Loans For Unemployed With No Income In South Africa

Applying for a loan when you are unemployed is not easy whereas you can apply for a loan with an income source. An addition to debt can lead to double your problem in getting financial aid further. Is there a solution? Yes, loans for the unemployed are suitable in South Africa at MoneyStar.

The best thing is you don’t need to wait for days to get your funds because you can get them the same day if you are approved with us. Our most trustable lenders are available 24/7 to assist you financially, so you are also not restricted to timing.

What are loans for unemployed in South Africa?

Loans for the unemployed are a type of lending product to unemployed borrowers in South Africa who need money urgently. These funds come for a short duration, so borrowers have to pay them back on time with high-interest rates.

All types of short-term expenses can be managed by using these online funds. No matter whether you have expenses for rent to pay, medical bills, travelling costs, home renovation, repair of a damaged car or debt consolidation.

These funds can fix such short-term issues with instant money availability from some reliable lenders in your province. Note: defaulting on loan payments can lead to extra penalty charges by online lenders, so you must avoid it.

Can you get online loans for unemployed with bad credit?

You can get online loans if you are unemployed and need better credit in South Africa. Both conditions are usually not considered good in obtaining loans because lending institutions don’t take risks.

The good news is there are still a few online lenders willing to work on your loan application to help you with funds. But you will have to pay high-interest rates whenever making your loan payments due to bad credit and unemployment.

How to apply for urgent cash loans for unemployed?

You can apply for urgent cash loans for the unemployed in 4 easy steps at MoneyStar and get approved in minutes.

Apply online in just 4-simple steps: 

• Fill online application: Complete a simple application with your details and any available income. All details should be correct with no errors because they may lead to further loan disapproval.
• Get approved fast: You need patience until our financial experts verify all your details. It takes a few minutes rather than days.
• Sign your loan agreement: Once approved, you receive a loan agreement to sign digitally. But you should read all terms and conditions before doing the signature.
• Get same-day funded: You can get your funds directly from online lenders in South Africa on the same day in your bank account.
  

What are advantages of getting personal loans for unemployed?

There are several advantages of getting personal loans for the unemployed in South Africa, so you must check them out before you apply for them.

The top 5 advantages of personal loans for the unemployed are: 

• Convenient to apply: Borrowers can easily apply for these loans because they have to apply online with a small process.
• No hidden costs: Unlike bank or traditional loans, you don’t pay any hidden costs because everything is upfront to pay.
• No collateral: These loans are unsecured so you don’t need any collateral to carry it along to apply for these online funds.
• No paperwork: You don’t need to waste your time doing manual paperwork activities while applying for loans with us.
• 24/7 available to assist: Our lenders are available 24/7 to assist you financially so that you can apply for this type of loan anytime.

What do you need to qualify for online personal loans if you are unemployed?

If you are unemployed, you need some minimal requirements while applying for online personal loans.

Find out what you need to apply: 

• Age: Your minimum age is 18 or above to meet the lending criteria of our lenders in South Africa.
• A citizenship of South Africa: Your citizenship of South Africa is mandatory while applying for these online personal loans.
• A bank account: you need a valid bank account to collect your funds after getting approved by our lenders. They send the funds to your bank account only for some safety purposes, so ensure you have it ready.
• Income verification: No matter whether you are unemployed, you can come up with some social benefits that you are receiving, including disability grants, foster child grants, care dependency grants, old age pensions, etc.
• Contact number: Your details include a permanent address proof, email ID and active contact number.

Will a rejection for cash loans with same day approval affect your credit score?

Yes, generally, applying for a loan and facing rejection pulls down your credit score, and you may face some challenges in getting financial aid. It also depends on the type of lender you are applying for the cash loans with same-day approval because many online lenders do a soft credit check.

In a soft credit check, our lenders check a few basic things that don’t impact your current credit. The process of hard credit checks is always painful to your credit score, so you must also check this when applying for such loans.

What are types of urgent loans for unemployed from direct lenders?

There are various types of urgent loans for the unemployed from direct lenders. You can also resort to these options during your money shortage because you can get them in less time to meet your needs. You should check out their types.

Types of urgent loans for the unemployed:

• Short-term loans: Short-term loans are for a small duration to cover unexpected costs with high interest rates. These loans are a type of loan that borrowers can consider during money urgency.
• Payday loans: Payday loans are also a better option to money shortage with instant approval from direct payday loans are also a better option to money shortage with instant approval from direct lenders. You can fix all types of short-term emergencies by applying these online funds.
• Car title loans: You can also apply for car title loans by carrying any of your vehicles and using them for collateral. These funds can get you money fast, but if you don’t pay off your loan on time, your vehicle can be possessed for loss recovery.
• Guarantor loans: Guarantor loans are a type of loan in which someone else on your behalf agrees to make your loan payments. It only happens if you fail to make your loan repayments on time.

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.