There are many reasons to seek a loan when you’re unemployed. Unfortunately, if you’re in this position, choices online can be difficult to find, especially from trusted sources. Here at Viva Payday Loans, we know that when the unexpected happens, such as losing your job or another type of financial emergency, being able to resolve it quickly may seem impossible without savings or available credit. As a loan-finder service of loans for unemployed people, we can help you resolve your circumstances quickly.
Whilst it is presumed that only those with employment are eligible to secure a loan, there are many lenders in Australia willing to help offer small loans for unemployed individuals in an emergency. If you’re unemployed but have some form of income, such as income derived from government benefits plans, we could help you find fast cash loans for unemployed applicants in minutes.
Choose the amount and repayment terms you want, click apply now and start your application today. You could be eligible for a loan up to $2,000 between 3 to 12 months in an instant and receive the cash on the same day.
*Please Note: Viva Payday Loans are a lender-finder service in Australia. We do not offer financial advice. Please consider seeking independent legal and financial advice to check how the information and ideas presented on this website relate to your unique circumstances.
What are Cash Loans for Unemployed?
Loans for unemployed people are short term, unsecured loans that can be applied for when applicants are out of work. Whilst most short term loan lenders require an applicant to be in full or part-time employment, small loans for unemployed are available from specialist lenders online. To be able to apply for this type of loan, someone that is currently unemployed is required to prove they have income from other sources. Some common forms of income that direct lenders can accept include:
- Payments received from Centrelink
- Earnings made by self-employed individuals
- Dividends earned on shareholdings, or similar income sources
In each case, lenders providing 24/7 loans for unemployed people would require applicants to provide extensive financial details, including their most recent bank account statements or wealth statements. This is to assess an applicants’ affordability for the loan. If they cannot determine the affordability is there, they will not be able to approve the loan.
At Viva Payday Loans, we are a credit broker able to find fast cash loans for unemployed applicants if you are eligible. These loans are designed for emergency use to cover an unexpected bill or expense, meaning they should only be applied for to cover this type of situation. They are not designed to cover any long term financial difficulties, so you should carefully consider your position before applying. If you are experiencing difficulties, you can seek help and advice through resources like MoneySmart.
How Much Do Small Loans for Unemployed Cost?
Since the risk factor of providing loans for unemployed people is higher for lenders, they can charge a comparison rate that is higher when compared to most other loan options. Lenders can charge either a fixed one-time 20% establishment fee in addition to a fixed monthly fee of 4% or charge a variable rate on loans for unemployed, mostly above 45%. Many lenders can provide loans for unemployed in Australia between the $50-$5,000 limit.
The lenders we can connect you with here at Viva Payday Loans can provide varying interest charges as well as the total amount they can agree to lend. We do not lend money ourselves and have no control over the lending decisions made by the direct lenders we can connect you with. You can work out an approximate amount the loan will cost you by entering the amount and terms you require above.
Please note, the comparison rate shown is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different rate, so applicants will need to keep this in mind when choosing a lender.
Eligibility Criteria to Apply for Loans for Unemployed in Australia
Each lender will have its own eligibility criteria for 24/7 loans for unemployed applicants, but in general, will require the following conditions to be met. Applicants for unemployed loans must:
- Be over the age of 18
- Be a citizen or hold a PR status in Australia
- Prove ability to make timely repayments on the loan
- Show an acceptable financial and credit history
- Have enough income coming from eligible sources
- Show sufficient assets to prove affordability
If an applicant has sufficient income to qualify for loans for unemployed, this income must come from eligible sources. Many lenders do not accept applicants that have more than 50% of their regular income coming in from payments received through Centrelink. Similarly, some lenders do not allow payments received under the Newstart program or Disability Support Pension to be considered as a regular income. Lenders may also require an applicant of small loans for unemployed to have a regular weekly income over $300.
An applicant has to prove they can make timely repayments that they can afford. This protects both the lender and the borrower from entering into a loan agreement that has a higher risk of default. As part of the decision-making process, your credit history will be checked alongside your income. Those with a bad credit history or in difficult financial circumstances may not be eligible to apply or be successful with their application. Every lender has its own threshold, so we’ll help match your circumstances and details with a suitable lender offer.
Common Types of Loan Available For Unemployed Applicants
Two of the most prominent types of loan accessible for unemployed people online are personal and payday loans. Payday loans are a short-term option that are usually given out for a loan term of under 1 year, capped at approximately $2,000 that can charge a high-interest rate. These loans often must be repaid, with interest and other charges, over a short time span. Those who are unemployed should only choose an amount they are comfortable repaying with their current income level.
Personal loans are usually cheaper compared to payday options, however, they can come with stricter eligibility criteria. In addition to requiring borrowers to have a good credit history, personal loan providers can also consider a borrower’s assets while making a lending decision.
Loans for unemployed in Australia can be categorised as small, medium, or large:
- Small loans – under $2,000 for a maximum period of one year. These loans are usually unsecured, meaning they do not require any collateral.
- Medium loans – between $2,000 to $5,000 usually for a loan term of up to 2 years, depending upon the lender. Some form of collateral may be required with medium loans.
- Large loans – amounts above $5,000, usually to be repaid within 2 years.
Apply Now For 24/7 Loans for Unemployed
If you feel you are a suitable applicant to apply for fast cash loans for unemployed, you can quickly start your application today by clicking apply now. We work fast to find matching lenders to your circumstances and, if approved, you could receive the funds on the same day within 60 minutes. This will depend on the lender, the time of day, and if your bank supports faster payments.
If we match you to a lender offer, you’ll be given a link to their website to continue your application with them. We work with a wide range of lenders who consider many different types of credit history, but we cannot guarantee each will be able to offer the loan you need.
You will need to provide all required information, which can include ID information, last few months’ bank statements, proof of income, details of your MyGov account (in cases where the applicant is receiving payments from Centrelink) and will be required to undergo a credit check.
Once the form has been completed and submitted, lenders can take up to a maximum of 2 days to deliver a verdict on the loan application. If approved, the loan amount will be disbursed into your bank account on the same day where possible.
Any questions? Please get in touch with the team today and click apply now to begin your application.
Loans For Unemployed FAQs
Am I Guaranteed Approval for Fast Cash Loans for Unemployed?
No lender can guarantee loan approval before fully assessing an applicant’s income and credit history. You may find other lenders online offering guaranteed loans for unemployed, but they are unlikely to be a trusted source to apply through and may charge hidden fees for the privilege. Applying through us means you will only be connected with trusted lenders regulated by the ASIC (Australia Securities & Investments Commission), with our credit representative number being 526847. Using trusted lenders ensures your application is assessed fairly and the necessary credit checks and assessments are performed before approving a loan.
Can I Get Same Day Cash with 24/7 Loans for Unemployed?
As you can apply for unemployed loans 24/7, the time and day you apply will affect when you will receive the funds. Any applications sent outside of business hours or on weekends will not be processed until the following working day. The time taken to transfer an approved loan to your bank account will vary between lenders, but if the circumstances are right and your bank accepts faster payments, you could receive the money on the same day within 60 minutes. Some lenders may take up to 2 days to fully assess and approve an application, so please keep this in mind when applying.
What’s the Maximum Loans for Unemployed in Australia Amount I Can Apply For?
We can connect you with lenders able to provide loans up to a maximum of $2,000, with some able to provide up to $5,000 for a longer term. The maximum amount you can be approved for will depend on many different aspects of your application. Lenders will assess your current income and affordability before making any decision and will perform a check of your credit history. As responsible lenders, they will need to ensure you can afford the loan and its repayments without getting into any further financial difficulty.