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 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
Finder
HaroldDecember 20, 2017Finder
Hi Frank,
Thank you for your inquiry.
While having a low/poor credit score may affect your chances of getting approved for a loan, if you have the ability to repay and able to meet all the eligibility requirements, there may be a lender that can work with you.
There are bad credit personal loans that you can compare and apply for. Online lenders tend to have more forgiving credit requirements so they may be a suitable option for you.
Before you apply, please make sure to check all the eligibility criteria and read through the Product Disclosure Statements/Terms and Conditions before making a decision on whether it is right for you.
I hope this information has helped.
Cheers,
Harold
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
HaroldDecember 18, 2017Finder
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
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.
ArnoldDecember 21, 2017
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
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
ArnoldDecember 4, 2017
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
JoyOctober 31, 2017
I have a remittance monthly.can I get a loan on this?
Finder
JudithOctober 31, 2017Finder
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.
Struggling before payday? See how Dave’s cash advances stack up and what to watch out for.
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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
Hi Frank,
Thank you for your inquiry.
While having a low/poor credit score may affect your chances of getting approved for a loan, if you have the ability to repay and able to meet all the eligibility requirements, there may be a lender that can work with you.
There are bad credit personal loans that you can compare and apply for. Online lenders tend to have more forgiving credit requirements so they may be a suitable option for you.
Before you apply, please make sure to check all the eligibility criteria and read through the Product Disclosure Statements/Terms and Conditions before making a decision on whether it is right for you.
I hope this information has helped.
Cheers,
Harold
Im looking for a small loan . for my self . like 1.500. . but i dont have a job or a bank account. .
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
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.
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
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
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
I have a remittance monthly.can I get a loan on this?
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