Unemployed Loans In South Africa

  • 2 Minute Application
  • Bad Credit Accepted
  • No Credit Check
  • Same Day Transfer

Obtaining a loan with no job is easy to imagine, but difficult to reality because lenders expect to repay their loan on time. But the good news is you can apply for unemployed loans in South Africa from some selective lenders at MoneyStar with instant approval.

The process is also straightforward to apply, with no manual paperwork required when applying from our most reliable lenders in your province. Your unemployment is not an issue– if you can prove your loan repayment ability–no matter what income type you can come up with.

Can I get a loan if I’m unemployed in South Africa?

Yes, but this can be a difficult job for borrowers to get a loan if they are unemployed. No lending institutions consider their loan applications without having any income. If you apply for any loan, lenders find you very risky.

If you can pay off your loan on time, some lenders can help you with funds with high interest rates. Otherwise, there could be the possibility for you to come up with any of your assets, such as a home or car, as collateral. It leads to losing your security if you cannot repay your loan.

What are unemployed loans?

Unemployed loans are a type of short-term loan to cover certain expenses, including rent payments, medical bills, travelling costs, food costs and costs for repairing a car. Apart from that, many more expenses can be managed with such loans.

These funds are more expensive than conventional loans because borrowers apply for them for a short duration and are paid back with high interest rates. These funds are specifically designed for people who are currently without a job.

Such online funds are also beneficial for those experiencing a lack of regular income. The best part is you can apply for them conveniently and get same-day approval from direct lenders in your province.

How can I get unemployed loans with same day approval?

Unemployed loans are similar to other loans available in the market, but you can get same-day approval after applying for them in 4 simple steps.

Get approved fast with the following steps:

  • Fill online application: You need to complete a simple online application with personal details and proof of ability to make loan repayments on time. Make sure all the details are correct with no mistakes.
  • Have some patience: you need to hold your patience until your details are verified. You will get the confirmation fast in a couple of minutes through a notification on your email ID, which can be either approval or disapproval.
  • Sign a loan contract: Once you have the positive confirmation for approval, you will also receive a loan contract agreement. You must sign it digitally after reading all terms and conditions to stay alert.
  • Get same-day funded: You will receive the funds in your bank account the same day in 10 to 15 minutes only if no errors are found during documentation.

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Who can apply for cash loans for unemployed?

Anyone can apply for cash loans for the unemployed with some basic requirements in South Africa. You must check the requirements before proceeding further.

The basic requirements are: 

  • Age: Your minimum age is 18 to meet the eligibility criteria for cash loans in South Africa. Thus, you should check it out.
  • Proof of ability for repayment: You may not have a job, but you can prove your ability to pay off your loan on time, which can be some form of alternative income.
  • Citizenship of South Africa: Your citizenship of South Africa is essential when applying for such loans from trustworthy lenders.
  • A bank account: You need a bank account to receive your loan because lenders send you the funds in your bank account directly.
  • Contact details: Your contact details require a valid email ID, permanent address proof and contact number.

Are there chances of approval for urgent cash loans for unemployed?

If you don’t have a job, a few lenders may be interested in helping you financially. You might be deprived of many facilities associated with such loans, and even your pocket is affected negatively by extra paying.

Despite all that, we have some specialized lenders willing to work on your loan application if you are unemployed. But you need to prove other income sources to pay off your loan on time; this helps them to help you instantly with quick cash.

However, your situations also depend on getting accepted for financial aid when seeking financial support from other lending institutions.

What are online loan types for unemployed from direct lenders?

There are various online loans for unemployed people from direct lenders in South Africa. So you can resort to them if you are in extreme need of cash.

4 Types of online loans for unemployed people are: 

  • Secured loans: Secured loans are a type of loan that will require collateral, and you will be funded on the value of your valuables. These loans are risky because you can lose your thing if you don’t pay off your loan on time.
  • Payday loans: You can also consider applying for payday loans, which come with high-interest rates and short duration for loan repayment. After applying for them, you will have to pay penalties if you default on your loan payments.
  • Car title loans: You can apply for car title loans but must put your vehicle up front. These loans are risky for borrowers because if you don’t repay your loan on the due date, Athens possesses your vehicle for loss recovery.
  • Loans for bad credit: Loans for bad credit can also be an option if you have a bad credit score. These loans are also more expensive than traditional ones, but no other loans can be the best option for removing emergencies.

Is a guarantor needed for no paperwork loans for unemployed?

No, having a guarantor is unnecessary for no paperwork loans for the unemployed. A guarantor can increase your chances of getting approved for loans if your credit score is unfavourable to get online funds and if you are jobless.

A guarantor promises to pay off your loan if you fail to repay your loan on time. The best thing is there is no involvement of any guarantor regarding urgent loans from direct lenders.

Unemployed Loans In South Africa- Some FAQ’s.

Can I get a loan if I have no income in South Africa?

No, you must prove your upcoming income or ability to repay your loan on time. In case you want to get approved for any loan in South Africa.

How much can an individual get with unemployment?

Some online lenders can help you with a loan amount of up to R50,000 if you apply for urgent loans with unemployment.

Is it possible to get a loan with bad credit if I’m unemployed?

Yes, you can get a loan even if you have bad credit and no job. But your options will be limited with high-interest rates.

What happens if I can’t make my loan payments on time?

If you don’t make your loan payments on time, you will have to pay some penalties for late payments.

Can I pay off my loan early, before the next due date?

Yes, you can repay your loan before your next due date arrives. Some lenders make you pay prepayment penalties so you should ensure it.

Using the MoneyStar, you may get from R100 to R35,000 in just 5 minutes.

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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.