Are you 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.
A financial emergency can happen to anyone, not only to employed people. The unemployed might need much more financial help than those who have a paycheck every so often.
Getting a loan is not always easy if you don’t have a job. But the truth is, there are several ways you can access money quickly, even without a job — as long as you have an alternative type of income.
Here are some unemployment cash advance apps that might interest you.
What is Unemployment Cash Advance?
Unemployment cash advances are designed to provide temporary financial assistance to people who need money now. They’re also known as “payday loans,” and they come in many different forms.
Also Read: The 10 Best Budget Free Apps for 2022
Unemployment Cash Advance apps
Below you’ll find the essential information about certain of the well-known cash advance programs that unemployed individuals can use.
#1. Dave App
The Dave app lets you borrow a small amount of money to cover expenses, Users who have a Dave spending account have access to larger loan amounts than those who don’t. The app also has a “Side Hustle” feature that helps users find side gigs to earn more money.
Requirements: $5 to $200 for Dave spending account users; $5 to $100 for customers without a Dave spending account. If you borrow $100 seven days before you get your next paycheck, pay a $5.99 express fee, the monthly $1 subscription fee and add a $1 tip, it’ll cost $7.99 to borrow the $100.
Dave charges a few fees, but the company says they’re all optional:
- $1 monthly membership fee, which you can opt out of in the app.
- $1.99 to $5.99 fee to get your money faster. The fee varies based on the loan amount.
- Optional tip up to 20% of the amount borrowed.
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
#3. Chime SpotMe
- 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.
#4. Vola Finance
- 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: 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: 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.
Earnin is a paycheck advance app that tracks your hours worked — using either a timesheet tracking your location — and lets you borrow money Maximums from $100 to $500 with Low-interest rates.
Requirements: Earning withdraws the cash you borrowed from your bank account on your next payday. If you borrow $100 seven days before payday and tip $2, your loan’s APR is 104.3%.
Fees: Earnings asks for a voluntary tip, which is capped at $14. You can opt into the overdraft protection feature automatically by setting a recurring tip of at least $1.50.
- 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.
Other Ways To Get Cash Advance When you are 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 beneficial to those who meet the qualification requirements.
#1. Social Security Payments
Those who are of the proper age may receive steady income through social security payments, An unconventional strategy allows individuals to use early Social Security benefits like a “free loan,” paying back the principal while keeping the interest
If you do not have a social security number, you can still get a loan with Stilt.
#2. Disability Payments
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.
If you qualify for disability benefits, certain members of your family may be eligible to receive benefits based on your work record.
#3. Child support
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
#4. Unemployment Benefits
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.
#5. Worker’s Compensation
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 which resulted in injuries that prevent them from performing their regular job duties.
Types of Loans Available to Unemployed Borrowers
There are several types of loans you can get when unemployed. They include:
- Cash advance apps. These come in handy when you need urgent cash to cover a minor emergency. In most cases, you just need to prove a regular alternative income source to get an instant loan.
- Credit Card Cash Advance. If you have a credit card, you can get cash advances up to a limit. But be careful as interest and cash advance fees can add up quickly.
- Payday loans. Some payday loan lenders offer loans even without proof of a reliable source of regular income. However, you should be vigilant as these can lead to an inescapable debt trap.
- Payday alternative loans (PALs). These are typically offered by credit unions to their members. You need to be a member to qualify for a PAL.
- Personal loans. There are not many personal loan options that accept unemployment. However, some lenders offer new employee loans if you have a new job.
What Are the Benefits of Payday Loans for Unemployed People?
- They don’t require any assets: You do not need to secure any assets to borrow money.
- They are convenient and easy to get: All the transactions are conducted online. You can complete the requirements, mainly filling out applications and signing credit agreements from the comfort of your home.
- They are fast and reliable: Since borrowers usually grab payday loans during emergencies, lenders process applications fast and send the money as soon as possible.
- They don’t affect credit ratings: Payday loans do not influence your credit score in any way.
Also Read: 10 Benefits of Obtaining a Personal Loan
How to Apply for Payday Loans?
- Be 18 years old and above
- Have an active checking account
- Has a valid identification card
- Has a verified income – unemployment benefits and guarantor funds also work!
Living paycheck to paycheck can lead to financial stagnation, which might result in living in poverty, so it is better to create more income sources than just a single source. Getting an unemployment loan can assist you in managing your debt and provide quick access to cash in case of an emergency, but it doesn’t mean you won’t pay it back; you have to be wise when choosing. The best unemployment cash advance apps listed in this post will help you make the right decision.
Unemployment Cash Advance Apps: FAQ
There are two primary payday loans: short-term and long-term. Short-term payday loans typically last between one week and three months, while long-term payday loans usually last longer than three months. Both payday loans require borrowers to pay the loan with interest.
If you are interested in getting money fast, you should consider applying for an online payday loan. These loans are available 24/7 and offer quick access to funds. You will not need to wait days before receiving your money. Instead, you will receive your money within minutes after submitting your application.
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