Best Personal Loans for the Unemployed in 2021


The current Covid-19 pandemic took a toll on most of us. Many people lost their steady sources of income and, consequently, ran out of their liquid assets. Things get even worse when unexpected financial problems happen suddenly.

Being unemployed and having to deal with such undesired happenings can be daunting. But, we are here to help.

We are providing you a solution — a short-term or a personal loan. These can prove to be a great help whenever you need immediate cash. Now, you might be wondering if you can even get a loan without having a job. And, the answer is yes.

All it takes is opting for the right platform, which is one that can offer prompt help without considering your credit history, all from the comfort of your home. 

To make things easier for you, we have come up with our list of the best loan lending companies for the unemployed. 

Top 3 Best Guaranteed Personal Loan Lenders for the Unemployed:

  1. MoneyMutual: Best Overall & Editor’s Preference
  2. BadCreditLoans: Best in Customer Services
  3. CashUSA: Best for Debt Consolidation

#1. MoneyMutual: Best Overall & Editor’s Preference


Misfortunes are always unavoidable and impending in life. When they come, they do not come alone, as they occur with a series of circumstances. You can plan only what is predictable, but you cannot prepare for unforeseen events. 

When you encounter a medical emergency or a sudden breakdown of your vehicle, you need an immediate solution. Therefore, if you have cash in hand, consider yourself safe; otherwise, you are in trouble. 

The question is, how can you arrange the money you need in such an emergency if you do not have any savings to fall back on? In this case, you will have to look for a loan. Most loans require borrowers to have a steady source of income to prove they can repay the loan. But, what if you are unemployed? Does that make you ineligible for a loan? The answer is no, not with MoneyMutual.

MoneyMutual is the platform we trust the most to provide loans to those that normally do not qualify. Its lender community can give you a loan based on benefits like retirement, alimony, child support, health insurance, etc. You can add that as your income source on the application, and that is all.

MoneyMutual has helped out more than 2,000,000 consumers like you, and it aims to connect the borrowers with lenders. With MoneyMutual, you can get funds up to $5,000 transferred to your bank account within 24 hours.

MoneyMutual is a marketplace where the customers who need money are provided with the facility of borrowing loans as quickly as they need without any complication and burdensome procedure of documentation. 


  • Safe and secure
  • Fast transfer of loans directly to bank account
  • Free service
  • Vast network of legitimate lenders
  • Helps jobless people in getting loans too


  • Available only for U.S. citizens


MoneyMutual is the best meeting place for potential lenders and needy borrowers. It aims at providing short-term loans through money lenders, particularly to those who do not have access to the higher financial companies for the traditional loans.

Please note that MoneyMutual itself is not a direct money lender, and it is not involved in the lending process. It merely acts as a bridge between borrowers and lenders. 

The loans you get through MoneyMutual do not have any strict conditions as other conventional ones have; instead, you have to pay comparatively high interest rates. So, even if you are unemployed, do not worry, as MoneyMutual has you covered.

Once you are connected with the moneylender through MoneyMutual and have accepted the loan offer, the job and responsibilities of MoneyMutual are over. Henceforth, you have to do everything, regarding the terms and conditions of the loan, with the lender.

In addition, the services provided by MoneyMutual are free of cost for you. And, you are absolutely at your own liberty whether to accept the offer of the lender or not without being liable to pay any fees. 

You can pick and choose certain kinds of loan offers, like loans on installments, title loans, auto equity loans, and lines of credit. You can also use the facility of live chat with the lenders on their website, provided to you by MoneyMutual.

It all starts with a simple application that takes no longer than five minutes to complete. After you hit the submit option, all of the lenders in MoneyMutual’s network receive your request. If a lender accepts your request, you are redirected to their website to discuss the terms and conditions further in detail. 

The perusal of the terms and conditions is a must for you to have the exact knowledge about what you are going to accept and what would be the implications of your loan agreement on you in the future. 

Remember, now it is the sole responsibility of the borrower to deal with the lender, and MoneyMutual is no longer responsible for any dispute and discrepancy.

If you find things in your favor after going through the whole agreement, accept the offer. However, if this is not the case, do not accept the offer. Simply turn it down, and start over. However, on accepting, your funds will be available in your checking account within 24 hours.

User Feedback

Thousands of customers can be seen vouching for the free of cost service MoneyMutual provides. In addition, their customer service is also unbeatable. 

One of their borrowers expressed how helpful the team was and how they explained all the plus points and drawbacks of getting a loan. 

Many customers can also be seen appreciating the fast transfer of funds right into their accounts without any unwanted hassle. 

⇒ Click Here to Visit the Official Website of MoneyMutual

#2. BadCreditLoans: Best in Customer Services


For decades, this platform has been tirelessly helping people in dire need of immediate cash without any hassle. Although BadCreditLoans itself is not a lender, it works as a leader of the consumers of poor credit, bad credit, or jobless persons. It develops a link between a big chain of trustworthy lenders and the borrowers (with no jobs and poor credit scores).

Their “Scam Alert – Stay Informed” section contains all of the valuable information to prevent their customers from becoming prey to scammers. 

In addition, BadCreditLoans only employs legal and fair practices for helping the people having bad credit build a favorable credit score along with connecting them to potential lenders. Therefore, with BadCreditLoans, you not only get immediate cash, but you can also repair your credit report. 

BadCreditLoans also paves the path for unemployed people to get a loan for their survival. So, if you, too, are one of those people who wander about looking for a financial cushion, give this platform a try. 

Because, with BadCreditLoans, even unemployed people can have access to any type of loan they need, no matter if it is a personal loan, business loan, credit cards, mortgage, or auto loan. 


  • Provides valuable information to its customers regarding loan scams
  • Multiple lender proposals at your disposal by filling out a simple form
  • Personal information protected
  • Fast transfer of funds directly to bank account
  • Facilitates unemployed people too


  • People with extremely low credit scores might not get approval for bigger loans


The company entertains the borrowers having credit scores less than the minimum requirement, e.g., 500. It also proposes substitutes; for instance, if one does not fall in a particular category of loan, it offers the alternative one to fulfill the borrower’s financial need.

BadCreditLoans saves you from the tiresome struggle of running from one lender office to the other while submitting your loan applications. And, what is worse?  If you have a bad credit score, they will not entertain them or even bother to acknowledge them.

On the other hand, the lenders connected by BadCreditLoans not only respond to you promptly, but they also encourage you to keep the process up until you get the loan. Therefore, you become a valuable customer for the lender.

BadCreditLoans does not charge any fees from you to process your application for the loan, as its services are all free of cost. Also, even if, after getting everything processed, you do not feel like proceeding, you can stop right there without being subjected to any penalties.  

The company offers you “unsecured” small loans without requiring you to give something up as collateral. The range of loans it provides begins from $500 and goes up to $10,000.

Filling in the application form is quite easy, as it takes hardly five minutes to do so. After having filled in the application form, your job is over. Now, BadCreditLoans will find the lender who matches your needs. Then, a suitable lender will come in contact with you through email.

The form will inquire about some basic things, like the purpose of getting a loan and the amount you would like to request. 

On the other pages of the application, you will be required to mention your personal information, including your name, phone number, any information regarding your job (or benefits if you are unemployed), etc. 

Rest assured your information will be in safe hands, as BadCreditLoans is a legitimate site and will keep confidentiality intact at any cost. Moreover, you will have to share your social security number and your driving license number as well. 

Once you are done filling out the form, a BadCreditLoans representative will go through your application to ensure there is no discrepancy or mistake and also to confirm the loan you have applied for is the right one. Then, in the next step, your information will be transferred to the lender in their network.

If a lender’s interest aligns with yours, they will send out an offer to you. Make sure you go through it leisurely without any pressure. If it happens to be the one you were looking for, feel free to go for it. 

On accepting it, you will be required to give your consent. 

After successfully completing the process, you can expect to get the cash on the next working day. 

User Feedback

We cross-checked the reviews from different sources to make sure they are legitimate. After going through hundreds of them, we can confidently affirm that BadCreditLoans can be one of the best options to consider when needing immediate financial help. 

Customers have been praising the easy and swift process and the fact that despite having a bad credit score, they got approved for a personal loan.

⇒ Click Here to Visit the Official Website of BadCreditLoans

#3. CashUSA: Best for Debt Consolidation


CashUSA has successfully connected millions of borrowers with lenders online residing within the U.S. Especially if it is your first time getting a loan online, CashUSA can make the best option, as it helps its customers by explaining all of the details regarding the understanding of different types of loans, APR ranges, and repayment terms, among other things, beforehand. 

Another unique feature of CashUSA is its “Education Center” section that contains further details as to how you can deal with your debt issues, plan your budget, set your financial priorities, track your expenses, choose a financial advisor, pay off your home mortgage, and more. 

So, apart from helping you get a loan and suitable terms despite having a low credit score, CashUSA goes out of the way when it comes to facilitating its customers, all without charging anything.

Therefore, we can conclude that a company that goes beyond the limits to make things easier for the masses can be blindly trusted with our personal information. 

To see how things work at CashUSA, keep reading.


  • Automatic monthly repayment option prevents late payments and penalties
  • Education center contains a lot of helpful information
  • Safe and secure platform
  • No fees are charged by CashUSA


  • A lot of personal information is required


CashUSA, itself, is not involved in direct money lending; rather, it just voluntarily links up borrowers with lending parties.

The interest rates offered by the lenders through CashUSA range from 5.99% to 35.99%, and the time period for the repayment is 90 days to 72 months.

The process of applying for a loan is pretty similar to the other platforms discussed in this article. Nothing is complicated and lengthy, as it all starts with a short form. 

Your personal information and data are in safe hands, as the company does not compromise on your personal and confidential information. It is an authenticated system free of fault and security leaking risks.

The salient features of CashUSA are quick and convenient transfer of funds, the facility of making monthly repayments online, no dependence on conventional postal/mailing system, no penalties for being late on payments in any case, and lastly, the facility of setting up auto payments direct from your bank account to your lender’s. 

To start the process, you will need to provide your zip code, the amount you want, the year of your birth, and the last four digits of your social security number. Then, the next page will ask for some more personal information to proceed. 

Once you have provided the required information, a harmless credit check will be performed, and your request will be sent out.

Some lenders might not agree to lend you the amount on the basis of benefits, but legitimate ones definitely will. And, CashUSA has a lot of them. Therefore, there are no worries about using this platform if you are unemployed.

Lastly, remember if the terms and conditions proposed by the lender do not match your criteria, you can decline them and submit a request again. 

User Feedback

Numerous customers can be seen appreciating their efforts to educate people about loans and finance. A few of them were a bit concerned about the website asking for a lot of personal information, but in the end, they got their cash in time; so, they were satisfied.

Since the platform has helped many people get loans swiftly, we hope it will soon be accredited with the Better Business Bureau.

⇒ Click Here to Visit the Official Website of CashUSA

#4. Personal Loans: Best Variety of Lenders


As the name suggests, this company mainly provides personal loans. The platform claims to help people in their tough times by immediately connecting them with trustworthy lenders from its wide network. 

It has numerous parties who can lend you up to $35,000, no matter where you live (within the U.S.) and what time you submit your request. So, be it 3 am at night or 2 pm in the day, feel free to submit your request for a loan from the comfort of your home. Also, the platform facilitates jobless people, too.

Suppose, under certain circumstances, no lender is available to give you a loan. Personal Loans will connect you to its partners and also transfer some of your personal information to them so they can propose an alternative solution like debt relief. 

Another advantage of choosing a lender via Personal Loans is that their lenders are lenient enough to offer a late courtesy due date if you inform them in time that you might be late on a payment. 

Details such as what will make you eligible to apply for a loan through Personal Loans are discussed in the following section. 


  • Many lenders available in the network
  • Offers higher loan amounts than others
  • Only pulls a soft credit check


  • A high ($2,000) and steady income source is required to be eligible


The chances of your loan getting approved depend on the condition of your credit report; however, Personal Loans has plenty of lenders that will trust you and lend you the money you need. 

You start with filling out the usual form. But, what is not so usual about this company is that it explains a reason for every personal detail it asks for, which makes it stand out from other platforms. This feature helps the borrower trust the platform more, as it ensures the information will be used only for finding a lender and not anything else. 

Once you are done filling in the form, the platform takes action and circulates your application among its network. In no more than a few hours, at most, you will start receiving proposals from lenders that will include their terms and conditions. Then, the next step is yours to take. 

Review the agreement/s proposed by the lender or lenders, and go for the one you find most suitable. However, if there are none that you find up to your expectations, decline and start over. 

But, if things go well, the lender might ask you to submit some more information, and after you have given your consent, the funds will be transferred within one to five days. 

Last but not least, your credit score determines the interest rate you will have to pay; however, it will be something between the APR range set by the company — 5.99% to 35.99%.

⇒ Click Here to Visit the Official Website of Personal Loans

Things to Consider Before Getting a Loan Without a Job

Although these online platforms have made borrowing loans possible without a job, you should keep in mind a few highly important things.

  • Be Honest with Yourself

First, be honest and ask yourself if you will even be able to repay the loan. Sometimes, people just borrow loans keeping their current situation in mind without evaluating their resources, and that is where they make a blunder. 

Not only will the piled-up payments make things worse for you, but your credit score will also be destroyed because all of these companies report your performance to credit bureaus. 

  • Company’s Reputation

If you choose a well-reputed company, the chances of getting scammed or being subjected to hidden charges will be lessened. You can go through the testimonials of other experts online or check the user review section of the company. 

These reviews serve as pillars of the brand’s credibility. Therefore, going for a lending company with the highest amount of positive feedback would be the best option. 

  • Favorable Terms and Conditions

Being jobless and out of funds is a deadly combination because it affects your credit report badly and makes you pay a high interest rate when you try to take out a loan.  

Therefore, in such conditions, choosing a money lending company that has lenders to facilitate you regarding loan repayment and improving your credit score is highly essential. 

  • Fund Transfer Duration

Not getting funds transferred to your bank account in time can be pretty frustrating. Therefore, make sure to check fund transfer time before you finalize a lender. If you need an amount within 48 hours, but you get it after three or four days, it becomes useless. 

We have only added those companies to our list that promise fast transfer of funds within 24 hours.

Perils of Taking Out a Loan if You Are Unemployed

Borrowing and lending both have the element of risk for both parties if any issue takes place. Therefore, you must be well aware of the risk factors, particularly if you are applying for a personal loan while unemployed. They include:

  • First, you will have to face dire consequences if you fail to repay the borrowed loan. Your credit score will be jeopardized, and the collection agencies may drag you for the necessary recovery. Thus, your default may add an insult to injury. 
  • While you have the facility of borrowing a loan even if your income is inadequate, keep in mind that a comparatively higher rate of interest will increase the total cost of the loan, which might add to your problems. 
  • A  jobless borrower with a bad credit score is thought to be risky and, as a result, may face some harsh terms from the lender. For example, you will not be able to convince them to set a longer repayment time because they will not believe you can overcome your financial constraints anytime soon. Therefore, they will want their amount back ASAP.

What Loans Can You Qualify for if You Are Unemployed?

There are a variety of loans you can prove yourself to be entitled to as a jobless borrower. They include:

  • Secured Loans: You have an option of getting a loan by mortgaging any of your tangible possessions as a guarantee, like your car or your house. But, mind you, the piece of property you are going to mortgage can be confiscated if you fail to repay the borrowed amount of the loan.
  • Personal Loans with Hefty Interest Rates: The people on benefits are more likely to have poor credit scores, which leads them straight to loans that come with high interest rates.
  • Line of Credit: A line of credit loan is a type of loan that does not require any collateral. A personal line of credit, on the other hand, lets you withdraw as much cash as you need at any point in time and pay it back on your own timeline with a variable interest rate.
  • Guarantor Loan: A guarantor loan is a type of personal loan. You can avail of this loan facility if you have someone to present as a guarantor, who will be bound to pay on your behalf if you become a defaulter.
  • Payday Loans: Payday loans may seem like a great option because you can easily qualify for them. However, you need to remember they come with extremely high interest rates. 

Is It Possible to Get a Loan Without Having Income Proof?

To qualify for a personal loan or any other type of loan while unemployed, you need to have proof of income. Without proof, you, sadly, cannot borrow an unsecured loan from anywhere.

The income proof you will need can be in the form of a payslip or canceled checks for child support or pension, etc. But, if you do not have any of these, you will have to consider alternatives, like the ones discussed in the next section. 

However, secured loans can still make a good option. The reason is quite obvious as to why they do not ask for proof of income — you put up something as security. 

Your mortgaged asset will make the lender sure and secure in a way that, if you fail to repay the amount of loan, they at least have the option to sell out your property to compensate for the loss you have caused by not paying off the loan.

While these types of loans save you from paying higher interest rates, the bleak side of the picture is that you will be deprived of the property you have mortgaged against the borrowing if you become a defaulter.

What you can attach as a mortgage with the lending company can be your house, car, savings, or security bonds. The loan amount you will be provided with is calculated in proportion with the market value of your mortgaged property on the basis of equity.

If you have nothing to put up as security except for a savings account, you can use that as well. But, until you pay the lender the due amount, you will not be able to make any withdrawals. 

This is how secured loans can be the option for you if you have no proof of a steady income.

Other Considerable Options for Jobless People

Despite being jobless, going for personal loans can be a good option, as you can exploit your benefits.

However, there are some people who do not qualify for getting a personal loan due to certain demerits like bad credit, etc. But, they still have options other than personal loans to get out of their financial crisis. For example:

  • Credit Card Cash Advance: Your credit card, if you have one, can enable you to get a loan to a certain limit in the form of cash in advance. However, keep in mind you will have to pay the interest from the first day as well as the fees for a cash advance.
  • Loans from Friends and Family:  You may seek help from your family or a friend for a loan if you are in good relations with them. However, this is risky because you may be putting your relationship at stake. This type of lender may forgive your interest fees, but they will not forgive the principal amount of the loan. 
  • Car Title Loan: You can go for this loan if you have a car in your possession. But, the condition is that your vehicle must be of enough equity value. Such types of loans are very expensive, and there is always an impending risk of losing your car.
  • HELOC: The APR charges of this loan are lesser than other unsecured types of loans, but it is exclusively for the owners of the houses. 
  • Pawn Shop Loan: Pawn shop loans are too costly, so it is best if you avoid them.

Lastly, you must be mindful about making an informed, smart decision regarding your loan options and alternatives. 

FAQs: Loans for Unemployed

Q. Can I get a loan even if I am newly employed?

Yes, you can. You just need to have a steady source of income.

Q. Which one is the best loan lending company?

Although all of the loan lending platforms we have reviewed in our article are legitimate, MoneyMutual, in our opinion, is the best one.

Q. What kind of loan should I go for if I cannot afford hefty interest rates?

In this case, the first option you can go for is borrowing money from a friend or a family member. Or, you can go for a secured loan, for which you will have to give something up as collateral, such as your house or car. Such loans come with relatively lower interest rates.

Q. Which loans come with the highest interest rates?

Personal loans come with the highest interest rates because they are unsecured, meaning you put up nothing as collateral. It is just the high interest rate you are obliged to pay.

Q. Does your credit score fall when you lose your job?

Losing a job does not affect your credit score directly. However, being unemployed, you might not have enough to pay your bills timely, which can definitely affect your credit score. 

Q. Is there any way I can improve my credit score while unemployed?

If you are living on benefits and want to improve your credit score, try to make some simple amends that can help you increase your credit score over time. For example, spending less and saving more, paying bills on time, avoiding taking out loans, and refraining from opening new credit cards all can help.  

Conclusion: Can I Get a Loan if I Am Unemployed? 

Undoubtedly, no one happily seeks out loan lending services, especially when they are living on benefits. But, sometimes life hits us hard, and despite our unwillingness, we start searching for a suitable loan lender. 

Therefore, to make things easy for you in such an undesirable situation, we invested our time and effort and compiled all of the useful information in one place. From the best loan lending companies to risks of borrowing loans while being unemployed and alternative solutions you can look out for, everything has been discussed in detail for you. Overall, our suggestion is to choose between either MoneyMutual or BadCreditLoans

However, you can rest assured all of the above-reviewed companies entertain people with bad credit scores and are legitimate, as well as the first choice of many.  

Related To This Story

Latest NEWS