Financial worries and unemployment usually go hand in hand. Sadly, nothing in life is free and for the unemployed loans are often not a viable financial solution. However, the term unemployed also relates to those who don’t have what traditional lenders see as ‘regular’ employment. Self-employed, freelancers, pensioners or those who receive their income from investments and dividends are all lumped into the ‘unemployed’ category. As a result, accessing a traditional loan when you need cash in a hurry can prove challenging. But, with unemployed loans, Aussies can overcome this obstacle and obtain the money they need when needed.
Easy to set up and simple to repay, unemployed loans are designed to help Aussies who don’t conform to the regular nine-to-five slog. Read on to discover how loans for unemployed work, their features, and their pros and cons. Then, if you decide unemployed loans are for you, follow the straightforward instructions we have included to apply for one using the Cash Funds platform.
What Are Unemployed Loans?
Loans for unemployed individuals work on the same principle as cash advances. Borrowers must meet qualifying loan criteria to secure unemployed loans via lenders on the Cash Funds platform. For loans under $2000, interest charges are not applied. However, a monthly service fee of 4% and a once-off 20% establishment fee must be paid. Once you have secured your loan, you will be expected to repay it in monthly instalments as per your loan agreement.
How Do Loans for Unemployed Work?
Applications for cash loans for the unemployed on the user-friendly Cash Funds website take a few minutes to complete. Once you have selected the loan amount you need and a preferred repayment term, simply complete the application form and press the submit button. Borrowers can expect quick feedback on their fast cash loans for unemployed applications in as little as two minutes.
At this point, you can decide if you wish to proceed with your application and finalise the loan; this part of the process is done directly with the lender. Once the loan agreement is signed, the contract becomes legally binding, and you will be expected to make regular monthly repayments. Failure to make these payments will negatively impact your credit score and can attract high penalty fees.
Types of Cash Loans Unemployed
Aussies like you searching for unemployed loans may need the funds to pay for unplanned expenses such as medical bills or boiler repairs. Alternatively, you might need a few extra bucks to splash on a well-deserved holiday or to purchase a new car. Whatever the reason for needing extra money, lenders via Cash Funds have a wide variety of cash loans for the unemployed for you to select from.
Secured Cash Loans for the Unemployed
Secured cash loans for the unemployed might seem like an oxymoron, but they are one of the easier loans to get. This loan requires collateral or a co-signer to serve as security. Collateral is usually an asset such as a car, property or home with a monetary value that can be sold and offset against the outstanding loan should the borrower fail to repay the loan.
A co-signer is someone who is legally bound to make the loan repayment should the borrower be unable to pay. In both instances, lenders see this type of loan as less risky due to the added security. As a result, borrowers have easier access to fast cash loans for unemployed. Borrowers can select loan values ranging between $300 and $10 000 and repayment terms of 3-24 months.
Unsecured Fast Cash Loans for Unemployed Individuals
While unsecured fast cash loans for unemployed borrowers pose more risk for lenders, loans of this type can still be applied for using the Cash Funds platform. If borrowers meet the loan eligibility criteria, they can easily get approval and access the unemployed loans they need. To apply for cash loans unemployed borrowers must be at least 18 years old, earn a minimum of $350 per week, hold a valid form of ID, have an active bank account and legally reside in Australia.
Bad Credit Loans Unemployed
Poor credit scores often mean the traditional lending route, such as the local bank, is closed to borrowers with bad credit. However, unemployed bad credit loans are available via lenders on the Cash Funds platform. This is because the lending industry has evolved, and lenders are more open to assisting borrowers with bad credit scores who need bad credit unemployed loans.
Of course, you can’t get unemployed loans without a credit check. Unfortunately, searching for emergency cash loans no credit check unemployed Australia is like searching for the ever elusive unicorn. Sadly unemployed loans without a credit check don’t exist. This is because Australian lenders are legally required to conduct credit checks on all loan applicants, whether they have a shiny credit score or are applying for loans for unemployed with bad credit.
However, while you can’t get unemployed loans without a credit check, there are bad credit unemployed loans available to borrowers with poor credit scores. This is because lenders don’t only use credit scores when making their decision on bad credit loans for unemployed individuals.
Loans for Unemployed Centrelink Recipients
Loans for unemployed bad credit and on Centrelink can seem like a tall order in the loans department. This can add to the worry that your benefit payments will impact your chances of getting a loan. However, Centrelink recipients can easily apply for unemployed loans bad credit as long as they meet specific loan criteria.
First, your benefit payments cannot equate to more than 50% of your total income, and you must have a minimum income of $350 per week. Furthermore, you must be 18 years or older, provide proof of employment and pass an affordability assessment when making your application. If approved, you can expect your loan amount paid into your active Australian bank account within an hour.
Interest-Free Loans for Unemployed
If you are searching for cash loans unemployed borrowers may be interested to learn that loans below $2000 are interest-free. Lenders via Cash Funds provide loans to those with good credit scores and loans for unemployed with bad credit, including loans for unemployed bad credit and on Centrelink ranging between $300 and $2000 without charging interest.
But, while loans below $2000 for bad credit unemployed individuals in Australia are interest-free, they are still required to pay a 4% monthly service fee and a one-time 20% establishment fee. Furthermore, if the loan amount is above $2000, interest rates can increase to as much as 48%.
Features of Loans for Unemployed Individuals
The Cash Funds loan finding site provides unemployed borrowers with various unemployed loans that share some interesting features.
Varying Loan Amounts & Terms for Cash Loans Unemployed
As you sift through the available loans bad credit unemployed, or Centrelink applicants will see a range of unemployed loans with affordable values and flexible repayment options. Lenders via the Cash Funds platform offer borrowers loan amounts ranging from $300 to $10 000 with flexible repayment terms of 3-24 months.
Schedule of Payments for Unemployed Loans
Lenders via Cash Funds provide cash loans unemployed borrowers can easily budget for and repay. Repayment schedules can be linked to the frequency you receive your income. For example, if you are paid weekly, you can arrange with the lender to pay weekly instalments on your loan. Lenders via Cash Funds accept monthly, fortnightly and weekly loan repayments.
Interest & Charges on Cash Loans Unemployed
Loans under $2000 via lenders on the Cash Funds portal have zero interest. However, other fees apply, including a 20% set up fee (once-off) and a 4% monthly service charge. Loans above $2000 attract interest charges of up to 48%.
Advantages & Disadvantages of Cash Loans for the Unemployed
Advantages of Loans for Unemployed Individuals
Easy Online Application for Loans for Cash Loans Unemployed
The application process for unemployed loans unemployed bad credit loans, and loans for unemployed bad credit and on Centrelink are quick and easy to complete. Furthermore, the 100% online process saves you time and can be completed conveniently in the comfort of your home.
Unemployed Loans Paid Out in 1-Hour
Lenders on the Cash Funds panel understand that the funds from fast loans for unemployed borrowers are urgently required. This means when applications are reviewed, a decision is supplied in minutes, and disbursement on approval is completed within one hour.
Unemployed Loans for Bad Credit Borrowers
Unfortunately, borrowers hoping for instant cash loans no credit check unemployed and employed applicants will be disappointed. While lenders on the Cash Funds platform offer unemployed loans to borrowers who meet their lending criteria, loans without credit checks don’t exist due to regulatory compliance.
All Australian lenders are required to conduct credit checks on their loan applicants. However, this doesn’t mean bad credit loans for unemployed individuals aren’t possible. Lenders use other mitigating criteria, such as affordability assessments and the borrower’s current financial situation, to make their final decision. So while you cannot get instant cash loans no credit check unemployed borrowers can still access the funds they need.
Disadvantages of Unemployed Loans
Fees and Charges on Unemployed Loans Bad Credit
All unemployed loans attract standard fees; these include a 4% monthly surcharge and a single set-up fee of 20%. Interest rates are zero-rated on loans below $2000, but the standard fees still apply. Loans above $2000 attract interest rates of up to 48%, including the standard monthly surcharge fee and the set-up fee.
Eligibility Criteria for Bad Credit Unemployed Loans
To apply for unemployed loans, applicants must meet the below eligibility criteria:
- Be 18 years old or older.
- Earn a minimum income of $350 per week.
- Only Australian citizens or legal residents can apply.
- Can evidence: valid ID, proof of income and address
- Centrelink benefits cannot total more than 50% of your total income.
Application Process for Unemployed Loans
Below are the four straightforward steps required to apply for unemployed loans.
Step 1: Compile the Documents and Select the Loan Amount and Term
Before starting the application process, ensure you have your supporting documentation to hand. This helps things go smoothly. Typical documents required include a valid ID, proof of income (bank statements/payslips) and proof of address. Next, log onto Cash Funds and use the drop-down menus and selectors to choose the loan amount you need and your preferred loan term between 3 and 24 months.
Step 2: Complete the Online Application form for Unemployed Loans
When applying for loans unemployed bad credit applicants don’t need to worry about complicated application forms on the Cash Funds platform. The online form is quick and user-friendly, only requiring basic information such as your address, employment and bank details and a list of your monthly expenses.
Step 3: Feedback on Your Application Delivered in Just Two Minutes
Once the application is submitted, borrowers have a short two-minute wait before receiving feedback from potential lenders offering a variety of unemployed loans bad credit loans and even loans for unemployed bad credit and on Centrelink loan options! If you choose to finalise your loan choice, this is done directly with the lender who will produce a loan agreement.
Step 4: Sign Your Loan Contract & Get the Cash
When you are happy with the loan agreement and have read and understood the terms and conditions, sign it and return it to the lender. On receipt of your documents and the loan contract, the lender will pay the funds directly into your bank account.
FAQ
Can I Get A Loan With Bad Credit And On Centrelink?
Yes. Lenders via Cash Funds offer loans for unemployed bad credit and on Centrelink applicants who meet their loan criteria. For example, Centrelink benefit recipients must have an income of at least $350 each week, of which 50% cannot equate to their benefit payments. Furthermore, while each lender must conduct a credit check on all applicants by law, they use other factors in conjunction with this information to make their final decision on the loan.
Is it Possible to Get Zero-Interest Unemployed Loans?
Yes. Unemployed loans between $300 and $2000 via lenders on the Cash Funds platform have zero-rated interest. However, borrowers will still need to pay a 4% monthly fee and a once-off set-up fee of 20%. For loans above $2000, up to 48% interest can apply.
Can You Get a Loan If You Are Unemployed?
Yes. Freelancers, the self-employed, and those who receive income from investments and other means are often seen as unemployed. However, lenders via Cash Funds recognise that not everyone works a regular 9 to 5 job. This means that loans for unemployed borrowers who earn the required minimum income and meet the loan criteria can apply for unemployed loans.
What Loan Amounts Can I Borrow When Applying For Loans For Unemployed with Bad Credit?
Lenders on Cash Funds offer bad credit loans unemployed borrowers can easily apply for, ranging between $300 and $10 000. Borrowers can select a repayment term of between 3 and 24 months. To qualify for loans for bad credit unemployed applicants must be Australian citizens or residents, be at least 18 years or older and have a minimum income of $350 per week.
Can I Get Fast No Credit Check Loans If Unemployed In Australia?
No. While unemployed loans are entirely possible, searching for instant cash loans no credit check unemployed Australia will leave you searching in vain. By law, all Australian lenders must conduct checks on their loan applicants. But a bad credit score doesn’t mean your application will be rejected. Instead, lenders assess if you can afford the loan and your current financial situation before making a decision. Lenders via Cash Funds offer a variety of loans for unemployed with bad credit borrowers.