Looking for the best unemployment cash advance apps? Loans for unemployed individuals can be challenging to find if you don’t know where to look. Here, you will find all the info you need on:
- Unemployment cash advance apps.
- Loans for people without a job.
- Other ways people who don’t have a job can get money.
- Tips on finding a job quickly so that you can earn money.
What Are Some Popular Unemployment Cash Advance Apps?
Finding the perfect cash advance app doesn’t have to be a hassle when you do a little research first. Below you will find essential information on some of the most popular cash advance apps that unemployed people may use.
- Perks/Benefits: FloatMe is an app that allows users to receive small loans of $50.
- Requirements: In order to receive an unemployment emergency loan from FloatMe, you need to have an active checking account that has received a minimum of three direct deposits of at least $200 or more.
- Fees: FloatMe comes with a $1.99 monthly fee, as well as a $4 “rush” fee for users looking to receive instant loans.
- Perks/Benefits: ChimeSpotMe offers users overdraft protection for up to $200, so you can avoid overdraft fees on your checking account.
- Requirements: Borrowers must have a bank account that has received at least $200 in direct deposits in the last 34 days.
- Fees: There are typically no fees to use ChimeSpotMe.
- Perks/Benefits: Vola Finance can provide you with a loan amount of up to $300.
- Requirements: To use Vola Finance you must have a bank account that is at least three months old with a balance of at least $150 and provide proof of steady income.
- Fees: Fees for Vola Finance can range from $2.99 to $28.99 a month.
- Perks/Benefits: People who use MoneyLion can enjoy loans up to $250.
- Requirements: In order to get an emergency loan with MoneyLion, you need to have a bank account that is at least 60 days old and provide proof of some sort of income.
- Fees: MoneyLion fees include a $12.00 monthly charge and a rush fee that can be anywhere from $0.99 – $7.99.
- Perks/Benefits: With SoFi, you can receive loans anywhere from $50 – $5,000.
- Requirements: If you are looking to obtain higher loan amounts, you must provide proof of a job offer that begins within the following 90 days.
- Fees: There are generally no fees associated with SoFi.
- Perks/Benefits: SoLo offers loans up to $1,000 free of interest charges.
- Requirements: While there are no interest charges, borrowers must repay their entire loan within 15 days to avoid late payment fees.
- Fees: If you pay back your loan on time, there are no fees with SoLo.
Is a Payday Loan a Good Idea for Money When Unemployed?
If you are in need of a payday advance, you may have thought about working with payday loan organizations. However, unemployment payday loans may not be the best option for people who are currently without a job. This is because payday loans come with extremely high-interest rates and exceptionally brief payback terms. Payday loan companies expect borrowers to pay off their balance within about two weeks or less.
Also, payday loans can also come with hidden fees or additional fees that you may not have been aware of. These inconvenient terms, rates, and loan details make payday loans at risky. If you default on loans, credit bureaus take note of this and add that information onto your credit report. Then, the next time they do a credit check, they may find your credit score has significantly decreased.
What Are Other Financing Options Besides Payday Loans When I Don’t Have a Job?
Fortunately, there are many other options people have available besides payday lending when you need to borrow money.
Below is more information on some popular emergency loans unemployed you can utilize.
Personal Installment Emergency Loans
Installment loans are a type of personal loan that offers emergency funding to people with bad credit, good credit, or even no credit at all. Furthermore, many installment loans come with industry-wide competitive interest rates. If you have a poor credit score and are looking for funding while unemployed, simply fill out a quick online form to find out how much funding you may be approved for. After you fill out the loan application and are approved, you can expect to have funds in your bank account in 24 hours or less. Funding for personal installment loans are traditionally delivered via direct deposit.
Most lenders for installment loans also offer other versatile perks like:
- Long or short-term loans.
- Personalized payment plan.
- Top-notch customer service representatives.
Car Title Loans
Car title loans are secured loans that require you to put up their vehicle title as collateral. Since title loans are secured, you may be able to receive fast loan approval without having a good credit score. However, the loan agreement for most title loans gives borrowers a very short amount of time to pay back their funding. Borrowers who do not pay back their title loans within the short terms given will usually face a high-interest rate or even run the risk of having their vehicle repossessed.
Credit Card Cash Advance Loan
Cash advances are an option for people who have a qualifying credit card. By using your credit card to get a cash advance, you can take out money up to $1,000 or your credit limit. But, keep in mind that the interest charges on credit card cash advances tend to be higher than regular credit card purchases. So, think twice before getting a cash advance when unemployed.
Unemployed people can also use their credit cards directly to make purchases. While a revolving line of credit like a credit card can be useful during hard financial times, it can be easy to fall into a cycle of debt. Credit card debt is one of the most common financial hardships Americans face, to make sure you can pay off your balance regularly before you get into the habit of using your credit card.
If you have a high credit score and a clean credit history, you may be able to get unsecured loans from a bank. Most banks only offer personal loans with a convenient annual percentage rate to borrowers with ideal credit. So, if you have less than perfect credit, you are probably better off finding a loan elsewhere.
Credit Union Loans
Another place unemployed people may be able to find loan offers is through a credit union. Credit unions are nonprofit organizations, resulting in some pretty unique borrower perks that traditional banks and many lenders do not offer. But, credit unions often have strict requirements and run on a small, local scale. This means you may not be able to get online loans via a credit union.
Other Ways To Get Money When Unemployed
Those who don’t want to get an online loan may take advantage of government benefits to get essential funding when they don’t have a job. These funding options may be extremely useful to those who meet the qualification requirements.
One way to receive immediate financial assistance when you don’t have a job is to utilize unemployment benefits. The federal government offers monthly funding to people who do not have a job but are looking for permanent employment. You will have to apply and get approved before you can utilize these benefits.
Another way to receive a steady monthly income when unemployed is to receive worker’s compensation payments. Worker’s compensation is only available to people who were hurt at work that resulted in injuries that prevent them from performing their regular job duties.
If you have been permanently injured or suffer from a condition that prevents you from holding a steady job, you may be able to qualify for disability payments.
Social Security Payments
Those who are of the proper age may receive steady income through social security payments.
401K or Retirement Fund
Individuals who have a 401k or another retirement fund may be able to get a significant amount of money. Depending on how much you have saved over the years, you may be able to get a sufficient funding from these types of accounts.
Child Support Payments
Child support is a way for a single parent to receive enough money to take care of their child. Depending on the income of their ex-spouse, child support is meant to cover essential expenses that are required for taking care of a child.
Quick and Easy Jobs To Help You Earn Money
The easiest way to get more money is to find some sort of stable employment. Some easy jobs you may be able to get quickly are:
- Delivering food through a rideshare app.
- Providing transportation via a rideshare app.
- Freelance work involving skills you may have, like writing or technical work.
- House sitting.
- Pet walking.
- Pet sitting.
- Virtual assistant work.
How To Earn Money Without a Job
You don’t always need a regular nine-to-five job in order to get money when you need it. Check out these ways you can get alternative income without having a traditional job.
Have a Garage Sale or Sell Items Online
Selling items you no longer want or use can be a great way to earn money sooner rather than later.
If you are informed about the topic, you may consider putting some of your money into investments.
Dip Into Your Savings
If you have the funds set aside, you can also dip into your own savings to get extra cash when you are unemployed.