Loans For Unemployed
Check out our network of lenders that can help with your borrowing needs even if you are unemployed.
How Much Do You Need?
Can I Apply For Loans For the Unemployed?
Finding a lender to assist you while unemployed can be challenging, but it is possible. WeLoans partners with lenders that provide pay advance services for borrowers without a regular job but who do have an income. Those who can apply for a loan in this category include self-employed individuals currently receiving Centrelink benefits, or those with assets that generate revenue.
Eligibility for Loans For Unemployed In Australia
When applying for instant online loan services through WeLoans, our lenders will assess your loan request and decide whether to approve it based on the following eligibility criteria:
Identity verification
You must be an Australian citizen or permanent resident of at least 18 years of age. Valid personal identification and proof of address are also required to be eligible for loans for the unemployed.
Repayment capacity
Lenders want to see that you can repay your loan. Valid sources of income are often necessary for lenders to determine your repayment ability during the loan application process.
Financial situation
A good financial standing, in other words, the stability of your personal finances, can increase the odds of you receiving loan approval. Multiple loan application records or recently declared bankruptcy are likely to affect your chances of success.
Assets and property
The ownership of a vehicle, real estate properties, or other valuable assets that indicate your repayment ability, are proven to be very useful during the loan qualification process.
Is It Possible To Obtain Loans For Unemployed While Having Centrelink?
Yes, you can qualify for an unemployment loan while getting benefits from Centrelink. Many of our partner lenders offer Centrelink loans as well as loan services for pensioners to borrowers without regular jobs.
Note, however, that if the government benefits make up more than half of your overall earnings, most lenders are likely to reject your loan request due to instability and lack of reliable supportive sources of income.
Steps To
Get Loans For The Unemployed Through WeLoans
1. Submit Your Loan Request
Enter your personal information and submit your loan request using our secure online form. Your request will be processed immediately.
2. Compare and Choose the Right Offer
Receive multiple loan offers from our partners and compare them based on interest rates, charges, and loan terms before choosing the right offer for you.
3. Sign Agreements
Sign agreements with the lender of your choice and submit all required documents. The faster you send your documents, the quicker lenders will be able to handle your application.
4. Receive Instant Cash
Once approved, most lenders will deposit the money into your bank account within the day of approval.
Why Should I Choose WeLoans To Get Unemployment Loans?
Cross-platform Services Available 24/7
You can submit your information to us at any time: our 24/7 online instant cash loan services for people on Centrelink are available round the clock. Even better, our online form can be accessed by various platforms including PC browsers, smartphones, and tablets.
Large Lender Network Across Australia
WeLoans partners with over a hundred reputable and licensed lenders that offer loans at reasonable rates. The more lenders we have means more potential offers and higher chances of approval.
Bad Credit Friendly & No Credit Checks
We work with experienced bad credit loan providers that will assess your creditworthiness based on your overall financial situation rather than your credit score alone. Some of them also provide loan services without hard credit checks.
Affordable Rates and Terms
WeLoans helps you find better deals and connects you with lenders that offer loans at reasonable interest rates. We will make sure you get the help you need without heavy repayment pressure afterward.
Customer-Oriented Privacy Policy
We value our customers more than everything, so we follow strict privacy regulations and use advanced encryption technologies to ensure that your information does not go to the wrong people.
Instant Funding Services
Loan processing and approval are all done online. Thanks to our online quick cash loan services, our lenders deposit the funds directly into your bank account in less than 24 hours, saving you the hassle of visiting their brick-and-mortar locations.
What Can Our Unemployment Loans Be Used For?
Pay Off Debts
Having multiple loans can be costly and harder to keep track of. Unemployment loans can help you get the funds you need to consolidate your debts at once.
If your unemployment loan charges lower borrowing costs, you might also save on interest and charges.
Cover Emergency Expenses
You can use this kind of loan as an instant emergency financial solution. Unemployment loans give you immediate access to money when you need it for things like urgent medical expenses, home fixes, or car repairs.
You could utilise this loan to cover additional personal expenses like rent or utility bills.
Pay For Further Education
If you wish to pursue a second degree or expand your education, unemployment loans can also help you pay for it.
You can use unemployment loans together with student loans, scholarships, and grants provided by major Australian educational institutions.
FAQs
1. How much can I borrow for a loan for the unemployed from WeLoans?
According to the Loans and credit cards regulations enforced by the Australian Securities & Investments Commission(ASIC), lenders can only offer payday loans of up to $2,000. Apart from payday loans, you may apply for Centrelink and instalment loans with a maximum limit of $10,000 and $30,000 respectively.
2. Is it a bad idea to get loans while unemployed?
As an emergency solution, getting a loan while unemployed may not be a bad idea if it allows you to quickly handle urgent expenses. For long-term consideration, you should think about safer and cheaper options first such as borrowing from family and friends or utilising government benefits before submitting your unemployment loan requests.
3. I'm a freelancer. Can I get loans for the unemployed?
Yes, you can. If you can demonstrate your ability to repay the loans and have a decent credit score, your chances of getting a loan will likely increase.
4. What will happen if I have problems repaying the loans?
Failure to make repayments will result in a fee which is often a flat payment that could significantly increase the total cost of your loan. Defaults will also generate a negative impact on your credit history and could harm your credit score. We strongly suggest contacting your lender immediately when you have issues with your loan repayments.
5. What credit score is required to get loans for the unemployed?
There is no strict requirement for credit scores when getting bad credit unemployment loans, but different levels of credit scores may lead to different loan deals with various rates and terms. Here is how Illion, one of the major credit reporting agencies in Australia, determines credit score levels:
- < 299 - Bad credit score
- 300 ~ 499 - Fair score
- 500 ~ 699 - Good score
- 700 ~ 799 - Very good score
- 800 ~ 1000 - Excellent score
There are other credit reporting agencies currently operating in Australia including Equifax and Experian. These credit measuring agencies may have different standards regarding credit ranges. Contact your lender for more details regarding credit score requirements before submitting your loan requests.
6. Why was my unemployment loan request declined?
Your loan request may be declined due to the following reasons:
- Multiple existing payday loans
- The majority of your income comes from Centrelink
- History of payments to gambling sites
- You only have untraceable cash income
- History of dishonoured payments
- Written by
- Jonathan JacksonExpert Financial Writer
Updated on: Mar 29, 2023
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