Loans for Unemployed – What options are available to you?

In a twist of irony that is often thrown up by life, those most in need of a loan (say the unemployed) have the most difficulty in acquiring one. Obviously, lenders would like to see their investment safely repaid but it doesn’t help those of us who are unemployed.

So if you have no job and are in need of some funds, the good news is there is still a number of options available to you:

Fast Cash Loans for the Unemployed

The major banks and financial institutions do not like to give out personal loans that are repayable over years to someone without employment. However smaller financial lenders fill this gap with cash loans also known as instant loans, fast loans and payday loans. These loans have much smaller repayment time frames and generally higher fees, so you must make sure you have (or will have) the ability to repay them.

However most (if not all) still require proof of income and if you unemployed this is likely filled with a Centrelink income. If you don’t have access to a Centrelink supplement however you won’t be able to get a cash loan.

I have asked 10 of the most popular cash loan lenders whether they will offer a loan to someone without a job and documented the results below:

Cigno Loans

Yes – Must be able to demonstrate they you can repay the loan. This is different according to each application.


Yes – you just need a regular income.




No – must be employed.


No – Centrelink income can not exceed 50% of total income.




Yes – but they will do an extra review to see if a loan is suitable for you.

Cash Train

No – You must be employed.

Wallet Wizard

Yes – as long as they deem its enough to repay the loan.

Sunshine Loans

No – Need a minimum of $300 which can be mostly centrelink payments but your income can not be centrelink/pension only.


So 4 out of 10 of the most popular cash loan lenders will accept a Centrelink income when applying for a cash loan. Although from the feedback I received they generally will look a little longer at your application and its unlikely you will be able to borrow anywhere near their maximum lending capacity. However it is very much an still an option.

Cash Loans with no Credit Check and Unemployed

Generally when people ask me for advice on these topics the first question is if they can get a loan without a job. The second question is can they do it if they also have bad credit. In those cases I recommend they look further into my financial tips and advice as they have some financial issues they must address. But in the interest of brevity I asked the 4 lenders above who said yes to loans for the unemployed whether they will do the loan if the applicant also has bad credit. Here is what they say:

Cigno Loans

Possible but unlikely – They also have bad credit loans but it’s unlikely to qualify on a Centrelink income only.


Yes – they do not check your credit file and use the information you provide in making their determination.


Possible but Unlikely – They have bad credit loans available but they generally require evidence that it will be easily repaid.

Wallet Wizard

Maybe – it depends on the individual circumstances but they don’t say no outright.

So if you are unemployed and have a bad credit history Ferratum would be the first place to try, but the other 3 lenders are still open to helping you out, I expect the amount they lend to be extremely low and that they would like to take some security as part of the loan.

Centrelink Loans

Centrelink loans are another option which I have covered extensively in my article: loans for people on Centrelink. I recommend you check out the article if you want an extremely detailed guide but essentially Centrelink has a lending service called Centrelink advanced payments.

Although there is some restrictions, nearly anyone with a regular Centrelink income would be eligible, and it involves an advanced payment that you borrow against your future payments. The biggest issues are:

  • Need 3 months of payments before applying
  • Maximum of 6 months to repay
  • Slower application and fund receipt process

If you do meet the criteria these are an excellent option for filling your financial needs. Obviously the fees and interest compared to a fast loan is quite significantly less and repayments are taken from your centrelink income so you won’t get into further financial issues for missed repayments. Obviously this leaves you less room for flexibility but still a great option overall.

Some more out of the box options

If a cash loan or a Centrelink loan do not suit your circumstances, there are a few more options you could try.

Borrow from friends or family

Most people hate to ask for money from close ones but in many cases it may be the best option considering there should be extra flexibility in repayments and you don’t have to prove income or fill out paperwork. Obviously, it is not for everyone but worth noting as a last resort possibly.

Small Jobs – Cash Jobs

Sometimes the only way to get money is to earn it. With the internet there are plenty of options available for extra work and its something I hope to write more extensively on soon. You could look at international/online job boards for small task, places such as fiverr and upwork have plenty of jobs for data entry and article writing, fairly simple task than most people can do.

More locally there are plenty of great facebook groups where you could offer to mow lawns, walk dogs, clean bins, clean gutters, labour etc. Simple jobs that just require a bit of elbow grease. Use your imagination or focus on what you are good at and there is an unlimited number of options to help you out short term.

Sell stuff

When all else fails you may need to sell some of your possessions. You can cash them in at places like cash convertors or sell online at places such as ebay or your local facebook group. If you look around you would be surprised how much stuff you can sell that you don’t even need.


Although your options are limited it doesn’t mean there are none at all. If you are unemployed and even if you have bad credit you can still try

  • Apply for a Cash loan
  • Ask Centrelink for a loan
  • Borrow from friends or family
  • Do some small jobs
  • Sell some of your possessions

Just remember these are short term solutions, once you have resolved your fiscal difficulties you need to start making a mid to long term plan to ensure you are not in a similar position in the future.

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