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 will approve you if you have some type of steady income — such as unemployment benefits, child support 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 per pay period. 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 other 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
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 per pay period. 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 other 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.
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. It's anywhere from $1.99 to $28.99 a month, according to its site. 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. It's anywhere from $1.99 to $28.99 a month, according to its site. But the company doesn't clearly disclose a fee structure before you sign up.
Pros
Maximum $500 advance
Get an extension of up to 10 days
Free delivery within five business hours
Cons
Opaque and potentially expensive subscription fees
FloatMe is an unemployment cash advance app that will “float” you up to $50 when you need it. To qualify, you must have a linked bank account that’s received at least three direct deposits of $200 or more. FloatMe charges a $3.99 monthly fee with the option to expedite turnaround within eight hours for a $4 rush fee.
Loan amount
$10 - $50
Turnaround time
1 to 3 business days or within 8 hours for a fee
Not available in: Connecticut
FloatMe is an unemployment cash advance app that will “float” you up to $50 when you need it. To qualify, you must have a linked bank account that’s received at least three direct deposits of $200 or more. FloatMe charges a $3.99 monthly fee with the option to expedite turnaround within eight hours for a $4 rush fee.
Pros
Low monthly fee
Flexible eligibility requirements
Rush funding within eight hours
Overdraft protection alerts
Cons
Maximum $50 cash advance
$4 instant fee cuts into an already low limit
Loan amount
$10 - $50
Interest rate type
Fixed
Loan Term
Typically next payday but may be able to choose alternate date
SoLo Funds is a peer-to-peer lender that lets you borrow up to $625 — in interest-free money — from your community. Many Solo Fund users are unemployed and have turned to the platform as a low-cost alternative to payday loans. You can get funded the same day. And unlike other unemployment cash advance apps, you don’t have to subscribe or pay a monthly fee.
Loan amount
$20 - $625
Turnaround time
As soon as same day or instant for a fee
Not available in: California
SoLo Funds is a peer-to-peer lender that lets you borrow up to $625 — in interest-free money — from your community. Many Solo Fund users are unemployed and have turned to the platform as a low-cost alternative to payday loans. You can get funded the same day. And unlike other unemployment cash advance apps, you don’t have to subscribe or pay a monthly fee.
With MoneyLion, you can borrow $50 at a time, for a total of up to $500 at once. There are no set income requirements to qualify. You only need a checking account that's at least 60 days old and some type of income or recurring deposits. You'll pay a membership fee of Free (or $1 to $5 for RoarMoney account) a month, plus a “turbo” rush fee of $0.99 to $7.99 to get funded in minutes. That said, MoneyLion also has checking accounts, credit builder loans, and other financial services that could help justify the cost.
Loan amount
$50 - $500
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Available in: Alabama, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Maryland, Michigan, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Utah, Washington, Wisconsin, Wyoming
With MoneyLion, you can borrow $50 at a time, for a total of up to $500 at once. There are no set income requirements to qualify. You only need a checking account that's at least 60 days old and some type of income or recurring deposits. You'll pay a membership fee of Free (or $1 to $5 for RoarMoney account) a month, plus a “turbo” rush fee of $0.99 to $7.99 to get funded in minutes. That said, MoneyLion also has checking accounts, credit builder loans, and other financial services that could help justify the cost.
Pros
Borrow up to $500 at a time
Get funded within minutes for a fee
No interest charges or obligation to tip
Other banking services available
Cons
Free (or $1 to $5 for RoarMoney account) monthly fee is expensive
New users may be limited to a $50 advance at first
Loan amount
$50 - $500
Interest rate type
Fixed
Loan Term
Due by your next pay date
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Loan amount
$50 - $500
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Personal loans. Options are limited for unemployed borrowers, but there are types of no-income verification loans and some lenders may give you a new employee loan if you have a recent job offer or a steady source of income outside of employment.
Payday loans. Although payday lenders may accept you without verifiable income, these loans can trap borrowers in a cycle of debt if you don’t have the means to pay it off in time.
Payday alternative loans (PALs). These short-term loan alternatives are great if you need to borrow $1,000 or less. But they have two major limitations: Only a few credit unions offer them and it may take some time to get qualified.
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.
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 regular income to show lenders.
You could sell something you own to come up with the cash instead.
The item you need to pay for is a “want” or impulse purchase rather than a need.
Bottom line
Getting an unemployment loan can be challenging, but it’s not impossible. Consider these six options if taking out a loan makes sense for you. Otherwise, explore these 11 payday loan alternatives — they may be just what you’re looking for.
Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University. See full bio
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?
joelmarceloMay 31, 2018
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 payday loans. 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
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
JoanneMay 10, 2018Finder
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.
You may refer to the list of lenders that offer loans to new employees that 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
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
JeniMay 6, 2018Finder
Hi Maree,
Thank you for getting in touch with Finder.
Regarding your inquiry, if you 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 compare your options of getting a personal loan even if you are unemployed and receiving child support payments.
I hope this helps.
Have a great day!
Cheers,
Jeni
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.
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
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
JoshuaFebruary 13, 2018Finder
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.
Struggling before payday? See how Dave’s cash advances stack up and what to watch out for.
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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?
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 payday loans. 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
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?
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.
You may refer to the list of lenders that offer loans to new employees that 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
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?
Hi Maree,
Thank you for getting in touch with Finder.
Regarding your inquiry, if you 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 compare your options of getting a personal loan even if you are unemployed and receiving child support payments.
I hope this helps.
Have a great day!
Cheers,
Jeni
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.
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
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?
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