Unexpected financial obligations can arise at any time. Whether you’re faced with unforeseen medical bills or vehicle repairs, personal loans from fast-acting lenders can help borrowers secure necessary funding in a pinch.
Before approving loans, many traditional lenders will dive deep into a consumer’s financial history, credit records, debt-to-income ratio, and other factors that can influence a borrower’s ability to repay a loan.
This check into a consumer’s fiscal aptitude is a part of many lending partners’ standard loan process, and it can render it difficult — even impossible — to secure a personal loan when it’s most needed.
Fortunately, many quality options remain that allow unemployed borrowers to secure funding on a timely basis.
Table of Contents
Instant Loans for Unemployed People
Consult the lender options below, to identify an ideal lending partner or network that can help you spend money in the ways you want.
CashUSA.com
After filling out a single online form, unemployed individuals can secure a personal loan as high as $10,000 from CashUSA.com.
CashUSA.com offers all borrowers complimentary access to their comprehensive lender network, where unemployed borrowers are regularly paired with quality lending partners to help them satisfy a wide range of personal projects.
Whether unemployed individuals are looking to consolidate debts, address unexpected medical bills, or complete a home renovation, lending partners available through CashUSA.com make it simple for you to secure the funding you need.
As long as you are at least 18 years of age, and earn a steady income of at least $1,000 per month after taxes, you’re likely eligible to receive the funds you’re looking for.
- Loan amounts: $500 to $10,000;
- Annual percentage rate (APR): 5.99% to 35.99%;
- Loan terms: 90 days to 72 months.
Learn more about CashUSA today.
BadCreditLoans.com
As soon as the next business day, BadCreditLoans.com helps you obtain the financing you need to cover life’s expected and unexpected challenges. Borrowers enjoy complimentary access to a comprehensive network of available lenders through BadCreditLoans.com, to obtain up to $10,000 in personal funds when necessary.
As soon as borrowers qualify for a loan through BadCreditLoans.com, they’re subject to a no-hassle loan approval process. You’ll only need to review and accept loan terms before funding is on its way to your bank account.
And as always, all correspondence between BadCreditLoans.com representatives, lending partners, and borrowers is entirely encrypted.
- Loan amounts: $500 to $10,000;
- APR: 5.99% to 35.99%;
- Loan terms: 90 days to 72 months.
Learn more about BadCreditLoans.com today.
Payoff
With Payoff, eligible borrowers can check their rates — and take steps toward obtaining up to $40,000 in personal finances — in as little as three minutes. Especially for unemployed individuals looking to consolidate debts into a single payment, Payoff loans help you pay off balances without compromising your financial future.
Payoff is committed to the long-term financial health of its borrowers. That’s why they do not hamper consumers with late payment fees; instead, they offer an easy credit repayment system that helps borrowers systematically raise their credit scores through on-time payments and reduced total debt.
- Loan amounts: $5,000 to $40,000;
- APR: 5.99% to 24.99%;
- Loan terms: Two to five years.
Learn more about Payoff today.
Prosper
Characterized by low interest rates and flexible terms, loans through Prosper can help unemployed individuals secure the funding they need, when they need it. You’ll have the capacity to obtain up to $40,000, sent straight to your bank account after you review and accept loan specifics.
Prosper offers next-day payments, but they allow you ample time to repay original loan amounts. Obtaining a loan through Prosper means you can repay at your own pace, with flexible three and five-year loan repayment plans designed to provide you maximum control over your finances.
If you want to pay the loan back ahead of schedule, you can do so without any extra prepayment fees.
- Loan amounts: $2,000 to $40,000;
- APR: 7.95% to 35.99%;
- Loan terms: Three to five years.
OppLoans
If you need cash now, OppLoans is an ideal lending partner for unemployed people. You’ll have the ability to secure up to $4,000 in cash as soon as the next business day through a loan application process designed to minimize hassle and reduce stress.
Once you’re approved, you’ll only need to accept loan terms before funding arrives in your bank account.
OppLoans has helped more than 500,000 individuals secure the cash they need, on their schedules. No matter your employment situation, OppLoans is ready to help Americans obtain credit fast. And when you need to talk to a real person, the OppLoans customer service department is ready to hear your questions, concerns, or comments.
- Loan amounts: $500 to $4,000;
- APR: 59% to 160%;
- Loan terms: Up to two years.
Learn more about OppLoans today.
OneMain Financial
For more than 100 years, OneMain Financial has offered personalized loan services to individuals experiencing difficulty securing a loan from a traditional lending partner.
Once you apply online and qualify for a loan through OneMain Financial, you’ll be offered reasonable loan terms that feature fixed rates. No matter the repayment plan you agree to, interest rates and fees won’t change over time.
Rather than offer you a pre-packaged loan, OneMain Financial is committed to tailoring solutions to individual borrowers. You’ll be paired with a loan specialist who will personally review loan options with you, in light of your situation. After you review and accept the loan, you’ll receive the money you need promptly.
- Loan amounts: $1,500 to $20,000;
- APR: 18% to 35.99%;
- Loan terms: 24, 36, 48, or 60 months.
Avant
To date, Avant has helped more than 1,500,000 individuals — many of whom have experienced challenges in obtaining financing — secure loans when they need them. In as little as 24 hours, qualified borrowers can obtain a personal loan of up to $35,000.
After funding is deposited into your bank account, you can review and manage repayment details through Avant’s easy-to-use personal loan account mobile application.
Obtaining a loan through Avant also means you’ve become a valued customer. You’ll have access to personalized customer service whenever you need it, whether you’re looking to discuss loan terms, troubleshoot online payments, or simply talk through financing options.
Unemployed individuals will have between two and five years to repay loans, with flexible APR rates that allow you to make simple monthly payments.
- Loan amounts: $2,000 to $35,000;
- APR: 9.95% to 35.99%;
- Loan terms: Two to five years.
Upstart
Eligible unemployed borrowers can secure funding through Upstart in as little as five minutes, thanks to a quick approval process that could put money in your account in as little as one business day.
Whether you’re moving, remodeling the bathroom, paying off medical expenses, consolidating credit card debts, or funding a wedding, loans through Upstart help you spend money in the ways you want.
You’ll be able to secure up to $50,000 in next-day funding, after reviewing and accepting loan terms. Upstart offers loan repayment windows of three and five years, giving you all the time you need to repay the loan itself. And with no prepayment penalties, you can pay off loans at a more accelerated rate without any extra fees.
- Loan amounts: $1,000 to $50,000;
- APR: 7.86% to 35.99%;
- Loan terms: Three to five years.
PersonalLoans.com
Not a lender in itself, PersonalLoans.com offers unemployed borrowers access to their network of lending partners. You’ll be able to submit your information and request a loan in a matter of minutes. After accepting loan terms, unemployed borrowers can see funding arrive in their bank account in as little as one business day.
No matter the occasion, PersonalLoans.com helps you obtain the funding you need, whenever you need it. They prioritize a transparent loan process from your request through fulfillment, one without any hidden fees, upfront costs, and overall obligation.
And as always, you’ll be able to thoroughly examine loan terms and ask questions of your potential lending partner before accepting any loans.
- Loan amounts: $500 to $35,000;
- APR: 5.99% to 35.99%;
- Loan terms: 90 days to 72 months.
Learn more about PersonalLoans.com today.
What Is a Guaranteed Loan for the Unemployed?
Because a majority of traditional lenders perform extensive checks into a borrower’s financial records, it can be difficult, even impossible, for unemployed individuals to obtain personal loanswhen they need them. The best loans for the unemployed help to shift this trend, pairing unemployed consumers with high-quality loans when necessary.
No matter the reason why a personal loan is required, guaranteed loans for the unemployed can help any unemployed person secure funding as soon as the next business day after a successful loan application.
Lending partners help to deliver the funding you need straight into your bank account, for personal use according to your needs. Generous repayment windows mean that consumers who secure a guaranteed loan have ample time to repay owed balances.
How Do Unemployed People Get Guaranteed Loans?
Unemployed borrowers looking to secure a guaranteed loan only need to adhere to the following, simple steps:
- Identify the ideal lending partner for you, from the above options.
- Answer a few questionsabout the purpose and size of your requested loan.
- Submit your loan applicationonline.
- Once approved, review loan termsfrom potential lending partners.
- Accept loan termsand sign your agreement.
- Receive funding, sometimes as soon as the next day.
Guaranteed loans are often subject to higher-than-average fees and interest rates. Borrowers looking to minimize interest rates and secure better loan terms should look to improve their credit scores.
Regular, on-time payments can help consumers reduce total debt and improve payment history, two of the largest influences on underlying credit score.
How to Find the Best Guaranteed Loan Provider for the Unemployed
Lenders and lending partners that routinely offer the best, guaranteed loans for the unemployed are typically characterized by similar attributes. Look for a lender that offers a responsive customer service department.
Whether you have a question about a payment or your loan terms, a quality customer service department allows you to speak with a real person about any questions or concerns you may have.
Borrowers should also seek out lenders that offer fixed rates. When consumers accept loans with fixed rates, interest rates are guaranteed to stay the same for the complete duration of the loan.
Locking in a low, fixed interest rate from one of the best, guaranteed loan providers for the unemployed can help you obtain the funding you need without compromising your financial future.
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FAQs
How can I get a loan if I am unemployed? ›
How can I get approved for a personal loan while unemployed? For most loans, you'll need to be able to show other sources of income, such as unemployment benefits or child support. If you don't currently have a source of income, you can try putting up collateral (like a car or savings account) instead.
What is the easiest loan to get approved for? ›The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.
How to get immediate personal loan without a job? ›Where can I get a loan if I don't have a job? The best place to start is your own bank or credit union. You can also check with online lenders, but you'll need to research which lenders offer loans that are right for your situation. If you have a source of income, most lenders will work with you.
Can you get approved for a loan with no income? ›If money is running low and you don't have income rolling in, no-income loans can help. You can qualify for no-income loans even if you receive social security benefits, child support, or any other financial assistance other than employment income.
How can I get a instant loan without proof of income? ›- Your Credit History. A strong credit history becomes very important for a successful application of a cash loan without income proof. ...
- Provide Alternative Income Proof. ...
- Apply with a Co-applicant. ...
- Build a Business Relationship with the Lender.
Personal Loan Scheme By Government For Unemployed Youth - Pradhan Mantri Rozgar Yojana (PMRY) Pradhan Mantri Rozgar Yojana is a government initiative that caters to the educated unemployed youth of the country.
What app can I borrow money from immediately? ›- Empower: Up to $250 Advance. Finance.
- Hundy - Money When You Need It. Finance.
- SoLo Funds: Lend & Borrow. Finance.
- Vola Finance. Finance.
- Possible: Fast Cash & Credit. Finance.
- FloatMe: Instant Cash. Finance.
It is possible to qualify for a personal loan with a poor credit and a credit score as low as 500, but your choices are very limited. The best way to get a personal loan with a 500 credit score is to start by checking to see if you pre-qualify for loans from major lenders.
Can you get approved for a loan with a 500 credit score? ›You may qualify with a poor credit score as low as 500, but you must also satisfy several other requirements to get an FHA loan guarantee. These loans require a 10% down payment (or 3.5% if your credit score is above 580), mortgage insurance, and a monthly payment for the life of the loan.
How to get a loan with no credit and no cosigner? ›- How to get a personal loan with no credit and no cosigner:
- Get a secured personal loan. Your credit, or lack thereof, doesn't matter as much when you put up collateral to secure a loan. ...
- Take out a credit-builder loan. ...
- Use your home equity. ...
- Borrow from someone you know.
Does SoFi require proof of income? ›
Alternatives to traditional proof of income documents include tax or bank statements. SoFi understands that a full-time job isn't the only qualifier of financial stability. SoFi will also consider factors like your credit score, education, and whether you have a cosigner.
Does upstart verify income? ›A pay stub within the last 30 days is needed to verify your income, if you receive a pay stub, please provide one. If you do not have your first pay stub yet and/or starting a job in the future, please submit your official job offer stating your compensation and start date.
What is a Niva loan? ›NIVA. No-income, verified-assets (NIVA) loans are similar to SIVA loans, except income is not added to the application. Instead, lenders may review assets such as retirement and savings accounts. NINA. NINA loans may be an option for real estate investors buying rental properties.
What is the easiest government loan to get? ›If you need help paying for school, federal student loans (under the Direct Loan program) are probably your best option. They are easy to qualify for, they have competitive rates, and they offer flexibility when you're getting on your feet (and when you face financial hardships in life).
Which bank gives instant personal loan? ›...
Top Instant Personal Loans from Banks.
| Bank | Instant Approval in | Personal Loan Interest Rate |
|---|---|---|
| HDFC Bank | 10 Seconds | 10.50% -21.00% p.a. |
| Yes Bank | 1 Minute | 10.00% p.a. onwards |
- Open the app and sign in.
- Click on your account balance.
- Click on 'Borrow'
- Tap on 'Unlock'
- Choose your repayment option.
- Agree and accept.
Credit Rating: 525 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan with no credit check, but the interest rate is likely to be high.
How big of a loan can you get with a credit score of 550? ›How big of a loan can I get with a 550 credit score? The amount you can qualify for with a credit score of 550 usually depends on the lender. One lender that considers borrowers with a credit score of 550 is Avant. They can lend up to $35,000, and their rates range from 9.95%-35.99%.
Can you get a loan with a 524 credit score? ›A 524 credit score can be a sign of past credit difficulties or a lack of credit history. Whether you're looking for a personal loan, a mortgage or a credit card, credit scores in this range can make it challenging to get approved for unsecured credit, which doesn't require collateral or a security deposit.
What is the lowest credit score you can have and still get a loan? ›Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.
Can I get a personal loan with a 480 credit score? ›
You can get a personal loan with a 480 credit score, but your choices are very limited. The best way to get a personal loan with a 480 credit score is to start by checking to see if you pre-qualify for loans from major lenders.
Can I get a loan with a 571 credit score? ›Credit Rating: 571 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan for damaged credit, but the interest rate is likely to be high.
How to get a loan with insufficient credit history? ›- Apply for a payday alternative loan (PAL) from your credit union. ...
- Obtain a secured loan by putting down collateral. ...
- Borrow from your 401(k) ...
- Add a creditworthy cosigner to your loan application.
Rick Bormin, Personal Loans Moderator
You can borrow $3,000 with no credit check from Integra Credit or Opploans, among other lenders. None of these loan providers use applicants' credit history as a condition for approval, though it's important to note that approval is still not guaranteed.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.
Does prosper verify income? ›We verify the accuracy of all statements and information provided by borrowers and investors in connection with listings, commitments, and loans. To verify a borrower's income, we will request documents such as recent paystubs, tax returns, or bank statements.
What is the minimum credit score for SoFi? ›Good credit required: SoFi requires a minimum credit score of 680 to be approved for a personal loan.
What loans Cannot verify income? ›A no-doc mortgage loan, also known as a no-income verification home loan, does not require you to provide income proof to the mortgage lender. This no doc loan is more like a reduced documentation loan rather than a no income loan.
Does LightStream require proof of income? ›You may be required to upload verification of your income during the LightStream application process. This might include pay stubs, bank statements or tax returns. Applicants may also be required to provide proof of identity or residence.
Does Upstart approve easily? ›People with credit scores as low as 300 can qualify for loans through Upstart in most states. Additionally, most borrowers are instantly approved, and applicants may be able to get their funds in as little as one business day.
What is a scorpion loan? ›
Five of the worst ways your mortgage can sting you. Too many Australians have been stung by a scorpion home loan. It's a predatory mortgage deal that delivers a poisonous sting once you're onboard. Too often, the sting is so well hidden that it's not obvious when you first apply.
What are Ellie Mae loans? ›Ellie Mae Inc., originally named Electronic Mortgage Affiliates, is a software company that processes 35% of U.S. mortgage applications. The services are based on a software as a service model (SaaS), and specializes in originating and funding new mortgage loans and facilitating regulatory compliance.
What is a Mashonisa loan? ›What is a mashonisa loan? Anyone who lends money to people in his or her community but is not a registered lender with the National Credit Regulator is referred to as a mashonisa. A mashonisa is essentially anyone in your community who is willing to lend money to people in need.
What is the best loan to get approved for? ›Consolidating debt is one of the most common reasons to borrow a personal loan. According to a 2022 LendingTree study, debt consolidation was the most popular reason to apply for a personal loan among consumers with excellent credit.
What is the lowest credit score for a loan? ›Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.
Can you get approved for a loan with a credit score of 550? ›Yes, you can get a personal loan with a credit score of 550. You could consider getting a secured personal loan, applying for an unsecured personal loan with a co-signer, borrowing from family and friends, and checking with local credit unions which usually have a lower requirement over credit score.
How hard is it to get a $2000 personal loan? ›You will likely need a credit score of at least 580 for a $2,000 personal loan. Most lenders that offer personal loans of $2,000 or more require bad credit or better for approval, along with enough income to afford the monthly payments.
How can I increase my chances of getting approved for a loan? ›- Check the lender's eligibility criteria. ...
- Track your fixed-obligation-to-income ratio (FOIR) ...
- Apply for the right loan amount. ...
- Avoid applying for too many loans at the same time. ...
- Improve your credit score. ...
- Add your spouse or parents as co-borrowers.
The best way to get a loan immediately is to apply online for a personal loan from a lender known for quick approval and funding. The best lender for fast personal loans is LightStream because it funds loans as soon as the same day and has low APRs, large loan amounts, long payoff periods and no origination fee.
Can I get a loan with a 400 credit score? ›Consumers with very poor credit scores between 400 and 450 often have their credit applications rejected, according to FICO, a credit scoring agency. But it doesn't have to be that way. Loans and credit cards for 400 to 450 credit scores are still available.
What can I get with a 500 credit score? ›
- Capital One Platinum Secured Credit Card: No credit history. ...
- Petal 1 “No Annual Fee” Visa: No credit history. ...
- Discover it Secured: No credit history. ...
- Petal 2 “Cash Back, No Fees” Visa: No credit history. ...
- Mission Lane Visa: Bad to fair (300-670)
Credit Rating: 524 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan with no credit check, but the interest rate is likely to be high.
What is the minimum credit score for Avant personal loan? ›To apply for an Avant personal loan, you need a valid Social Security number and bank account. Here are Avant's minimum requirements to qualify for a loan. (Meeting these requirements doesn't guarantee approval.) Minimum credit score: 550.
Can I get a personal loan with a 545 credit score? ›The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet. Some lenders may require a higher score. A high credit score doesn't guarantee you'll qualify or get a low interest rate.
Which bank has the easiest personal loan approval? ›The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.
What's a hardship loan? ›A hardship loan is a type of financing designed to help those in a financial crisis caused by an emergency expense or a shortage of earnings. You can use a hardship loan to cover anything unforeseen, like a medical bill or car repair, or to pay for monthly basics, such as food and rent.
Is Speedy Cash loans legit? ›While its interest rates are high, Speedy Cash is a legit option for people who need cash fast and can pay it back within the allotted time.