Yes, you can get a loan while unemployed, but chances will be less with traditional lenders. However, some of our financial experts make this possible with unemployed loans in South Africa at MoneyStar with instant approval in minutes only.
They can offer you an online loan on the same day with no hassle of banking formalities, which include irritating paperwork. You only have to complete a small application process to get funded if you are in a hurry for urgent loans to meet your short-term needs.
What are unemployed loans in South Africa?
Unemployed loans are short-term funding assistance to those without a job currently, but their daily-based expenses have troubled them. These funds are for a short duration with high interest rates; then, such loans are paid back as soon as possible.
These loans are more expensive enough than traditional loans due to their short duration to assist borrowers financially. Unlike banking institutions, the borrowing process is straightforward and takes only a few minutes to complete.
No matter what types of emergencies have knocked on your door, these funds can take care of them simultaneously. Being unemployed makes the process a bit challenging, but our trustable lenders know this fact before taking your loan application.
How do you apply for unemployed loans with same day payout?
You can apply for unemployed loans with same day pay out in several steps at MoneyStar from our financial experts.
Secure your unemployed loans by following steps:
- Fill out the online application: You must fill out a simple online application form with some of your details and any alternative income source.
- Get approved fast: After a small verification process, you can get fast approval in minutes. You are confirmed with either loan approval or disapproval via email at your provided email ID.
- Sign a loan agreement: If your loan application is approved, you will receive a loan agreement to sign digitally. But you should read the terms and conditions very carefully before signing them.
- Get funded: You can receive the funds in your bank account in 10 to 15 minutes after the process completion by our lenders in South Africa.
Where can I get approval for personal loans while unemployed?
You can apply for personal loans while you are unemployed with us. Our trustworthy lenders don’t make you struggle with the process if you are already in a hurry for some extra funds. Secondly, you don’t need any collateral to get money, even though you have to pay no charges initially.
You can save much time by applying for such funds from our financial experts because they have financially helped many people in South Africa. You will be surprised to get loan approval and funds to overcome your emergencies on the same day.
What are the uses of urgent cash loans for unemployed?
You can use urgent cash loans for the unemployed for anything teasing you financially due to money shortage. Generally, borrowers use these online funds to cover unexpected expenses, including rent payments, medical bills, travelling expenses, educational costs and many more.
Noticeably, you must pay off the loans quickly with high-interest charges. Apart from that, defaulting on your loan payments is not acceptable. Such funds are already costly, and ignoring their payments or not paying them on time will hurt your pocket, affecting your budget.
What are the eligibility requirements for online loans for unemployed?
The eligibility criteria for online loans for the unemployed depends from lender to lender, but you must manage some basic requirements in South Africa.
Check out the requirement types:
- Age: Your minimum age is 18 or above to qualify for such funds from our online lenders in your province.
- Any income source: You may not have an income source being unemployed, but you can develop some alternative income source. Some lenders consider that income.
- A bank account: You need a bank account to collect your funds once the lenders approve you. They make online transactions due to safety reasons.
- A citizenship of South Africa: Your citizenship of South Africa is mandatory because this is a part of the requirement.
- Contact details: Your contact details require your permanent address proof, email ID and contact number.
Are there risks for getting cash loans while unemployed?
Here are some risky factors to consider when applying for cash loans while unemployed in South Africa.
The top risky factors associated with cash loans are:
- Missed payments: Missing payments will lead to a negative mark on your credit profile, making you helpless to find financial services further. You also need to pay some extra charges.
- Losing assets: If you apply for secured loans and, unfortunately, don’t pay off your loan on time, there is a strong possibility of losing your assets. Commonly, lenders cover their losses by using your assets.
- Damaging credit score: Your credit score can be damaged if you fail to repay or default on loan payments. It could be one of the obstacles to qualifying for financial assistance further.
- Lower amount: Being unemployed, you can only apply for a low amount deprived of other associated facilities. It can happen if the lending institutions approve your loan application.
What counts as income for unemployed loans in South Africa?
If you don’t have proof of employment, you can develop some government social assistance programs. They are also considered as an income by some limited direct lenders in your province.
Some social benefits are considered as valid income and mentioned as:
- Disability grants
- Foster child grant
- Care dependency grant
- Social relief of distress
- Child support grant
- Old age pension
These types of social benefits are also considered as income which can be very helpful for making your loan payments.
Can Unemployed Get A Loan In South Africa? – Some FAQ’s.
What if I have bad credit to apply for a loan being unemployed?
You can still qualify for such loans, but with a few online lenders, because you are also unemployed. You will have to pay high-interest charges instead.
Should I apply for personal loans while I’m unemployed?
Yes, you can go ahead for such loans in South Africa during emergencies if you don’t have a job but an alternative income source.
Do I need collateral for unemployed loans?
Some reliable lenders don’t require valuables for unemployed loans because these are unsecured loans. They need your ability to make your loan payments on time.
What if I’m unable to repay my loan on time?
If you cannot repay your loan on time, your pocket may get tight due to some penalty charges for late payments.
Can unemployed loans improve my bad credit score?
Yes, these types of loans can improve your poor credit. You will see a positive change if you make your loan payments on time.
Using the MoneyStar, you may get from R100 to R35,000 in just 5 minutes.
Applying won’t affect your credit score
Micah Sedres
MoneyStar expert Micah strives to navigate finance niches like credit cards, loans, and mortgages easily. She helps hundreds of readers in credit building and provides money management tips. After regularly working for brands like Businesslive.co.za, she joined the MoneyStar.co.za team as a staff writer to develop credit product reviews and comprehensive guides mainly focused on credit scores and loan/card offers.
