Just because you don’t have a traditional job, it doesn’t mean that you’re excluded from access to finance when you need it most. For example, unemployed people often don’t have a mainstream job, but they still earn a monthly income through alternate streams.
In the past, getting approved for a loan when you weren’t employed was tricky, and you’ll still find that most banks are reluctant to offer you a loan if you’re not working – this is where unemployed loans come in.
The reason lenders tend not to be keen to take on unemployed borrowers is that they worry that if you’re not working, you won’t be good for the money when it comes time to repay it. If you take an unemployed loan, you’ll be given several alternate options of providing proof that you’ll eventually be able to pay back the money you borrow.
Unemployed loans are most commonly used for:
- Household maintenance and repairs
- Vehicle repairs
- Paying off debt
- Going on a vacation
- Buying appliances and equipment
And much more.
At Viva Payday Loans, you can apply for an unemployed loan by filling out a quick online form. It takes a few minutes to get all your details capture, and when you submit the form, just two more minutes until a decision is made. Once the decision is made and the loan agreement signed, the money is sent to your account, ready to use by the next business day. We can provide you with access to some of the best instant loans for unemployed people in the USA with a few simple clicks!
Unemployed loans available at Viva Payday Loans:
- Amount: $100 – $5,000
- Terms: 2 to 24 months
What Are Unemployed Loans and How Do They Work?
As the name suggests, unemployed loans are designed to help people without a job borrow money. Because many lenders will only allow people to borrow money if they’re currently working, cash loans for unemployed people are the breath of fresh air that many would-be borrowers need to know about.
Unemployed loans are small loans that can be received almost instantly by the borrower. Think of them as a small injection of cash to be used for necessities until the borrower is able to repay the money in the near future.
People who are unemployed can apply for an unemployment loan by proving they have a regular source of income. If you’re unemployed and managing to pay your monthly expenses, you probably know that it’s entirely possible to live without being permanently employed. That’s where alternate income sources come in. Proof of earnings doesn’t necessarily need to come from an employment pay stub. Many people receive income every month through various other sources. Some of the most commonly accepted forms of income include:
- Allowance or regular aid from family
- Monthly benefits
- Disability income
- Income from a spouse or partner (your spouse will need to co-sign)
- Child support
- Trust proceeds
- Dividend and recurring interest payments
- Stocks and bonds
- Rental/property income
If you’ve got a good credit score, you will find it easier to be approved for an unemployed loan. This is because, with a good track history of repaying the money you’ve borrowed, lenders feel more assured of your ability and willingness to handle your finances correctly.
However, even with a less-than-perfect credit score, some lenders can help you get the cash you need. In fact, some lenders regularly offer these types of loans. Viva Payday Loans works alongside specialist lenders to provide loans for unemployed people, self-employed people, freelancers, students, and others who don’t have a traditional mainstream job.
Types of Unemployed Loans
There’s not just one kind of loan available at Viva Payday Loans. We have plenty of options to present to unemployed individuals. You will probably find that some types of loans will better suit your personal circumstances than others, and because of that, we break down each type of loan that falls into the best loans for unemployed people category.
Payday Loans Unemployed
These kinds of loans are short-term loans that are designed to be paid back on your next payday. You can think of them as emergency loans for unemployed borrowers – a personal loan can help tide you over or cover any unexpected bills until your next payday. “Payday” refers to a day you receive funds from any source – this could be unemployment benefit, retirement money, or any other form of income that you receive on a regular basis.
Payday loans are fairly easy to get approval for, and you can receive your funds incredibly fast. By their nature, payday loans are typically small, with most lenders offering loans in the range of $100 to $1,000. At Viva Payday Loans, you can borrow up to $5,000, ensuring you’re less limited when emergencies and unexpected expenses come knocking. Most lenders on our panel charge 5.99% to 35.99% interest and offer 7 to 30-day repayments on small amounts. Of course, extended repayment periods are possible.
Personal Loans Unemployed
With personal loans, you borrow a fixed amount and repay it with interest in installments according to a pre-agreed time frame. The lenders we work with offer personal loans of $100 to $5,000 with 1 month to 24 months to pay.
Personal loans can suit several financial needs and demands such as household renovations or repairs, vehicle servicing and repairs, medical bills, funeral costs, moving expenses, or other expenses like buying a car, jewellery, or computer.
The repayment term for a personal loan is usually longer than a payday loan – around 60 days to 24 months. If you have a good credit score, you can find loans with lower interest rates.
Secured Loans Unemployed
Secured loans can be used effectively as unemployed loans. To get a secured loan, you will need to present some form of collateral. As such, these loans are typically linked to assets like your car or home. However, you can use alternative assets as collateral such as equipment and machinery, jewellery, art, stocks, bonds, and other valuables.
If you opt for a secured loan, and later you find you can’t make the payments, the lender may take possession of the asset that’s tied to the loan. These types of loans are typically not too tricky to be approved for since the lender has collateral – this is a good way for lenders to motivate borrowers to pay down their debt.
Secured loans offer slightly more freedom than payday loans as you can typically borrow more money and repay the amount over a longer term if you need to. Secured loans are designed to help borrowers pay for things like properties, expensive cars, or costly renovations. Most secured loans are repaid over 12 to 24 months, but there are longer-term secured loans (think mortgages) that are repaid over a period of 20 or more years.
Unsecured Loans Unemployed
Unsecured loans aren’t linked to any asset and are usually small. As such, they are ideal cash advances for unemployed individuals. A payday loan is a form of unsecured loan because it’s paid almost instantly, and there’s no collateral involved. The lender has to trust the borrower’s intention to pay and base the approval of the loan on the borrower’s affordability. Much the same, credit cards, student loans, and personal loans also fall under unsecured loans. Most people use an unsecured loan to pay for unexpected bills like a broken water heater or vehicle repairs or simply to get them through a rough financial patch.
As an unsecured loan is not tied to a borrower’s asset, lenders typically loan money based on the borrower’s credit history and your affordability, which is your monthly expenses compared to your monthly income. The lender will need to see your bank statements to do this.
Unsecured loans have the benefit of the borrower not needing to tie an asset to the loan, but this makes them more of a risk for lenders. As a result, unsecured loans are designed to be small cash injections that are paid back quickly. That said, most of our unsecured loans for unemployed people at Viva Paydays Loans are set between $100 and $5,000. Repayments options range from 2 to 24 months.
Bad Credit Loans Unemployed
If you don’t have the best credit score, you may already be aware of how difficult it can be to get a loan from traditional banks. You may even think that loans for the unemployed with bad credit don’t exist. They do! Bad credit personal loans are designed to meet the needs of people with a poor or even non-existent credit score.
A person with “bad credit” has usually been made bankrupt in the past, failed to make payments on a prior loan, or not paid a previous loan in full. It could even be that you were late for just one payment on a loan in the past – this really shouldn’t be held against you, but it is.
Thankfully, there are lenders out there that understand financial hiccups. Just because you had trouble repaying a loan before, it doesn’t mean that you won’t be able to repay a future loan. Additionally, a bad credit loan can help you rebuild your credit score so that you can get approved for other credit options in the future.
To get a bad credit loan, you may need to put up collateral or get a guarantor to co-sign the loan (usually with a lower interest loan given in return).
No Credit Check Loans Unemployed
As is implied in the name, a no credit check loan is a loan that doesn’t require a credit check for approval, and it’s the perfect loan for an unemployed individual with poor credit. Similar to bad credit loans, these loans are designed to benefit people with poor or non-existent credit scores. Instead of paying attention to your credit score, the lender will carry out an affordability assessment and verify your non-job sourced income streams.
No credit check loans typically allow lenders to borrow between $100 to $5,000, and you can often receive your money on the same day if all is in order with your application. These kinds of loans are paid back over a fixed period with a fixed interest rate.
Some unemployed loans are also no credit check loans. These loans can be a lifesaver for borrowers who aren’t currently working and don’t have a great credit score.
Guarantor Loans Unemployed
Guarantor loans are a form of unsecured loans but involve the borrower enlisting the help of a guarantor. A guarantor is someone you know with enough capital to cover your loan amount or someone who has good financial standing and could get approval for the loan independently if they wished. It’s possible to take out a payday loan or other kinds of loans with a co-signing guarantor.
- Important: If you take out a guarantor loan and later can’t keep up with the installments, the guarantor will be responsible for repaying the loan in full. This is a big ask of your friend or family member, so it’s crucial you ensure you are definitely able to keep up with the installments of your guarantor loan.
Cash Advances Unemployed
If you have a credit card, you can borrow some (usually not all) of your credit limit as a cash advance. You can also get a cash advance if you opt to apply for a same-day or payday loan. A cash advance is a short-term, high-interest loan. There are fees to contend with for cash advances – typically 5.99% to 35.99% with a $100 minimum. Cash advance loans are not a long-term solution but just a means of getting a small amount of cash to help you get back on your feet.
Debt Consolidation Loans Unemployed
If you already have several loans, you can opt to consolidate these into one loan. You may need to put up collateral such as your property, vehicle, or other valuable assets to do so. Be careful when consolidating your loans that you choose a lender who offers you good repayment terms and affordable repayments.
Features of Unemployed Loans When You Borrow Money
The type of unemployed loan you choose, as well as the lender you borrow it from, will determine the finer details of your loan. However, many unemployed loans share similar features – these are listed below.
The concept of unemployed loans is low-amount, relatively short-term loans made available over a short period. Most lenders on our panel offer loans ranging from $100 to $5,000. You can find lenders that will offer more than this but do be careful – you don’t want to end up with a loan on your hands that you can’t repay. Also, bear in mind that higher loan amounts mean higher monthly installments and a longer repayment period. It’s really important that you only borrow what you need.
Most lenders that offer unemployment loans allow you to select a term (how long you’ll be repaying your loan) ranging from 60 days to 12 months. At Viva Payday Loans, you can repay your loan over 2 to 24 months. A smaller loan amount generally equates to a shorter term.
It’s advisable to choose the shortest loan term that you’ll be able to pay off comfortably – this means there’s less likelihood of unexpected financial burdens down the line and that you’ll get a lower overall interest charged on the loan. Interest is charged monthly, which usually means the longer your loan term, the more interest you’ll end up paying.
Be sure to only agree to a loan term and repayment schedule that suits your finances. The majority of lenders will automatically deduct your installment from your bank account on the day your income makes its way into your account. This is a plus for you since you don’t need to worry about missing a payment or manually paying it, and because the payment is taken on your “payday,” you know exactly how much money you have to last you for the remainder of the month.
You can also set customized repayment dates if these better suit you by contacting the lender. You can choose a weekly, semi-monthly, or monthly repayment schedule depending on the agreed loan term and amount.
Fees & Possible Hidden Charges
Always read the fine print of your loan.
When it comes to charges, our lenders offer interest rates of 5.99% to 35.99%.
Other additional charges could include:
- An early settlement penalty
- A late payment penalty
- Collection fees if the lender hires a debt collector to recover funds
You will, of course, always need to pay interest on your loan. Interest rates for unemployed loans are higher than secured loans, for example. This is because unemployed loans have higher interest rates since the lender is taking on more risk and because these types of loans are designed to be repaid fairly quickly.
Certain factors can help you get a lower interest rate on your unemployed loans, such as a higher loan amount and longer term. You should also consider putting up collateral such as your vehicle, improving your credit score, or co-signing the loan with a guarantor.
A lender’s reputation is one of the most important factors to consider before taking out an unemployment loan. Viva Payday Loan’s panel of lenders ticks all the right boxes when it comes to reputation, good service, and transparency. With this said, it’s best practice to perform due diligence as a borrower to be absolutely sure you’re borrowing from a credible lender.
Often the best way to research a lender’s reputation is to read their online reviews. A quick search should bring up customer testimonials that you can use to determine the lender’s credibility and track record for customer service. You can also look at their website and social media to get a feel of a lender or call them to speak to them directly.
Fast Payout of Cash Loans for Unemployed People
A big advantage of no job loans for the unemployed is their quick payout time frame. Once you’ve submitted your (usually brief) application, you’ll be given an outcome in a matter of minutes.
If approved, most unemployment loan providers disburse your loan in just a few hours. For the overwhelming majority of lenders, this means you’ll get your cash on the next business day, although it can sometimes take a bit longer than this.
Examples of Unemployed Loans – Loans with No Job
Here’s a brief example of loans for the unemployed at Viva Payday Loans.
|Lender||Loan Amount||Loan Term||Disbursement||Requirements|
|OppLoans||$500 to $5,000||6 months to 3 years||1 business day||Reside in an eligible state, bank account, regular source of income, receive income via direct debit|
|CashNet USA||$500 to $1,000||8 to 31 days||Same day if applied for before 10.30am||Social security or disability relief, some form of acceptable income, you live in Illinois, New Mexico, Nevada or Rhode Island|
Advantages & Disadvantages of Getting Loans with No Job at Viva Payday Loans
Applying for a loan with no job is beneficial at Viva Payday Loans. Take a look at the advantages and disadvantages below.
Advantages of Personal Loans for Unemployed
Getting an unemployed loan has never been simpler. Without reams of paperwork or even needing to leave the house, you can borrow money online with Viva Payday Loans. You’re able to find a loan that suits your exact needs with our user-friendly platform and easy-to-follow process at any time of the day or night!
Quick Disbursement of Emergency Loans for Unemployed
When you need cash, you don’t need it next week or in 3-5 business days’ time. You need it now! Personal loans for unemployed borrowers can be received much quicker than traditional bank loans, with some lenders offering same day cash loans for unemployed people.
When you use Viva Payday Loans, you’re able to receive approval in 2 minutes and disbursement by the next business day – maybe even sooner.
Manageable Loan Amounts
Our lender panel consists of reputable lenders that aim to offer genuinely affordable unemployment loans. Your loan installments are designed with affordability in mind and you won’t be hit by hidden fees.
With this said, it’s still important for borrowers to check the cost of their installments and compare this to their income. Be sure to leave enough funds each month to cover all your financial obligations and to have some to spare for life’s unexpected costs.
Disadvantages of Loans for Unemployed Individuals
Higher Interest Rates on Same Day Cash Loans for the Unemployed
Loans for unemployed people carry greater risks for the lender. Without stable employment, a borrower is less likely to be able to repay a loan than someone who is employed and receiving monthly paychecks from their employer. This is why unemployment loans typically carry higher interest rates than other forms of loans.
All lenders have their own terms and fees, and therefore interest rates vary. Most lenders on our panel at Viva Payday Loans charge a maximum APR of %35.99, with many of our loans carrying an APR much lower than this.
Remember that while interest rates for unemployed loans are higher than other loans, they are intended to be short-term agreements for small amounts. 24-hour loans for unemployed people can really help out borrowers who need to meet financial obligations and are ineligible for traditional bank loans.
Eligibility Criteria for Loans with No Job
At Viva Payday Loans, we don’t require much from you to be eligible for an unemployment loan. The only things you need to prove are that you are:
- 1. Over 18 years old
- 2. Receiving a regular monthly income of $1,000 or more
- 3. Living at a permanent address
- 4. Hold a valid checking or savings account with direct deposit
Do you meet these criteria? Then go ahead and apply for a loan with VivaPaydayLoans.com!
How to Apply for No Job Loans for the Unemployed
The process is simple. Here’s all you need to do:
Use our online form to choose how much you want to borrow and for how long you want to repay the loan. Viva Payday Loans range from up to $100 to $5,000 and can be repaid over 2 to 24 months. Only select a loan amount that you are sure you can comfortably repay and a term that is suited to your current and foreseeable future financial obligations. Once you’ve settled on the amount, fill out the quick and fast online application form.
After determining your loan amount and term and completing the form, you may need to provide us with some additional information, including:
- An official form of ID
- Proof of address
- Proof of income (social security payments, retirement payments, payslips, or bank statements)
All information you provide us will remain completely secure and confidential and will never be shared outside of your lender and us.
After you’ve completed and submitted our form, you’ll receive a decision on your loan approval within 2 minutes. The majority of potential borrowers are connected with one of our independent lenders without issue, regardless of their credit history. If successfully connected, you can receive your funds in just one business day.
How Much Can I Borrow With an Unemployed Loan?
At Viva Payday Loans, you can borrow between $100 and $5000.
How Long Will My Loan Last?
You can make repayments over 2 to 24 months – just select your preferred loan term when filling out our online form.
How Long Does Viva Payday Loans Take to Approve a Loan Application?
Not long at all. You’ll know whether you’ve been approved for your loan in just 2 minutes!
How Quickly Will I Receive My Loan?
Viva Payday Loans provides almost instant loans for unemployed people. You’ll receive your funds via an electronic transfer to your bank account.
How Will I Receive My Loan?
You’ll receive your funds via an electronic transfer to your bank account.
Will I Be Contacted About My Loan?
You won’t necessarily be contacted directly, but some lenders may want to get in touch with you to go over some details about your loan or request documentation. This could be via phone, email, or text.
Do You Lend in Every State?
No, there are some states we do not operate in. These are Arkansas, Connecticut, New Hampshire, New York, Montana, South Dakota, Vermont, West Virginia, Indiana, and Minnesota.
Will My Credit Score Be Checked?
This depends on the exact type of loan you choose, but our lenders will never conduct a credit check without your permission.
Is Viva Payday Loans Free to Use?
Yes! Our service to you is free.
How Do I Make the Repayments for My Loan?
Your loan installments for a loan using Viva Payday Loans will be debited from your account automatically on your payday or a day of your choosing. This is very convenient for you as it means you don’t need to do anything to pay your installments.
However, if you don’t have enough funds in your account, you may incur fees both through the lender and your bank when the payment isn’t honored, so you must always know you have enough money to make your repayments.
Do I Need a Good Credit Score?
No. There are plenty of unemployed loans out there that are designed to accommodate borrowers with a poor credit score or even no credit score at all. However, if you do have a good credit score, you may be able to get a higher loan amount with a lower interest rate.
Will An Unemployed Loan Hurt My Credit Score?
Usually, your credit score is unaffected or even benefits from an unemployed loan – this is as long as you keep up with the payments and pay the loan in full. If you are rejected for several loans or apply for several unemployed loans at once, this can also negatively impact your credit score.
Will My Unemployed Loan and the My Personal Data be Kept Confidential?
As long as you apply for a loan through a reputable lender such as the lenders on our panel at Viva Payday Loans, your information will be kept secure and confidential. A simple way to check if a website is secured or not is to look for the little padlock icon in the address bar – if you see it, this means that your data is kept securely.