If you’re unemployed, you’re already well aware of the trials and tribulations that unemployed individuals go through when looking for finance. It can be nightmarish trying to find a lender in Australia who will take the assumed risk of provisioning a cash advance or even a payday loan to someone without a recent payslip to show. But that was in the past – at G’Day Loans, you can be connected with lenders most likely to approve your unemployed loan application.
While the financial world can be daunting to the unemployed, it’s no longer a place where financial aid isn’t an option. Now, unemployed loans ensure that cash is quickly and readily available. At G’Day Loans, we have a panel of lenders ready and willing to review your loan application and get you the money you need in as little as just 60 minutes.
Unemployed loans are short-term, unsecured loans that can be applied for when applicants are out of work. It’s tricky enough to run into money problems when employed, but it can be even harder when you’re unemployed. Regular banks and financial institutions often require earning a stable income as a qualifying criterion for a loan. Fortunately, you still have options that can help get you through a tough time or emergency.
Many lenders in Australia will still consider you for small loans when you’re unemployed. However, you still need to have an eligible form of income to qualify. Two factors can help you get approved for unemployment loans; an alternative income and your credit. If you have no proof of income, you can still provide lenders with alternative proof of income to show you can pay back what you borrow.
Acceptable forms of income can include;
If you have freelance work, money in your savings account, or a pending job offer, they can also count as income for some lenders. In each case, lenders providing unemployed loans will require extensive financial details from applicants, including your most recent bank account and wealth statements. This is to verify whether or not you can repay the loan.
Your credit can be a factor in whether you get approved for an unemployed loan or not, but it’s not the sole deciding factor. Lenders have to look at your credit history and credit score to determine whether you’re reliable when it comes to managing your debt and paying back what you borrow. The higher the score, the better for lenders. You can check your credit score for free every 12 months and fix any inaccuracies – in fact; this is highly recommended.
Since the risk factor for providing unemployed loans is higher for lenders, they often charge a higher interest rate compared to other loan options. Many lenders offering unemployed loans in Australia offer limits between $50 and $5,000. You can then be charged a fixed one-time establishment fee of 20% added to the principal amount, a fixed monthly fee of 4% calculated over the repayment period, and variable penalty rates for late repayments. No interest can be charged on loans of $2,000 and less in Australia.
You can apply for instant cash loans 24/7 if you’re unemployed. Different lenders can offer you an instant online loan for the unemployed within the same day, provided you earn at least $300 per week that’s not from government benefits or Centrelink alone. While instant loans for unemployed applicants are convenient, be aware of the short repayment terms and possible high interest rates.
Unemployed people can access to no interest loans in Australia and a loan scheme that offers credit to individuals and families on low incomes. It’s suitable if you need small amounts of money for essential living and household expenses. Instant cash loans no credit check unemployed provide you with access to fair, safe, and affordable credit. Loans are available for washing machines, car repairs, fridges, and medical procedures for up to $1500. Repayments are also set at reasonable amounts over 12 to 18 months. With no charges, fees, or interest, you only pay back what you borrow.
Another form of no interest loans is payday loans of up to $2,000. According to government regulations, lenders cannot charge interest on loans of less than $2,001.
Buy Now Pay Later (BNPL) services have recently become very popular in Australia. With BNPL, you can purchase services or goods and pay for them in instalments over some time. BNPL providers are self-regulated for the most part. They’re not obligated to meet responsible lending obligations under the National Credit Code. 2018 research by the Australian Securities and Investments Commission (ASIC) found that only one among the six BNPL providers considered consumers’ income and existing debts when assessing applications. Consumer groups like Consumer Action Law Center and Choice advise unemployed Australians to think carefully before using the services for support because of the lack of regulation.
Payday loans are also available for unemployed applicants and are probably the easiest to get. They’re in the no credit check personal loan category, and in most instances, you can borrow up to $2000 with the deadline for repaying set between 16 days and 1 year. Although lenders can’t charge interest on such loans, they can charge fees that usually amount to 20% establishment fee and 4% service fee each month. Because of the higher rates for the convenience of such loans, you should only choose an amount you’re comfortable repaying with your current income level.
All loan providers will generally consider your income as a factor towards being eligible for a loan. If you don’t currently have a regular income, you’ll be offered small easily affordable loan amounts. While unemployed loans are smaller due to the risk to the lender, the amount you can borrow will provide you with the much-needed financial breathing room you’re after.
Unemployed loans often have shorter repayment periods due to the risk to the lender. Most unemployed loans are paid back between 60 days and 90 days, but some lenders do provide longer loan terms.
The table below provides a brief overview of some examples of unemployed loans available in Australia.
|
Lender |
Max Loan |
Loan Term |
Disbursement |
Fees |
|
Nils |
$1500 |
12-18 months |
Paid to Supplier |
None |
|
Sunshine Loans |
$2,000 |
9-14 weeks |
60 Minutes |
20% establishment 4% monthly fee |
|
Ferratum Money |
$1,900 |
3-12 months |
Same day |
20% establishment 4% monthly fee |
|
Jacaranda Finance |
$4600 |
9-24 months |
Within 48 hours |
20% establishment 4% monthly fee |
One of the main pros of loans for the unemployed is that you can quickly access the money after a successful application. You can apply from the comfort of your home, and you can get the funds paid into your bank account within hours. There’s no waiting around when you have a financial emergency.
Less PaperworkThe process of application is straightforward among lenders who consider unemployed applicants. All you have to do is fill in a form online with personal information and provide digital evidence of your financial information (bank statements, proof of income, benefits statement). The lenders will also check your credit score online and provide quick feedback.
No InterestIf you’re applying for a loan of up to $2,000, you won’t be charged interest. Of course, there is an establishment fee and monthly service fee to consider. Some lenders make their loans more attractive by lowering their establishment and monthly service fees.
Because of the high default risk involved, lenders charge unemployed borrowers high interest rates and fees. Unemployed loans are among the most expensive loan options in Australia. You risk even greater charges when you miss a repayment or default.
To apply for an unemployed loan via Gdayloans.com.au, the following criteria apply:
You must be at least 18 years of age. You must be an Australian citizen or permanent resident and have resided in your current premises for more than three months. Proof of ability to repay – this can be bank statements and proof of income. No more than 50% of your income can come from benefits and you must generate at least $350 per week. You must be easily reached by telephone and email.G’day Loans works with a variety of trustworthy and reputable lenders. To apply for unemployed loans through Gdayloans.com.au, simply follow these steps:
Decide how much you need to loan and check what that will cost you to repay, realistically. Pay attention to the repayment information but keep in mind that this is just an estimation. The interest and fees may vary from one lender to the next.
Lenders require certain documents to process your application swiftly. Have the following documents on hand when applying for a quick cash loan at Gday Loans. These documents may be requested by lenders once you are transferred to their site.
The online application process at G’day Loans is both easy and convenient for people who need fast cash.
Simply click on the “Get Loan” button on the top right-hand side of the screen and fill out the online application form, which takes just a few minutes. You will be required to provide your personal particulars, including your name and contact details, address, employment status, financial details, and monthly expenditure information.
Then, click the “Apply” button.
Rest assured that we will never sell your data to a third party, and the entire process is safe and secure.
Once your information is received, the G’day Loans platform will do the rest of the work. In just a few minutes, a decision will be presented to you. If one of our lenders accepts your application, you’ll be transferred directly to their site to complete the process. Unsuccessful applicants receive a message advising them of such. The entire process is private, safe and fast, taking just a few minutes.
One of the upsides of using G’day Loans to find the perfect unemployed loan is that we put you in direct contact with the lender. Once you have been transferred to the lender website, you will be presented with a loan agreement for your consideration. It’s highly recommended that you read through the loan agreement to ensure you understand the terms and can afford the loan. Then, simply sign it, send it back, and wait for your cash.
Once you have returned the loan agreement, the lender will finalise the details with you and release the funds into your bank account (providing you meet their requirements). You can expect to receive the funds on the same day. Be advised, however, that in some instances, payouts can take up to 24 hours.
Yes, you can apply for an unemployment loan if you have a poor credit rating. Most online cash lenders are more interested in the affordability of the loan for the borrower. If you have a poor credit rating but can afford to pay the instalments of your unemployment loan, you should still be eligible for the loan.
Yes, you can apply for a cash loan in Australia, but only if you are a registered resident and have a physical address in the country.
Most unemployed loan lenders will allow applicants to borrow between $150 to $2,000. Although, some lenders are open to loans of up to $5,000. How much you can borrow will depend on your credit score, the affordability of the loan, and your personal circumstances.
This is not advisable. Lenders offer unemployed loans for emergencies and rough patches. Taking out more than one loan on the same day will likely lead to unpayable debt and may even have a negative impact on your credit score.
No lender can guarantee approval before they thoroughly assess an applicant’s credit history and income. Lenders who make such promises are likely untrustworthy. Applying through us means you will only be connected with trusted lenders regulated by the ASIC (Australia Securities & Investments Commission).
Check your options before you borrow:
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
The Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.