If you have no job and need money fast, small instant loans for the unemployed can be your option at MoneyStar. You can apply for them and get fast approval than traditional loans around.
There are a few online lenders who don’t make you wait longer when emergencies surround you. They approve your loan application in minutes with no banking formalities required, and your bad credit matters little to them.
Can I get a loan if I’m unemployed?
Yes, you can be eligible to get a loan if you are unemployed. But this could also be challenging, as you are required to pay high-interest rates. Lending institutions want to ensure you have a stable income source and the condition of your credit is better.
Small instant loans are unsecured loans, meaning you don’t need anything valuable, such as a car or any other asset. It is the only reason; these loans come with high-interest rates for you to pay.
Many online lenders don’t care whether you are employed or unemployed because they have to do nothing with that except your strength to pay off loans.
How much can I borrow if I’m unemployed?
The loan amount will depend on many factors when you don’t have a job. They include your current credit history, loan affordability and the lending criteria of lenders. How much loan amount you can apply for varies from lender to lender.
Still, you can get a loan from R100 to R5000 to meet your short-term needs. They are enough to tackle your daily based expenses if you are jobless. With us, you can overcome your sudden emergencies with quick fund availability.
Where can I get a small instant loan for unemployed?
It would help to choose lenders wisely for small instant loans when unemployed. All lending institutions might not agree to help you financially after knowing you are unemployed. But the good news is you can apply for such funds at MoneyStar without further complication.
Yes, we have limited lenders who can help you out financially without making you leave your comfort. You can apply for loans from anywhere and anytime with a maximum possibility of getting approved.
What types of small loan can I get if I’m unemployed?
There are various types of small loans that you can apply them when you have no job. We work with lenders with additional loan options for individuals who still need to be working.
You should find out about such loan types so that you can choose them as per your suitability out of any restriction to a specific loan only.
- Payday loans: Payday loans are short-term high-interest loans that you can apply for quickly and cover your strewn expenses with fast approval.
- Same-day loans: You can apply for same-day loans when you can’t wait days to get money because you can get the funds the same day you are approved.
- Short-term loans: Short-term loans are also there for you to apply with fast approval with an easy online application process. These types of loans are also expensive due to high-interest rates.
- Unsecured loans: These types of loans don’t require any collateral you can use during your cash shortage phase.
- Cash advance loans: Cash advance loans are for a limited time duration to help you fix your cash shortage problems. These types of loans are also the perfect match for your ongoing problems.
What are the pros and cons of small loans for unemployed people?
Small loans have pros and cons for unemployed people, so you should consider them before applying for these funds.
Pros and cons of small loans:
Pros
- They are quick and easy: These loans are rapid and easy for anyone who wants to apply.
- Acceptance with bad credit: You can get approval for a loan despite your credit score could be better.
- 24/7: These loans are available 24/7, so you can apply for them anytime.
- Fewer requirements: You need some standard requirements to meet eligibility criteria.
- Free of paperwork: You don’t need manual paperwork while applying for such loans.
Cons
- High-interest rates: You will have to pay high-interest rates during loan repayment.
- Limited time: You can use the funds for a limited period, like 1 or 2 weeks.
- Debt cycle: Borrowers quickly get trapped into a debt cycle after missing a single payment.
Will I need collateral for unemployed loans in South Africa?
It depends on the lender type because you will find many unemployed loans that don’t require collateral. Thus, it would help if you chose the lender wisely so that you may not face any challenges.
You can apply for these types of loans from reliable lenders in South Africa with no hassle of collateral submission. The main reason for not asking for collateral is that they are unsecured loans so that you can apply.
Will I need guarantor for a loan if I’m unemployed?
No, you won’t need any guarantor for loans like unemployed loans. The requirement for a guarantor varies depending on your circumstances. On the other hand, you will find such lenders who strictly require guarantors while you are applying for unemployed loans and have bad credit.
Some online lenders don’t tease you because they understand how hard it is to find a suitable guarantor during unemployment.
Can I get an instant small loan for unemployed for bad credit?
You can get instant small loans for bad credit if you are unemployed. But the condition is you can’t apply from all lending institutions because they will require you to have good credit and a stable income.
You can find some online lenders in your province who can offer you funds with your bad credit. Your poor credit shows how irresponsible you are in making loan payments. Thus, checking credit scores is essential for lenders.
Lenders at MoneyStar don’t consider this a big problem if you can make your loan payments on time.
Small Instant Loans For Unemployed- Some FAQ’s.
Can I repay the loan early if I find employment?
Paying off your loan earlier can save you on interest rates and fees. It would help if you ensured the loan prepayment penalty because many lenders charge that.
Will my credit score impact my chances of getting a loan if I’m unemployed?
No, your credit score won’t impact the possibility of getting a loan with unemployment. You are just required to prove your loan repayment ability.
What if I need more time to repay the loan?
If you don’t repay your loan on time, there are consequences. They are such as dropping your credit score and paying extra interest rates, and fees include too.
Is CoreLoans a direct lender?
No, some direct lenders associated with CoreLoans in your province deal with you on your request for instant money arrangements.
How can I apply for a loan through CoreLoans?
You can apply for a loan from many online lenders at CoreLoans. You have to complete a short application process that only takes a few minutes. You have to sign a loan contract followed by accepting terms and conditions.
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.
