Top 5 Loans for Unemployed: How to Get Cash Without a Job

Top 5 Loans for Unemployed How to Get Cash Without a Job

What can you do if banks refuse to give a loan due to lack of employment? Just don’t give up. We know at least 5 ways to fix this and will be happy to share them in the article.

Is it possible to take a loan with no job?

According to the official statistics, there are about 6 million unemployed in the USA. And this is only official information based on the appeal of citizens to the employment authorities. In fact, the numbers are much higher. In the current realities, anyone can be officially unemployed:

  • an entrepreneur working without a legal entity or individual entrepreneur status;
  • freelancer or remote employee of the company without official employment;
  • a person changing his/her place of work;
  • a university graduate who has not yet managed to find a job.

Nevertheless, banks consider these categories of borrowers unreliable.

The risk of non-repayment by such clients is higher than that of officially employed ones. Therefore, banks rarely lend to the unemployed. Or they try to further secure the situation with:

  • increased interest rate;
  • collateral or guarantor requirements;
  • mandatory insurance.

So it is difficult for the unemployed to get a loan on favorable terms. On the other hand, as competition is fierce today, financial institutions are sometimes ready to meet such clients halfway and offer loan products with no proof of income. Here we will describe 5 popular ways to borrow money for unemployed people.

Have no job? Consider these 5 loan options

Payday loans

Microfinance institutions are the easiest way out for borrowers who were denied access to bank loans for various reasons. Often, neither employment nor credit history matters.

But you will not be able to borrow more than $2,500 in such organizations – the average loan is $500-$1,000. Large payday loans are the exception rather than the rule.


  • Payday loan providers work around the clock;
  • Lending decision is made within a few minutes;
  • Borrower requirements are easy to meet;
  • Loan approval rates are very high – up to 95%;
  • Funds can be used for whatever purpose;
  • You can borrow money without guarantors and collateral;
  • Funds are transferred to the borrower’s bank account as soon as the same day.


  • High APRs;
  • Short term – from 5 to 31 days;
  • Small loan amounts – often up to $1,000.

The payday loan service is available to all social groups of the population: self-employed, pensioners, students, women on maternity leave and other people with “unemployed” status. If you want to increase your chances of getting approved, fill out an application online:Apply-now-button

Credit cards

This product has now gained popularity. According to the statistics of surveys, the share of credit card users increased 7 times in recent 5 years. This growth is explained by the general interest in lending and favorable banking offers.

Users have access to revolving credit lines, bonus programs, discounts from partners and other privileges.


  • Loyal requirements to the borrower – proof of income is usually not required. Many banks issue credit cards even to the unemployed but a credit limit is small in this case;
  • Revolving credit limit – as soon as you pay off the debt, you can use the bank’s funds again.


  • Annual maintenance fee;
  • Cash withdrawal fee is a common practice for US banks.

Consumer credit cooperatives

Consumer credit cooperatives differ from banks and are ready to provide loans on different terms, for example, without proof of income. In fact, such organizations are mutual financial aid funds: some members of the cooperative invest at interest, while others receive loans.


  • More loyal requirements to the borrower than in banks.
  • Opportunity to borrow more money than in microfinance institutions.


  • High interest rates. Consumer credit cooperatives attract depositors due to higher profitability compared to banks. Of course, this also entails an increase in the interest rate;
  • Bankruptcy risk. Although the work of consumer credit cooperatives is regulated by the law, such organizations often experience financial difficulties. And although bankruptcy is more of a problem for depositors, this situation will not be pleasant for those who are credited either. And the debt still has to be repaid.

Secured loans

Many banks are willing to offer loans secured by property. if you have no official income, this is a way to get a large loan at a low interest rate. You can use real estate, land, car or securities as collateral. Common secured loans are car loans, mortgages, home equity loans, etc.


  • High loan amounts;
  • Longer repayment terms;
  • Lower interest rates.


  • You risk losing your property. This does not mean that the pledged property will be taken away if you delay one payment. But the creditor will not tiptoe around a malicious defaulter and will sell the collateral.

POS loans

A point-of-sale (POS) loan is a way to break down an expensive purchase into several smaller, more manageable payments. The lending decision is made as quickly as in microfinance institutions. Therefore, they look through their fingers at checking employment. So the chances of approval are much higher than with conventional consumer lending.


  • Instant lending decision;
  • Relaxed requirements for the borrower.


  • Not favorable conditions. If it is a loan for purchase, then the interest rate is typically not so high. There are even offers without overpayments – there are interest-free installment loans. But if you apply for a fast cash loan, the conditions are worse than for a regular consumer loan.

As you can see, there are many options for borrowing money if you are unemployed. So do not despair if the bank denied a loan. Analyze the listed offers and choose the best solution. The chances of getting approved are much higher.

How to boost your chances of getting a loan without a job

If you want to increase the chances of getting approved for loan with no job, you can do the following:

  • Build a good credit history. If you have previously taken loans and have never missed payments, most likely your application will be approved. But if your borrower reputation is poor or fair, learn how to improve your credit score.
  • Find a reliable guarantor. This will convince the lender of your solvency.
  • Apply for a small loan amount. Microfinance institutions willingly provide a small payday loan to the unemployed – up to $1,000.
  • Provide collateral if you need a large loan – a car or an apartment. Look for lenders that issue car equity loans or home equity loans.
  • Choose a bank account as a way to receive money. Its presence somehow confirms your ability to repay the debt.
  • Apply with a new/young microfinance organization. The company is actively increasing its customer base during the promotion period.