We’ve got a lot of opinions about the benefits.
No, we aren’t talking about the kind of benefits you get from your company—we’re talking about the benefits you get from the government.
The two aren’t the same, but they’re close enough for us to compare here and there. And one thing that is clear is that plenty of options are available when it comes to getting assistance with unemployment and other benefits.
In fact, there are so many options that it can take a lot of work to know which one is best for you. We’ve rounded up our top 6 favorite benefit loans below so you can learn more about them and figure out which one might be right for you!
Top 6 Payday Loans That Accept Unemployment Benefits Online
- Money Mutual – Best Overall Unemployement Benefits Loans, Editor’s Choice
- Bad Credit Loans – Best Payday Loans That Accept Unemployement Benefits
- Rad Cred – Best Payday Loan For Unemployement Benefits
- Money-Wise – Best Unemployed Cash Advance
- Personal Loans – Best Cash Advance For Unemployed
- CashUSA – Best Payday Loans That Accept Unemployment Benefits Online
#1. Money Mutual – Best Overall Unemployement Benefits Loans, Editor’s Choice
|Money Mutual: 4.9/5 Instant approvalNo credit checkNo application feeOnline applicationFast funds transfer|
|Loan Amount||Loan Term||Interest Rate||Loan Example|
|Up to $5000||Varies||Varies||Call customer Care for example|
Money Mutual is a top-rated lender offering unemployment benefit loans to people out of work. They offer many loan options so that you can find the best fit for your situation.
The company was founded in 2000 and has been around for over 20 years, meaning it has extensive experience providing loans to needy people.
Money Mutual provides a variety of loan products for people who are unemployed or looking for work.
As part of their commitment to customer service, Money Mutual offers 24/7 customer support to help answer any questions you may have about your loan or repayment plan.
The company also offers a suite of online tools that allow you to manage your account online, including payment reminders and online chat support with an actual person.
=> Click here to visit the official website of MoneyMutual
#2. Bad Credit Loans – Best Payday Loans That Accept Unemployement Benefits
|Bad Credit Loans: 4.8/5 Service is 100% freeExtended lender networkSimple application process (online)Privacy, Security, and 24/7 serviceVariety of loan offerings|
|Loan Amount||Loan Term||Interest Rate||Loan Example|
|$500 – $10,000||Varies||Varies||Call customer Care for Example|
Bad Credit Loans is a direct lender specializing in providing borrowers with fast and easy access to personal loans. They have been in business since 1999 and have helped thousands of people get the money they need.
Their mission is to provide customers with fast, fair loans at reasonable rates, so they can focus on what matters most—improving their lives. To do this, Bad Credit Loans works with lenders who provide loans for borrowers with bad credit or no credit.
These lenders have developed processes that consider how difficult it can be for people with poor credit scores to find a loan that fits their needs and budget.
=> Click here to visit the official website of BadCreditLoans
#3. Rad Cred – Best Payday Loan For Unemployement Benefits
|Rad Cred: 4.7/5 Instant funds transferQuick and easy application processConsiders any credit scoreOffers multiple loan typesService is free|
|Loan Amount||Loan Term||Interest Rate||Loan Example|
|$50 to $50,000||Varies||19.56% to 36%||Call customer Care for Example|
Rad Cred is a new brand that offers unemployment benefit loans to help people get back on their feet when they are struggling financially.
Rad Cred is different from other lenders because it doesn’t require collateral or credit checks. This means you don’t have to worry about losing your possessions to pay off your loan—you just need proof of income, which your employer or an unemployment agency can provide.
Rad Cred also offers a unique program for those affected by Hurricane Michael or California wildfires. This program allows applicants to receive up to $6,000 without having their homes foreclosed upon first!
=> Click here to visit the official website of RadCred
#4. Money-Wise – Best Unemployed Cash Advance
|Money-Wise: 4.65/5 Easy & fast loan approval processGreat customer reviews24/7 customer serviceNo credit check required|
|Loan Amount||Loan Term||Interest Rate||Loan Example|
|Up to $5000||Varies||Varies||Call customer Care for Example|
Money-Wise is a brand that provides loans to unemployed people. The company has been around since 2016 and is headquartered in New York City, but it also has offices in California, Illinois, and Florida.
The company offers various types of loans that can be used to help people who need money. The loans range from $50 to $5,000, which is suitable for many situations.
People who take out these loans must be able to repay them within two years by making on-time monthly payments. They can pay off the debt early if they want to do so.
=> Click here to visit the official website of Money-Wise
#5. Personal Loans – Best Cash Advance For Unemployed
|Personal Loans: 4.6/5 Fast and direct fundingService is free to useAny type of loanCompetitive rates availableExtended lender network|
|Loan Amount||Loan Term||Interest Rate||Loan Example|
|From $1000 to $35,000||Varies||5.99% to 35.99%||Call customer Care for Example|
Personal Loans is a leading online finance website that provides personal loans up to $35,000. This money can be used for any purpose, including debt consolidation, home improvement projects, and medical emergencies.
PersonalLoans was founded in 1998 and has since grown into one of the most trusted lenders in the industry. The company has over 20 years of experience helping people just like you borrow money fast!
The company understands that life can throw you unexpected curveballs. That’s why they’re there to help when you need it most. They offer flexible repayment options that can fit your budget without breaking it.
=> Click here to visit the official website of Personal Loans
#6. CashUSA – Best Payday Loans That Accept Unemployment Benefits Online
|Money Mutual: 4.5/5 The online application takes less than 10 minutes to completeSafe and secure with standard encryption24/7 customer service and representative availabilityNo credit checkHuge and fast payout|
|Loan Amount||Loan Term||Interest Rate||Loan Example|
|Up to $10,000||Varies||5.99% to 35.99%||Call customer Care for Example|
CashUSA is a national brand of payday and title loans. The company was founded in 1995. It has grown to over 650 locations across the U.S.
Its primary focus is working with the unbanked and underbanked by providing short-term loans that can be repaid within two weeks.
CashUSA offers several different types of loans, including payday loans, title loans, vehicle title loans, personal installment loans, and secured credit card lines.
They also have a cash advance service that allows you to take out small amounts of money at once without worrying about paying back the entire loan all at once.
=> Click here to visit the official website of CashUSA
What Is A Payday Loan?
A payday loan is a short-term loan that allows you to borrow money until your next paycheck, which could be just a few days away. It’s often called an “unemployment benefit loan” because it’s intended to help people who have had their benefits cut off get back on their feet.
Payday loans are also known as “cash advances,” “check advances,” and “deferred deposit loans.” They’re usually small—around $500—but can be as large as $1,000 if you take out multiple loans simultaneously.
They’re generally available at short notice (usually 24 hours), so they’re ideal for emergencies like sudden medical bills or car repairs.
The best part of a payday loan is that it doesn’t require any collateral or credit check, so there aren’t any hoops to jump through before you get approved for one!
You’ll fill out a form online or over the phone, and then the lender will deposit the money directly into your bank account. The entire process takes about 15 minutes!
How Do I Get A Payday Loan?
Payday loans are a quick way to get cash if needed, but they’re also a high-cost form of borrowing. You’ll typically have to pay back more than double the amount you borrowed in interest and fees, which makes it a very expensive way to borrow money.
If you’re considering a payday loan as an alternative to traditional financing, here’s what you need to know:
Find A Legit Lender
There are a lot of lenders out there, so you need to make sure that the lender you choose is legit. You can do several things to ensure the lender you choose is legitimate.
First, look at their website to see if they have contact information posted. If they do not have any contact information posted, they are not taking their business seriously, which could be problematic for you.
It’s also important to note that if they don’t want people calling them or sending them emails, then this means that they may not be trustworthy or professional enough to give you the loan you need.
It’s also important to look professional and easy to navigate when looking over their website. This will show potential customers that they know how to run an online business properly.
Another way to determine if a lender is legit is by checking with your state attorney general’s office or other government agencies such as the BBB (Better Business Bureau). You can also check with your local bank or credit union as well because some of them may offer payday loans as well!
Review Interest Rates
Once you’ve chosen your state and lender, the next step is to review the interest rates on offer. The payday loan interest rate is a percentage of the amount borrowed and varies from one payday lender to another.
Some lenders charge a flat rate, while others charge an annual percentage rate (APR) that may be as high as 400 percent or more, depending on your credit score.
The interest rate on your loan will depend on various factors, including:
- The lender’s policy for that type of loan
- The lender’s assessment of your creditworthiness
If you have good credit and a steady income, you can get an interest rate as low as 5%. If your credit could be better or there is some other reason why the lender thinks you might default on your payments, they may charge a much higher interest rate.
Confirm That You Qualify For The Loan
Next, you need to confirm that you qualify for the loan. This step may seem simple, but it’s important to double-check. For example, if you lie about your income or credit score, you could get stuck with a loan that’s too expensive for you.
You’ll also want to ensure no fraud is involved with your application. Most payday lenders ask for a social security number and driver’s license number as part of their application process.
If these numbers don’t match what is on file with the Social Security Administration or Department of Motor Vehicles, then it’s likely an indication of fraud and not just an error on your part.
Fill Out The Online Loan Application
Fill out an online application. You’ll need to provide your name, address, phone number, Social Security number, and information about your bank account (if you want to receive funds directly deposited.)
If you have bad credit or no credit history, you may be asked to provide additional documentation, such as pay stubs or bank statements. You’ll also need to provide information about your employment (such as your employer’s name and address) and whether you have any outstanding debts that will be paid off with this loan.
The approval process usually takes less than 10 minutes, although it can take longer if you apply on the weekend or after business hours.
After submitting your application, you should receive approval via email or text. If approved, you can immediately complete the transaction using a debit card or a direct deposit into your checking account.
Verify Your Information
Verification is the final step in getting a payday loan. This is an important step, and it should be noticed. Here are some tips for verification:
Make sure you have all your information, including your Social Security number, driver’s license number, and date of birth.
If you have previously applied for a payday loan online, ensure all information is up-to-date before applying for another one. You will only have to verify the information once; after that, you can use your application as many times as you like without going through the verification process again.
The lender will ask you to provide them with a few documents for verification. These documents include the following:
Proof of income. This can be in the form of paycheck stubs or bank statements. If you don’t have either, you can fill out an application and submit it to your lender for consideration.
Proof of identity. You will need to provide a valid photo ID and proof of residence (a utility bill), which can be mailed or faxed in along with other required information.
Provide Income Information
Now that you have a few days to gather your documents and information, it’s time to provide the lender with all your income information.
The first step is to fill out the application form. This will require you to enter information such as your name, address, phone number, email address, and more. You’ll also be asked for your social security number and date of birth.
After completing these steps, you’ll need to provide proof of income. This can be done by giving pay stubs from your employer or other documentation, such as bank or debt statements, showing how much money you earn each month.
Once you’ve gathered all this information, send it back via fax or email so the lender can review it before approving your loan application and sending funds directly into your bank account!
Check And Confirm
You’ve done it! You’ve found the lender you want to work with and provided all the information they need to approve your payday loan. Now it’s time to check and confirm that all the details are correct.
This usually takes a few minutes, so relax while you wait for them to confirm everything is in order.
Check that everything is correct. This is a good time to double-check your contact information and the information you provided about your financial situation.
Make sure that all of the information you entered is correct, and if not, make any necessary changes before proceeding.
Wait For Approval
Congratulations! You’re just one step away from getting your payday loan!
After you submit your application, the lender will review it and determine whether or not to approve your loan. The approval process can take anywhere from a few minutes to several days, depending on the lender and your credit history.
If your application is approved, you should receive a notification from the lender within 24 hours. If you don’t receive any notifications after this period, contact customer support and ask them what’s happening with your application.
Receive Your Cash
Congratulations! You’ve successfully gotten a payday loan, and now it’s time to receive your cash.
Once you are approved for the loan, the lender will deposit funds directly into your bank account within one business day.
If you’re receiving your funds electronically (as opposed to having them mailed), you’ll need to be sure that your bank account is in good standing. Otherwise, the money may be returned to the lender or held until you confirm sufficient funds are available.
How Else Can I Borrow Money When Unemployed?
If you are unemployed and need money, many options are available. The first step is determining how much money you need and whether you can pay it back. Once you have done this, you can decide which option is best for your situation.
Here are some other ways that people borrow money when they are unemployed:
One option is to take out a credit card
Credit cards can help you borrow money when you’re unemployed if you use them wisely. Taking out a credit card would have been considered a bad idea in the past, but times have changed, and this is no longer the case.
There are two main reasons why it’s a good idea to take out a credit card when you’re unemployed:
You need to pay for things necessary for your survival. Taking out a credit card lets you do this without spending money on late fees or interest payments that the bank would otherwise pay.
You want to build up your credit score so that when you start working again and get another loan, the bank will trust you more quickly and give you a better interest rate on their loans.
Personal Loans (Secured And Unsecured)
There are a few options if you’re unemployed and need to borrow money.
One is a personal loan. These loans are unsecured, meaning that no collateral is required from you to secure them. However, these loans typically have higher interest rates than other loans (such as mortgages) because they are riskier for the lender.
The other option is a personal loan secured by your home equity—meaning that if you can’t repay the loan, your house will be sold, and the proceeds will be used to pay off what you owe.
If this sounds scary, don’t worry: Your home isn’t at risk until after you’ve missed several payments on your loan or gone into foreclosure due to failure to pay back your mortgage or any other secured debt on your property (like a car loan.)
You’ll need a steady income to get approved for this type of loan, but if you have good credit or have been employed for at least two years in the past three years, you should qualify. Personal loans can be used for just about anything—to pay off bills, make home repairs, or take on an adventure.
Request An Advance On Your Paycheck
When you’re out of work, it can be hard to pay your bills. If you’ve got a job lined up, but it’s not until next month, or later, there are still options for you!
One of them is requesting an advance on your paycheck. This awesome feature means that instead of waiting for your paychecks to arrive every two weeks or so, you’ll get all of your money at once—and then be expected to pay back the entire amount in one lump sum once your new paycheck arrives.
You can request an advance from any company that pays you (your employer, the government) as long as they have a policy for doing so.
The process may vary depending on who you work for and whether or not they’ve ever done this. Still, it usually involves filling out a form and sending it in an envelope with a copy of your ID and proof that you work there (like a paycheck stub).
Go To The Bank
If you’re looking to borrow money while unemployed, you should first go to the bank.
You can find a bank by going to Google and typing in “banks near me.” You’ll then find a list of banks in your area, telling you how many branches there are, their hours, and how to contact them.
Once you’ve found the closest bank to your workplace, head there and talk with the manager about borrowing money. Make sure that you mention that you’re unemployed so that they know why it’s an issue for them (and for you.)
They need to know this because they need to know to be able to advise you on how best to proceed. They might also have access to more resources than others who don’t know about your situation—so make sure that they’re aware of what’s going on so that they can help!
A credit union is the first option that comes to mind when you are unemployed. Credit unions are financial institutions that offer services to their members and provide loans to them. If you need money quickly, this may be your best option.
Most credit unions will have an online application process where you can fill out the necessary information and submit it online.
Once you submit your application, the credit union will review it and give you an answer about whether or not they will grant you a loan. Some credit unions may require an interview with someone at their office before approving any loans.
If approved by the credit union, they will send an agreement form that outlines all of the terms and conditions of the loan, including the interest rate and repayment schedule. The agreement form must be signed by both parties before any money can be given out by the lender.
Get Help From Your Family And Friends
If you’re in a tight spot, asking for help is okay. Being unemployed is tough, but it doesn’t mean you should be alone. Your friends and family want to help you, so why not let them?
If you’re looking for a way to borrow money when unemployed, your first stop should be your family and friends. They will likely be more than willing to lend a hand by giving you some cash to get you through until things get better.
If asking your loved ones isn’t an option, there are other ways to borrow money when unemployed.
Of course, only some have financially well-off families or friends. If this is the case for you, try asking for help from someone who knows about personal finance. They can offer advice on how to get the money you need without struggling too much in the process.
What Happens If I Can’t Repay A Payday Loan?
The lender has several options if you still need to pay off your payday loan. The lender can collect payment by calling or emailing and requesting payment.
If this doesn’t work, the lender may charge late fees or report your failure to repay to a credit bureau.
If you’re having trouble paying back a payday loan, you might wonder what happens next.
The good news is that many options are available to help you get back on track. Some of the most common are:
- First, check your bank account balance to ensure you have enough money to cover the payment. If not, consider asking friends or family members for help. They may be able to lend you some money until you get back on your feet.
- If you still need help repaying the loan and want to avoid defaulting with the lender, consider talking with them about an alternative repayment plan. Most lenders can work with customers who are having trouble repaying their loans; they need to know ahead of time that there is a problem so that they can work with you on finding an agreeable solution.
- Consolidate your loans into one lump sum. This process will help you save on interest and repay the loan faster! Remember that this option is only sometimes available to some, so ask your lender about it before consolidating.
- Request an extension on your loan term—this may extend your repayment period beyond what was initially agreed upon. Still, it also helps lower your monthly payments and gives you more time to pay off the loan in full without any additional fees or penalties from your lender or other third parties involved in processing payments from their end.
- Apply for an unemployment benefit loan online through an online website today! A good lender will provide a team to work with you directly throughout the process to ensure that everything runs smoothly from the start until the finish so that no one gets left behind.
- If all else fails, contact your lender and request they put your account into collection status. This procedure will allow them to pursue payment from any assets or property legally they can find belonging to the borrower to recover what was borrowed and any late fees/interest charges incurred by them.
Can You Be Denied A Payday Loan?
If you’re unemployed and need a quick cash loan, you might wonder if you can get one. The answer is yes! You can be approved for a payday loan regardless of employment. However, even if you are eligible for a payday loan, you may still get one.
Payday lenders evaluate your income and credit history before approving or denying your application. They also look at other factors, such as how long it has been since your last paycheck or whether or not there is enough money in your bank account to cover the payment on time.
If you have any outstanding debt that hasn’t been paid off yet, it will affect the results of your application. If this is the case, try to pay off any debts before applying for another loan so that lenders can see that you’ve improved your credit score and may be more willing to lend money again.
If you’ve been denied a payday loan, don’t worry. There are plenty of other ways to borrow money when you’re unemployed.
Here are some options:
- Contact your bank or credit union and see if they offer an emergency loan program.
- Try applying for an installment loan through an online lender like Lending Club or Prosper.
- Look for other sources of emergency funds, such as family members or friends who might be willing to lend you money until you find another job (and make sure you pay them back!)
FAQs Regarding Unemployment Benefits Loans
How Do You Borrow Money When Unemployed?
If you’re unemployed and need to borrow money, your first step is to contact your state unemployment office. You’ll be able to tell them about your situation, and they can help you determine which types of benefits you qualify for.
Once you know what kind of benefits you can apply for, the next step is to use them. Your state unemployment office should also be able to assist with this process.
Once your application has been processed (which may take some time), you will receive a decision about whether or not you qualify for unemployment benefits.
If so, you will be sent an offer letter from the state government informing them that they have accepted your application and are willing to pay you a certain amount per week while you look for another job in their state’s workforce marketplace.
Once this process is complete, it’s time to start thinking about how much money you’ll need every month while waiting for new job opportunities at the workplace marketplace!
Can I Get Cash Advance If I’m Unemployed?
Yes, you can. You can get a cash advance from your account to pay living expenses and bills.
You may be eligible for a cash advance from your unemployment benefits if you’re unemployed.
You must meet one of the following criteria:
- You are an insured worker currently receiving unemployment benefits;
- You were laid off or lost your job through no fault;
- You quit because of unsafe working conditions; or
- Your employer’s business closed permanently or temporarily and has yet to reopen at least 30 days after closing.
How to Get An Immediate Personal Loan Without A Job?
If you need an immediate personal loan but don’t have a job, you might wonder how to get one. Any lender will consider your income and other factors when determining whether to give you a personal loan.
If you’re currently unemployed, you must ensure that your financial situation is in order so lenders can see that you are financially responsible and stable.
Here are some tips for getting an immediate personal loan without a job:
- Make sure your credit score is in good standing before applying for a direct personal loan without a job. The lender will use your credit score when determining whether or not they will give you an immediate personal loan without a job.
- Apply for an immediate personal loan with multiple lenders and compare the rates they offer so that you can choose the best deal available on a quick personal loan without a job!
- Make sure that all of your bills are paid off before applying for an immediate personal loan without a job so that lenders know they won’t have to worry about paying back any debt while giving out loans at their current rate!
Can I Get An Emergency Loan With Bad Credit?
The short answer is yes. You can get an emergency loan with bad credit, but it will be harder than if you had good credit.
The longer answer is that there are many different kinds of loans and lenders, and each lender has criteria for determining who they will lend to. Some will give loans to people with bad credit, but they may require that you put up collateral in the form of a house or car.
If you have no collateral, your best bet is to apply for an online payday loan. These short-term loans are meant to be small amounts (usually less than $1,000) that can be paid back over time with interest added on at the end of every pay period until the amount is fully repaid.
You must also make monthly payments electronically through an automatic withdrawal from your bank account or debit card.
These types of loans may not be for everyone, but if you need quick cash and can’t wait for approval from other lenders, payday loans could be worth considering!
Final Thoughts On Unemployement Benefits Loan Online In 2023
So, there you have it—the top six benefit loans available. If you’re looking for a way to pay off your unemployment benefits, and you need a loan that won’t cause you stress or worry, then one of these options might be right for you.
And remember: even though unemployment benefits are a great resource while looking for new employment, they shouldn’t be used as an excuse not to seek out other means of income.
We recommend that every time you receive an unemployment check. You might instead want to pay bills with it right away and put part of the money into savings so that when the check stops coming in (and eventually it will), at least some money will still be available to help you get back on your feet again!