It can be tough to get a loan when you’re unemployed, because most lenders require proof of income. The good news? You can find legitimate lenders who will approve you if you have some type of steady income — such as unemployment benefits, child support or disability benefits.

Our top 6 picks for unemployed borrowers

These six loans for unemployed borrowers could be a match if you need cash quickly.

• For small advances: FloatMe
• For overdraft protection: Chime SpotMe
• For help managing spending: Vola Finance

• For full banking services: MoneyLion
• For starting a new job: SoFi
• For a one-time expense: SoLo funds

For small advances: FloatMe

FloatMe pay advance app

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• Available in all states

• Pros

  • Low monthly fee
  • Flexible eligibility requirements
  • Rush funding within eight hours
  • Overdraft protection alerts

  Cons

  • Maximum $50 cash advance
  • $4 instant fee cuts into an already low limit

• Loan amountUp to $50Interest rate typeFixedLoan TermVariesTurnaround timeWithin 2 hours using debit card; 1 to 3 business days normally

Pros

• Low monthly fee
• Flexible eligibility requirements
• Rush funding within eight hours
• Overdraft protection alerts

Cons

• Maximum $50 cash advance
• $4 instant fee cuts into an already low limit

• Loan amountUp to $50Interest rate typeFixedLoan TermVariesTurnaround timeWithin 2 hours using debit card; 1 to 3 business days normally

FloatMe is an unemployment cash advance app that will “float” you up to $50 when you need it. To qualify, you must have a linked bank account that’s received at least three direct deposits of $200 or more. FloatMe charges a $1.99 monthly fee with the option to expedite turnaround within eight hours for a $4 rush fee.

Loan amountUp to $50Turnaround timeWithin 2 hours using debit card; 1 to 3 business days normally
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For overdraft protection: Chime SpotMe

Chime SpotMe®

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If you’ve received at least $200 in qualifying direct deposits in the last 34 days — including government benefits or gig pay through apps like Uber or DoorDash — you qualify for a cash advance through Chime SpotMe.

That said, Chime SpotMe is different from other unemployment cash advance apps: Instead of sending you cash to cover expenses as you wish, the money can be used only to cover overdrafts in your Chime Checking Account. Still, it’s free and easy to qualify for.

• Available in all states

• Pros

  • Up to $200 in free overdraft protection
  • No monthly fees or interest charges
  • Low income eligibility requirements

  Cons

  • Covers debit card purchases and cash withdrawals only
  • Must have a Chime Checking Account
  • Advance limit can be as low as $20

• Loan amount$20 – $200Interest rate typeFixedLoan TermN/ATurnaround timeRepaid with next deposit

Pros

• Up to $200 in free overdraft protection
• No monthly fees or interest charges
• Low income eligibility requirements

Cons

• Covers debit card purchases and cash withdrawals only
• Must have a Chime Checking Account
• Advance limit can be as low as $20

• Loan amount$20 – $200Interest rate typeFixedLoan TermN/ATurnaround timeRepaid with next deposit

Loan amount$20 – $200Turnaround timeRepaid with next deposit
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For help managing spending: Vola Finance

Vola Finance

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Vola Finance provides an unemployment loan of up to $300 when you connect a bank account that meets three eligibility requirements:

• At least three months old
• Average balance of $150
• Proof of income and activity

The app also features spending analytics and tools to help you better manage your money.

However, how much you’ll pay for Vola’s subscription fee is anybody’s guess. It’s anywhere from $2.99 to $28.99 a month, according to its site. But the company doesn’t clearly disclose a fee structure before you sign up.

• Available in all states

• Pros

  • Maximum $300 advance
  • Get an extension of up to 10 days
  • Free delivery within five business hours

  Cons

  • Opaque and potentially expensive subscription fees
  • Must have average $150 balance in bank account

• Loan amountUp to $300Interest rate typeFixedLoan TermVariesTurnaround timeAs soon as same business day

Pros

• Maximum $300 advance
• Get an extension of up to 10 days
• Free delivery within five business hours

Cons

• Opaque and potentially expensive subscription fees
• Must have average $150 balance in bank account

• Loan amountUp to $300Interest rate typeFixedLoan TermVariesTurnaround timeAs soon as same business day

Loan amountUp to $300Turnaround timeAs soon as same business day
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For full banking services: MoneyLion

MoneyLion Instacash advances

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With MoneyLion, you can borrow $25 at a time, for a total of up to $250 at once. There are no set income requirements to qualify. You only need a checking account that’s at least 60 days old and some type of income or recurring deposits.

You’ll pay a membership fee of $19.99 a month, plus a “turbo” rush fee of $0.99 to $7.99 to get funded in minutes. That said, MoneyLion also has checking accounts, credit builder loans, and other financial services that could help justify the cost.

• Available in: Alabama, Arizona, California, Delaware, Florida, Idaho, Illinois, Kansas, Louisiana, Maryland, Michigan, Mississippi, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Utah, Washington, Wisconsin, Wyoming

• Pros

  • Borrow up to $250 at a time
  • Get funded within minutes for a fee
  • No interest charges or obligation to tip
  • Other banking services available

  Cons

  • $19.99 monthly fee is expensive
  • New users may be limited to a $25 advance at first

• Loan amount$25 – $250Interest rate typeFixedLoan TermVariesTurnaround time3 to 5 business days to external checking account, 12 to 48 hours to RoarMoney account

Pros

• Borrow up to $250 at a time
• Get funded within minutes for a fee
• No interest charges or obligation to tip
• Other banking services available

Cons

• $19.99 monthly fee is expensive
• New users may be limited to a $25 advance at first

• Loan amount$25 – $250Interest rate typeFixedLoan TermVariesTurnaround time3 to 5 business days to external checking account, 12 to 48 hours to RoarMoney account

Loan amount$25 – $250Turnaround time3 to 5 business days to external checking account, 12 to 48 hours to RoarMoney account

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For starting a new job: SoFi

SoFi personal loans

Finder rating 4.45 / 5

★★★★★

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If you have a job offer with a start date in the next 90 days, you may qualify for a SoFi loan of $5,000 or more. These loans also come with unemployment protection, which can help give you some breathing room when you’re strapped for cash.

That said, you may need a credit score of at least 680 to qualify for a SoFi loan. And the large $5,000 minimum means SoFi loans may be best for large expenses — such as relocating for a job — rather than one-off bills.

• Not available in: Mississippi

• Pros

  • $5,000 minimum is good for big expenses
  • Unemployment Protection Program adds peace of mind
  • Competitive terms across all loans

  Cons

  • Strict credit standards make it hard to qualify
  • Must have job offer including start date within 90 days

• Loan Amount$5,000 to $100,000APR7.99% to 23.43%Interest Rate TypeFixedMin. Credit Score680Turnaround TimeAs soon as the same dayMaximum Loan Term7 yearsMinimum Loan Term2 years

Pros

• $5,000 minimum is good for big expenses
• Unemployment Protection Program adds peace of mind
• Competitive terms across all loans

Cons

• Strict credit standards make it hard to qualify
• Must have job offer including start date within 90 days

• Loan Amount$5,000 to $100,000APR7.99% to 23.43%Interest Rate TypeFixedMin. Credit Score680Turnaround TimeAs soon as the same dayMaximum Loan Term7 yearsMinimum Loan Term2 years

Disclaimer

Fixed rates from 7.99% APR to 22.73% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 6/15/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Min. Credit Score680APR7.99% to 23.43%Loan Amount$5,000 to $100,000

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For a one-time expense: SoLo funds

SoLo Funds payday loan alternative

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SoLo Funds is a peer-to-peer lender that lets you borrow up to $1,000 — in interest-free money — from your community. Many Solo Fund users are unemployed and have turned to the platform as a low-cost alternative to payday loans.

You can get funded the same day. And unlike other unemployment cash advance apps, you don’t have to subscribe or pay a monthly fee.

• Pros

  • Borrow between $50 and $1,000
  • Set your own terms and conditions
  • No interest charges or subscription fees
  • Optional tipping capped at 10%

  Cons

  • Must pay back loan within 15 days
  • Late fees apply if you miss a due date

• Loan amount$50 – $1,000Interest rate typeFixedLoan TermUp to 15 daysTurnaround timeAs soon as the same day

Pros

• Borrow between $50 and $1,000
• Set your own terms and conditions
• No interest charges or subscription fees
• Optional tipping capped at 10%

Cons

• Must pay back loan within 15 days
• Late fees apply if you miss a due date

• Loan amount$50 – $1,000Interest rate typeFixedLoan TermUp to 15 daysTurnaround timeAs soon as the same day

Loan amount$50 – $1,000Turnaround timeAs soon as the same day
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Types of loans available to unemployed borrowers

There are also four other types of loans you can get if you’re not interested in any of these unemployment loans:

• Cash advance apps. These are best for people who need to cover a small expense on a regular basis. While cash advance apps require regular income, it doesn’t need to be from a job.
• Personal loans. Options are limited for unemployed borrowers, but some lenders will give you a new employee loan if you have a recent job offer or a steady source of income outside of employment.
• Payday loans. Although payday lenders may accept you without verifiable income, these loans can trap borrowers in a cycle of debt if you don’t have the means to pay it off in time.
• Payday alternative loans (PALs). These short-term loan alternatives are great if you need to borrow $1,000 or less. But they have two major limitations: Only a few credit unions offer them and it may take some time to get qualified.

When to consider a loan

If you’re unemployed, you might be wondering if taking out a loan is a good idea. It might make sense if you:

• Need to cover essential living expenses like food, rent or utilities.
• Have a medical emergency and need to pay for treatment.
• Have urgent home or car repairs.
• Are facing some type of expense that can’t be put off.

When to consider alternatives

Likewise, taking out a loan while you’re unemployed may not be the right option if one of these situations applies to you:

• The thought of adding one more monthly payment to your plate stresses you out.
• You don’t have regular income to show lenders.
• You could sell something you own to come up with the cash instead.
• The item you need to pay for is a “want” or impulse purchase rather than a need.

Bottom line

Getting an unemployment loan can be challenging, but it’s not impossible. Consider these six options if taking out a loan makes sense for you. Otherwise, explore these 11 payday loan alternatives — they may be just what you’re looking for.