
CashNetUSAYesBenefits count as an acceptable source of income.
Cash CentralYesRetirement pensions and Social Security benefits count as an acceptable source of income.
Check City?Varies based on state laws.
Check into Cash?Varies based on state laws.
LendUp?Varies based on state laws.
LendYou?Full application determines whether it’s acceptable or not.
OppLoansYesFixed income is accepted, but not preferred.
ProviderGenerally acceptedConditions
ACE Cash ExpressNoMust not currently be a debtor in bankruptcy or intend to voluntarily file for bankruptcy.
Advance America?Full application determines whether it’s acceptable or not.
CashNetUSAYesDischarge from bankruptcy is acceptable.
Cash Central?Full application determines whether it’s acceptable or not.
Check CityYesBankruptcy that’s been discharged for 30 days is acceptable.
Check into Cash?Full application determines whether it’s acceptable or not.
LendUp?Full application determines whether it’s acceptable or not.
LendYou?Full application determines whether it’s acceptable or not.
OppLoansYesDischarge from bankruptcy is acceptable.

Important things to consider before borrowing

  • You need to be able to repay the loan. This is the main thing lenders look for when considering you for a loan. If you only want to borrow a small amount and your income and expenses demonstrate you can easily manage the ongoing repayments, then you may be eligible. If you want to borrow a large amount of money that will make it hard for you to manage day-to-day, then the lender probably won’t consider your application.
  • Other requirements will need to be met. You’ll need to check the other eligibility requirements set by the lender before you apply. Just because they have flexible criteria when it comes to your employment doesn’t mean they’ll be flexible about everything else.
  • Do you receive welfare payments? This is often what allows lenders to consider you for a loan when you aren’t currently unemployed. If you receive welfare payments as all or a portion of your income, lenders will consider this when evaluating your ability to repay the loan.
  • Quick repayment plans. Like all short term loans, you must repay the principal and interest by your next payday. This is why lenders want you to be employed, but if you aren’t, an alternate source of income might be enough.
  • High APR. Short term loans are known to have a high APR, meaning you have to pay much more in fees and charges than you would with a traditional loan from a bank.
  • Automatic payments. While lenders like to list debiting directly from your bank account as a positive, if you don’t have the money to pay back your loan, it could lead to overdrawing–that means more fees.

Lenders who may be able to approve you if you have alternate income

There are different loan options for people who are unemployed. Be sure to check the lender’s website or call their customer service line before applying to confirm the lender accepts applications from people who are unemployed.

Rates last updated October 21st, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$5,000
1 business day
Must have direct deposit and meet minimum income requirements.
LendYou Short-term Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Check into Cash Payday Loan
With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
$1,000
1–2 business days
You must be at least 21 and an American citizen and have a bank account, email address and phone number.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
ACE Cash Express Payday Loans
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
Varies by state
Generally receive the money the next business day
Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.

Compare up to 4 providers

What are the requirements for a short term loan?

The requirements differ depending on the lender and how much you’re looking to borrow. You’ll need to check the specific criteria before submitting an application, but any of the following might apply:

  • Earn a specific income. While you may not need to be employed, you still may need to have a regular income to apply. This is a common criteria for personal loans, so if you’re receiving welfare payments or have investment income, be sure to list that.
  • Your credit rating. Lenders are often able to look beyond negative marks on your credit report. Keep in mind that this flexibility has limits. For instance, you may be able to have a few late payments on your credit report, but a poor credit score could decrease your chances of being approved.
  • Your assets. If you own a car or a boat outright or have some equity in a property, your application may have a greater chance of being approved. This is because the lender may use this as security for the loan.
  • Not a member of the military. Consumer lending regulations protect military members and their families from unfairly high-cost loans, including payday loans. Learn more about your short term loan options if you’re a member of the military.

Sarah needs a loan

Unemployed woman getting approved for a loan onlineSarah has been out of work for three months after completing her degree and currently receives welfare payments. She can get a job as a sales rep, but the trouble is she’ll need a car to make it to work every day.

She has found a cheap car to purchase from a friend for $1,500. All she needs is a quick cash loan, which she’ll be able to comfortably repay using her welfare payments, and when she gets paid from her new job, the loan repayments will be even easier to manage.

Sarah compares her short term loan options and sees that there are lenders who will consider her welfare payments as income. After comparing what’s available and double-checking the eligibility criteria, she submits an online application and is approved for the loan amount of $1,500.

Her repayment dates are structured around when she receives her welfare benefits, and, after purchasing the car, she is offered the job as a sales rep.

How to increase your chances of approval

If you’re unemployed and in need of a loan, you might consider applying with another person–a partner, relative or friend–in order to boost your eligibility. Many lenders offer the option for joint applications, and some lenders even encourage you to apply with a guarantor in order for you to be eligible for a larger loan amount.

If you don’t meet the eligibility criteria, find out if you can apply with someone who does. However, this is a large responsibility the guarantor or co-signer is taking on because they’re sharing the responsibility for you repaying the loan.

Bottom line

You haven’t reached the end of the financing road just because you’re unemployed. If you’re able to manage your repayments with another form of income, there are lenders who will consider you.

Remember to compare all available options to get the best loan for your needs.

Frequently asked questions

Are payday loans available in your state?

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92 Responses

  1. Default Gravatar
    PeterOctober 7, 2018

    Hi I am unemployed and have a great need for financial assistance can you advise me on what to do with my situation to get a loan for small business?

    • finder Customer Care
      johnbasanesOctober 8, 2018Staff

      Hi Peter,

      Thank you for leaving a question.

      You are on the right page to make a comparison as well as check on available lenders in your state that could offer you a loan. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      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 may also reach out to your local government and check on hardship loans that may be available in your state. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    Bell1day84September 22, 2018

    Are there lenders for those that receive unemployment checks?

    • finder Customer Care
      JoshuaSeptember 24, 2018Staff

      Hi Bell1day84,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Generally, unemployment checks are considered to be a form of income. For this reason, lenders may still consider your loan application.

      To check your options, please consider reviewing the table above. Your options are conveniently gathered together in the table for easy comparison. Click on the “Go to site” green button to learn more. Please review the criteria, details of the loan product and contact the lender directly to discuss your loan options and eligibility.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  3. Default Gravatar
    StephanieSeptember 5, 2018

    I am a server, can I get a loan without payslip? I get my pay daily in cash.

    • finder Customer Care
      JhezelynSeptember 6, 2018Staff

      Hello Stephanie,

      Thank you for your comment.

      There are still some lenders that have minimum employment requirements to qualify you for a loan. It states that as long as you can prove your cash pay, you may be considered for a loan. It’s important that they can see you as someone who is capable to repay a loan.

      You can try BBVA lender as they typically requires paystubs from the previous 30 days to verify income. Please click the Go to Site button to apply. Ensure that you have met the eligibility criteria. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  4. Default Gravatar
    SandraAugust 6, 2018

    I’m currently unemployed but I’m to get my first SS check at the end of this month and I’m trying to pay my electric bill before it’s turned off. I just need 450 to pay the electric and a couple more bills until I get my SS check

    • finder Customer Care
      AshAugust 7, 2018Staff

      Hi Sandra,

      Thank you for reaching out to finder.

      You may check and compare the Lenders at this page as they offer loan options to people receiving Social Security benefits. You may need to provide your Credit Score to see which Lender is available in California.

      Kindly ensure that you meed the Lender’s eligibility criteria before submitting your application. Then you may click the green “Go to site” button to be redirected to the Lender’s page and hand your application.

      I hope this helps.

      Let us know if there is anything else that I may assist you with.

      Cheers,
      Ash

  5. Default Gravatar
    TruJune 25, 2018

    I’m in between jobs and I’m about to be employed again soon. I have an active bank account. I own a house own a car paid it off. I also receive settlement funds. Is it at all possible I could get a small loan the meantime?

    • finder Customer Care
      nikkiangcoJune 25, 2018Staff

      Hi Tru,

      Thanks for reaching out to us.

      The most important thing in getting a loan is to check if you have all the eligibility requirements that the bank requires as any application, approved or not, will impact your credit score.

      Important things to consider before borrowing:

      1. You need to be able to repay the loan. This is the main thing lenders look for when considering you for a loan. If you only want to borrow a small amount and your income and expenses demonstrate you can easily manage the ongoing repayments, then you may be eligible. If you want to borrow a large amount of money that will make it hard for you to manage day-to-day, then the lender probably won’t consider your application.
      2. Other requirements will need to be met. You’ll need to check the other eligibility requirements set by the lender before you apply. Just because they have flexible criteria when it comes to your employment doesn’t mean they’ll be flexible about everything else.
      3. Do you receive welfare payments? This is often what allows lenders to consider you for a loan when you aren’t currently unemployed. If you receive welfare payments as all or a portion of your income, lenders will consider this when evaluating your ability to repay the loan.
      4. Quick repayment plans. Like all short term loans, you must repay the principal and interest by your next payday. This is why lenders want you to be employed, but if you aren’t, an alternate source of income might be enough.
      5. High APR. Short term loans are known to have a high APR, meaning you have to pay much more in fees and charges than you would with a traditional loan from a bank.
      6. Automatic payments. While lenders like to list debiting directly from your bank account as a positive, if you don’t have the money to pay back your loan, it could lead to overdrawing–that means more fees.

      Hope this helps!

      Regards,
      Nikki

  6. Default Gravatar
    RodneyMay 30, 2018

    I’m about to start a new job and I was trying to get a small loan until I get paid. Is that possible if that can happen?

    • finder Customer Care
      joelmarceloMay 31, 2018Staff

      Hi Rodney,

      Thanks for leaving a question on finder.

      Technically you are already employed and could be eligible for a payday loan. We have a comparison of legit paydays loans HERE. Once you have decided on the suited loan for your needs, you may click on the green ‘Go to site’ button to submit your application or know more about the loan offer.

      Cheers,
      Joel

  7. Default Gravatar
    DavidMay 9, 2018

    I have recently started a job (less than a week ago) after being unemployed for almost 3 months. Am I able to use my income from my new job to get a loan?

    • finder Customer Care
      JoanneMay 10, 2018Staff

      Hi David,

      Thanks for reaching out.

      When reviewing a loan application, lenders check a range of factors to confirm that borrowers are not too risky to lend to. Part of the assessment is the applicant’s employment. Most will require the borrower to be employed (although some don’t), earn a certain income and to have been employed for a certain amount of time.

      This guide will take you through what criteria may apply to give you a better chance of being approved and will show a table that includes lenders you can choose from and see if you meet their minimum requirements.

      Cheers,
      Joanne

  8. Default Gravatar
    MareeMay 6, 2018

    I receive a direct deposit every 2 weeks from child support. I am unemployed and wanted to know if I can use my child support payments as a form of income to receive a loan?

    • finder Customer Care
      JeniMay 6, 2018Staff

      Hi Maree,

      Thank you for getting in touch with finder.

      Regarding your inquiry if your can use your child support payments as a form of income, the answer is NO.

      Child support payments are not considered taxable income, according to the IRS. Child support payments are neither deductible by the payer nor taxable to the payee. So when you calculate your gross income to see if you are required to file a tax return, do not include child support payments received.

      You may want to visit this page to compare your options of getting a loan even if you are unemployed and receiving child support payments.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

  9. Default Gravatar
    ShawnApril 24, 2018

    Willing venture into profitable business with you also willing to deal with you in trust and confidence. I am keen on investing in a lucrative, calculated viable business, either by partnership or as a financier in cash, Fixed interest, Shares or Property.

    • Default Gravatar
      ArnoldApril 24, 2018

      Hi Shawn,

      Thanks for your inquiry

      Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      If you are looking to venture into profitable business with any of the financial institutions we feature, it would be best to speak with them directly and discuss about opportunities they may have for you. Or you may want to visit their office directly and discuss this with them personally

      Hope this information helps

      Cheers,
      Arnold

  10. Default Gravatar
    DonnaFebruary 5, 2018

    I receive Social security disability each month since 2003. My credit score is low, but Lexington Law is helping me get back on the right track due to a divorce and very old medical bills. I need a loan of $400. I pay NO rent. Iive with my brother and his wife and their house is paid for. Why can’t I get a small loan?

    • finder Customer Care
      JoshuaFebruary 13, 2018Staff

      Hi Donna,

      Thanks for getting in touch.

      I know this can be very frustrating at times. However, it is at the discretion of the lender whether they will lend you money or not, depending on their assessment of your overall financial situation and your ability to service a loan.

      You’ve mentioned that you are receiving Social Security disability pension, while I’m not sure if you’ll be approved or not, you can discuss your eligibility and option for a loan with a lender listed on this page – https://www.finder.com/loans-for-people-on-pension.

      If you haven’t yet, you may also like to check this page – https://www.finder.com/improve-your-credit-score to learn more on how to improve your credit rating so the next time you apply, there’s a better chance for your application to be approved.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua Infantado

US Payday Loans Offers

Important Information*
Slam Dunk Loans

Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

Go to site