Unemployment Benefits Loans: Best 7 Payday Loans of 2023 for the Unemployed

Life can be really harsh sometimes. If you have lost your job or do not have employment then it can be challenging to manage your expenses. It can become even more difficult if any medical emergency or any other emergency comes and you do not have money. But what if we tell you that even without a job, you can get a payday loan to meet your emergency money needs?

Yes, you heard it right. Even if you do not have a job, you can still get a payday loan. There are several direct lenders that will happily provide you with unemployment benefits loans. Though the interest rate can be over the roof for these loans, so if you decide to go for a payday loan with no salary, you need to pay attention to each and every point.

Before going any further, let’s understand what are unemployment benefits?

Unemployment benefits are given to people who do not have a job. It can be due to any reason like physical disability, old age, etc. It can be in the form of government aid, pension, insurance money, etc. In order to get payday loans that accept unemployment benefits online, you will need to look for lenders on the internet.

See, the thing is, in order to get a payday loan, you do not need a job or salary, but you need a monthly income. So if you do not have a job but receive unemployment benefits in the form of pension, government aid, or insurance money, then you can get guaranteed unemployment benefits loans. You only need to make the lender believe that you can repay the loan, and you will get the loan.

Can I Actually Get a Payday Loan With No Job?

Can I Actually Get a Payday Loan with No Job?

Yes, even if you do not have a job, you can get a payday loan. You can easily find many direct lenders online that will provide you with a payday loan if they are satisfied that you can repay the loan amount. Even if you do not have a job but still receive an unemployment benefit, then you can easily get a payday loan.

If your credit score is fair or good then you can get a payday loan with a medium interest rate but if your credit score is bad and you have no job, then the interest rate of the payday loan is going to be extremely high. So you should only go for unemployment benefits loans if you need the money urgently and you do not have any other option. 

Top 7 Payday Loans That Accept Unemployment Benefits

In this section, we are going to introduce you to the top 7 direct lenders who can provide you with guaranteed loans for unemployment benefits. We are also going to discuss their pros and cons. You can go with any of them, that fits all your needs. So now let’s get started. 

1. CashUSA

Cash USA

CashUSA provides payday loans that accept unemployment benefits online. It is one of the best money-lending services in the U.S.A. It has many verified lenders that would love to give you payday loans. With CashUSA, you can get a loan of up to $10,000, but if your credit score is bad then the interest rates can be very high. If you receive a monthly benefit of $1,000 or more then CashUSA will offer you a payday loan.

The best part about CashUSA is, along with providing you with financial aid, they also provide you with information about finance and financial management. You can go to their official website and read their blogs to gather all the information. Also, they use high encryption to protect all your data.

Loan Amount $500 to $10,000
Interest Rate 5.99% to 35.99%
Loan Term 3 months to 72 months 

Pros

  • Fast funding. 
  • They approve unemployment benefits loans. 
  • Multiple offers from multiple lenders, so you get to choose the best one. 
  • Limited maximum APR of 35.99%.
  • You need only $1,000 as a monthly benefit to qualify for this loan. 

Cons

  • They may disclose your information to a third party for marketing purposes. 
  • The loan amount can be less for some people. 

2. MoneyMutual

MoneyMutual

Need some money urgently? MoneyMutual is the right option for you. Their application and approval process is extremely fast, and as soon as your loan application is approved, they deposit the loan amount into their bank account within a single business day. They offer a payday loan of up to $5,000. 

All in all, MoneyMutual is one of the best payday loans that accept unemployment benefits online. But in order to qualify for a loan, you need an unemployment benefit of at least $800. Also, they do not offer their lending services in Connecticut and New York. There is no valid information regarding the APR and interest rate of MoneyMutual. 

Loan Amount Up to $5,000
Interest Rate N/A
Loan Term N/A 

Pros

  • Customer-friendly policies. 
  • Protects your data with 2048 Bit encryption. 
  • Immediate funding. 
  • They offer guaranteed loans for unemployment benefits. 
  • Good reviews.

Cons

  • No information regarding interest rates. 
  • There should be more transparency in the lending process. 

3. CreditLoan

CreditLoan

If you receive an unemployment benefit of $250 or more that you would easily qualify for unemployment benefits loans. They offer a loan of up to $5,000 to people with no employment. It takes less than 5 minutes to fill out their loan application and you can receive the loan fund as soon as within 1 day. 

CreditLoan has been providing financial aid to people since 1998, so now they have made a good reputation in the market. Even if your credit score is bad, they would provide you with payday loans. They deposit the loan money into your bank account directly. 

Loan Amount $250 to $5,000
Interest Rate N/A
Loan Term N/A 

Pros

  • Loan amount of up to $5,000.
  • They provide loans for bad credit as well. 
  • You can get a 24 7 payday loan
  • Deposits money directly into your account. 

Cons

  • The APR is extremely high for low-credit holders. 

4. BillsHappen

BillsHappen

BillsHappen is a well-known and well-reputed money lending service, which provides loans to people. You might have also seen its ads on TV. Even if you do not have a job and your credit score is really bad, they will provide you will a loan, though the APR might be extremely high. They very easily provide unemployment benefits loans online.

The best part about BillsHappen is, as soon as you apply for a loan, they send your loan application to multiple lenders, so you receive a number of offers, and you get to choose the best one for yourself. As soon as you confirm, they provide you with instant deposit payday loans online.

Loan Amount $500 to $5,000
Interest Rate N/A
Loan Term N/A 

Pros

  • All your information is safe with them. 
  • They provide a loan of up to $5,000. 
  • They offer payday loans for unemployment benefits.
  • High approval rate. 

Cons

  • No information regarding interest rates. 

5. SmartAdvances

SmartAdvances

In case you are unemployed but receive an unemployment benefit, then you can apply at SmartAdvances for a payday loan. Depending on your credit score, unemployment benefit amount, and they can offer you a loan of up to $20,000. But if you apply for a big loan, the interest rate would also be extremely high. 

It is better to apply for only as much money as you need, otherwise, you can get stuck in a debt cycle. The best part is, there are no hidden fees, and as soon as your loan gets approved, you receive the loan fund in a single day. But in order to get an unemployment benefits loan from SmartAdvances, you must receive a monthly benefit of $1,000. 

Loan Amount $100 to $20,000
Interest Rate Can vary due to credit score
Loan Term Depends upon the loan amount 

Pros

  • You can get a loan of up to $20,000. 
  • Loan amount deposit within a single day. 
  • Good services. 
  • A loan of as less as $100 is also available. 
  • No hidden fees. 

Cons

  • You need to have a monthly benefit of at least $1,000.
  • High interest and APR.  

6. PersonalLoans

As the name suggests, this company provides personal loans to people. Depending on your credit score and monthly benefit, they can provide you with a loan of up to $35,000. But since you are looking for a payday loan, we would not recommend you exceed the loan amount of more than $400 to $600. 

They also offer payday loans that accept unemployment benefits online and the best part about PersonalLoans is, they do not let the lenders exceed the APR of more than 35.99%. If any issues arise between the lender and the borrower then PersonalLoans also offer consultation and mediation services. But in order to get unemployment benefits loans from PersonalLoans, your monthly benefit must be $500 or more. 

Loan Amount $500 to $35,000
Interest Rate 5.99% to 35.99%
Loan Term 3 months to 72 months

Pros

  • You can get a loan of up to $35,000. 
  • APR is as low as 5.99% for good credit holders. 
  • You get to choose the best from multiple loan offers. 
  • Limited maximum APR of 35.99%.

Cons

  • High APR and some other fees can also be there. 

7. BadCreditLoans

BadCreditLoans. com

If you are someone with a bad credit score and no job then BadCreditLoans is perfect for you. Earlier it was made to provide financial aid to bad credit holders but now they provide loans to everyone irrespective of their credit score. Their application and approval process is extremely fast. As soon as your loan is approved, they deposit the loan amount in your bank account. They provide a loan of up to  $10,000. 

For good credit holders, the APR is just 5.99%. When you apply for a loan at BadCreditLoans, they send your loan application to multiple lenders and you end up receiving a number of offers. After comparing all the best offers, you can select the ideal one for yourself. 

Loan Amount $500 to $10,000
Interest Rate 5.99% to 35.99%
Loan Term 3 months to 60 months

Pros

  • The APR is just 5.99% for people with a credit score of 750 or more. 
  • The APR is restricted to only 35.99%. 
  • You get loan offers from multiple lenders.
  • They also offer installment loans. 

Cons

  • The APR can be high for people with a bad credit score. 

What Does a Payday Loan Mean? 

A payday loan is a short-term loan. In this loan, the lender lends a small amount of money to the borrower and the borrower has to repay the loan amount on his next payday. You can get payday loans from money-borrow apps, direct lenders, money-lending companies, etc. In order to get a payday loan, a monthly income is mandatory. 

Generally, the lender does not provide a payday loan of more than $2,000, but if you have a good credit score and a high-earning job then you can get an even bigger payday loan. The main issue with these loans is, they can put you in a debt cycle, so you must try to take a small payday loan so that you do not need to take a new loan to repay this one. 

How Does Unemployment Benefits Loans Work? 

To get a loan, you need to have an income, otherwise, how would you even repay the loan? Unemployment benefits are given to people who do not have a job. Unemployment benefits loans are given to people believing that the benefit is their monthly income and they would repay the loan with their unemployment benefit only. 

The interest rates of these loans are extremely high and some lenders have also a certain limit of income for qualification and if your unemployment benefit is less than that, they would not provide you a loan. 

If someone is providing you with unemployment benefits loans at a low-interest rate then it can be a trap. There are many fraud lenders in the market that first lend you money at a low-interest rate and then charge hidden fees and if you deny then they scare you to drag you into court. So before going for a particular lender, make sure that you check their ratings and reviews online. 

Qualifications for Unemployment Benefits Loans

In order to get payday unemployment benefit you will need to check all the qualifications given below. If you pass all these qualifications, then only you will be able to get an unemployment benefit payday loan. 

  1. You need to be a citizen of the U.S.A. 
  2. Your age should be 18 years or more.
  3. You must have a social security number or some other government ID. 
  4. You also need to have your own bank account.  
  5. Your contact information must be valid. 
  6. You must have a monthly income. 

How to Apply for a Payday Unemployment Benefit Loan? 

In order to apply for an unemployment benefits loan, you will need to follow the procedure given below. 

  1. Look for the available lenders which can provide you with a loan. 
  2. Compare the rates of all the possible lenders. 
  3. Apply for pre-qualification. 
  4. If you like the offered deal, send the final loan application. 
  5. Wait for approval. 
  6. As soon as the loan application is approved, you will receive the funds within a single day.

What if I Cannot Get Unemployment Benefits Loans? (Other Alternatives)

If you applied for unemployment benefits loans but your loan application was denied then you do not need to worry. You can also go with any of the options given below to get some extra funds until your next payday. 

1. Secured Loans

Secured loans are those loans where you have to keep some of your property like a car or some valuable gadget as collateral in order to get a loan. In case you fail to repay the loan on time, the lender can keep your property. In a secured loan, the loan amount is equal to the value of the collateral. 

2. Credit Card Cash Advance 

In credit card cash advance, you can withdraw some cash using your credit card. But the amount of credit limit depends on your credit card limit. Also, cash advance comes with an interest rate of 2 to 5%. So before using this option, keep in mind that you will have to pay daily interest on the cash advance. 

3. HELOC

HELOC stands for Home Equity Line of Credit. In HELOC, you put your home as collateral to get a loan. And if you default on the loan then the lender has a right to take away your home. HELOC loans are common for big-amount loans but if you need a payday loan then HELOC would not be a good option for you. 

4. Family and Friends

Your friends and family are always there to help you. So if you are in urgent need of money then you can ask your friends and family to help you. But make sure that you return the money on priority otherwise it can lead to internal conflict in your family. 

Whether Unemployment Benefits Loans are Worth it?

Unemployment benefit loans are completely worth it, but only if you repay them on time. You should only go for an unemployment benefit loan if you have a prior plan to repay this loan. Before applying for a loan, keep in mind that the interest rate for unemployment benefits loans is going to be extremely high, so if you do not have a solid plan for the repayment then you can get stuck in a loan cycle. To avoid this, you will need to use the loan amount very wisely and you will also need to repay the loan on time.  

FAQs: Frequently Asked Questions 

Q1. How to borrow money when unemployed?

In order to get a loan, it is very important to have an income. If you are unemployed and need a loan then you need monthly unemployed benefits. Also, the amount of unemployment benefits should be $500 to $1,000, then only you will qualify for payday loans that accept unemployment benefits online. 

Q2. Can I get a payday loan on benefits?

Yes, there are many payday loans that accept unemployment benefits. You can easily get payday loans that accept unemployment benefits online through lenders like CashUSA, MoneyMutual, CreditLoan, BillHappen, SmartAdvances, BadCreditLoans, and PersonalLoans. To get this loan, you need to receive an unemployment benefit ranging from $500 to $1,000 per month. 

Q3. What are other alternatives instead of getting a payday loan?

If you do not want to take a payday loan then you can go with options like a title loan, secured loan, or credit card advance. If you do not want to go to some lender then you can also borrow some money from your friends or family. But if you do so, make sure that you return the money on time otherwise it can create internal differences. 

Q4. Can I borrow a loan without an income?

You can borrow money without a job, but you cannot borrow money without an income. After all, if you do not have an income then how would you even repay the loan? But if you receive some kind of unemployment benefit, then you can easily get a loan. If you receive a stable monthly income then you can easily get payday loans that accept unemployment benefits online.

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