Unemployed and need a short term loan? See lenders who can approve you

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 June 22nd, 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
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.
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.
$250
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.
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.
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.
LoanByPhone Payday and Installment Loans
This mobile lender offers convenient cash loans. Apply online or by phone.
$3,000
1–2 business days
Must be 21 years old and have a Social Security number, a regular source of income, a valid email address, an active checking account and a phone number.
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.

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

Excited woman on laptopSarah 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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82 Responses

  1. 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

  2. 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

  3. 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

  4. 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.

    • finder Customer Care
      ArnoldApril 24, 2018Staff

      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

  5. 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

  6. Default Gravatar
    FrankDecember 18, 2017

    I need help due to a recent divorce my credit score has plummeted . I have a decent verifiable income of $1600 every two weeks and no overhead bills but I still cannot get a loan. I have received my credit report and it is being handled by an attorney but I need help now .where should I look for a loan that will just check my verifiable income

  7. Default Gravatar
    JohnDecember 17, 2017

    Im looking for a small loan . for my self . like 1.500. . but i dont have a job or a bank account. .

    • finder Customer Care
      HaroldDecember 18, 2017Staff

      Hi John,

      Thank you for your inquiry.

      As per checking you are already on the right page. What you can do next is to compare the available options that will best fit your personal requirements. Please use the table provided on this page for your reference.

      I hope this information has helped.

      Cheers,
      Harold

  8. Default Gravatar
    JFDecember 16, 2017

    Hi, I’ve been unemployed since October, 2017. I had to quite/leave my job because my wrist was swollen and couldn’t perform job duties. Now I’m on the edge of going homeless with bills piled up. I need a loan for at lease $250 to pay the bills off. I make small income by selling my items, helping with events, and babysitting. So is it possible for me to get a loan without a job/ proof of income, and with low credit scores? I on the other hand do have an active bank account.

    • finder Customer Care
      ArnoldDecember 21, 2017Staff

      Hi JF,

      Thanks for your inquiry

      Yes, some lenders will consider you for a loan when you’re not currently employed. Depending on which state you are in, you may still need to show proof that you have some form of income or have suitable income-earning assets to repay the loan such as welfare payments.

      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.

      Please select which state you’re located on the page above to start comparing your options.

      Hope this information helps

      Cheers,
      Arnold

  9. Default Gravatar
    ShakilaDecember 3, 2017

    I want to borrow up $500 but I have no job. I just need to buy my kids Christmas and a job is not coming fast enough for me

    • finder Customer Care
      ArnoldDecember 4, 2017Staff

      Hi Shakila,

      Thanks for your inquiry

      Lenders may look at your employment status and income as a way to determine risk. It would be good if you meet the eligibility criteria of the lenders. If you want to boost your chances of getting a loan, you might want to consider applying with another person, a partner, relative or friend as applying with a guarantor greatly increases your chances.

      Hope this information helps

      Cheers,
      Arnold

  10. Default Gravatar
    JoyOctober 31, 2017

    I have a remittance monthly.can I get a loan on this?

    • finder Customer Care
      JudithOctober 31, 2017Staff

      Hi Joy,

      Thanks for contacting finder, a comparison website and general information service.

      This would depend on the eligibility criteria and requirements of the lenders. To improve your chances of getting approved for a loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the loan option before making a decision and consider whether the product or option is right for you.

      By the way, we have a panel on the page you’re viewing wherein you can select the state where you live then click “Show Available Loans” to find out the lenders who may be able to approve you if you have alternate income. Also, you may click “Go to site” or “More” so you could read more about each lender.

      I hope this helps.

      Best regards,
      Judith

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