You may have been wondering how to get a loan quickly when you don’t have a job. Many people have turned to unemployment insurance over the last year. There are a variety of ways to get a cash advance or loan without being employed. We’ll walk you through your options on cash advances on unemployment benefits, and then advise you on the best choices out there.
Finding a cash advance on unemployment benefits
Cash advances should be used as a last result. They often are considered predatory by financial experts because they prey on financially vulnerable people. Online cash advances are relatively easy to get, but the interest rates are costly.
This can lead to a cycle of debt where you are constantly paying off the loan that you originally secured as a way of getting you out of debt. Be aware of the signs that point to a potential cycle of debt because you’ll want to avoid this at all costs. There are many other ways to get a quick loan online without getting caught in the cycle of neverending debt.
How much do traditional cash advances cost?
Traditional payday lenders can charge a lot of money due to the convenience of withdrawing money fast. For example, cash advance credit cards charge a high interest rate and they also tack on additional fees for withdrawals.
These fees are known as cash advance fees. So, in these instances, you could potentially pay for three separate features in addition to the cash advance you’ll be paying off. Those three features include the high interest rate, a cash advance fee, and the ATM fees. Even though these fees might seem small at first, they will add up very quickly.
We recommend that you steer clear of predatory lenders or high-interest credit cards. We’ll walk you through an option that is a better fit because there are ways to get a safe, affordable same-day loan online without having to just accept the high interest rates.
Instacash access with bad credit and unemployment
Instacash offers cash advances and loans for people who have bad credit, receive unemployment benefits, or pay child support. Let’s take a look at how that’s possible!
No credit requirements for unemployment cash advance loans
MoneyLion does not conduct a hard credit check when inquiring about your credit history. Even so, in order to qualify for Instacash through MoneyLion, you will need to allow MoneyLion to review your account.
Here are a few details that MoneyLion will look for when analyzing your credit history and considering you as a viable candidate for Instacash:
- An active account that has been open for at least two months
- Evidence of income deposits including unemployment
- A positive balance
- A verified identity
Think your account checks these boxes? Apply for Instacash today!
How do I apply?
MoneyLion has you covered for a cash advance on unemployment benefits with our Instacash program. We’ve made it easy to get money when you need it no matter what your current employment status is!
Download the MoneyLion app and click on the Instacash button to apply for our online cash advance.
Connect your checking account to get started with your loan for unemployment benefits. From here, you can apply and see if you qualify for our 0% APR cash advances via Instacash. MoneyLion doesn’t require a hard credit check for Instacash.
Now, click on the Request option and select the amount of money you want to receive from MoneyLion. You are likely to qualify for any amount of money as long as you provide accurate evidence of income by way of recurring deposits, including unemployment benefits.
Since it’s so easy to qualify for Instacash, it is the perfect way to get a cash advance on unemployment benefits. The higher your recurring payments, the more money you’ll be qualified to receive through Instacash!
Decide how quickly you’d like to receive your money from Instacash. You can choose how soon you’d like the funds to appear in your account. You can either choose free standard delivery or you can pay a small fee to get money instantly via Turbo Delivery.
When you use Instacash, the amount you’ll receive will be automatically deducted from your account on the due date you’ve agreed to. These due dates are determined by either your pay cycle or your other recurring deposit cycles which are usually within about two weeks of each other. Plus, there’s no interest. In the beginning, you’ll start with access to $25 but can qualify for up to $250 overtime.
The process is now complete! You should have access to your Instacash from MoneyLion. Go ahead and spend your money on what you need the most!
More cash advance alternatives from MoneyLion
At first, you will be able to access around $25 with Moneylion’s Instacash service, but it doesn’t stop there. If we see regular and recurring payments appearing in your account, we will increase the loan amounts that you qualify for, meaning you’ll have access to anywhere between $50 and $250.
You can earn even more with a RoarMoney debit card account from MoneyLion. If you switch your direct deposits to a MoneyLion RoarMoney account, you can earn cash advances up to $300.
Need more cash? Our Credit Builder Plus Program can help you secure a quick loan of up to $1000 while helping you establish credit or increase your existing score.
Get a cash advance in minutes!
At MoneyLion, we understand that there are times in life where you’ll need a cash advance on unemployment, paychecks or to pay for emergencies. We get it and we’re here to help! You don’t need to pursue expensive cash advances because they often prey on the desperation of borrowers by charging high-interest rates.
Instead of agreeing to a high interest rate and becoming trapped in a cycle of debt, MoneyLion offers financial solutions for you to get online cash advances without being scammed in the process.
You can begin by signing up for a RoarMoney account which only costs $1 per month. Plus, our app will give you complete access to Instacash, a Credit Builder Plus membership, financial tracking, investing accounts, and more. It’s a one-stop-shop for all the tools you need to create a healthy financial future for yourself!
Frequently Asked Questions
How do I get emergency money with bad credit?
Check out the MoneyLion Instacash program. You can get up to $250 fast without the requirement of a credit check. It’s the perfect option for someone who is trying to get back on their feet yet also needs to pay a few bills along the way. If you’d like to work on your credit for the future, try out our Credit Builder Plus program.
Is a loan considered income?
No. Income refers to money that you earn from a job or from an investment. However, with Instacash, you can still qualify for a loan if you receive unemployment benefits.