Urgent Cash Loans For Unemployed In South Africa

When you are out of work, it’s hard to imagine you can get financial aid. It can be right because no lending institutions will take a risk, but some financial experts can certainly. You can apply for urgent cash loans for the unemployed at MoneyStar in South Africa from our reliable lenders in your province.

You can get quick approval in minutes and same-day funding directly in your bank account. It’s time to get rid of your emergencies with us because we can’t see you coping financially anymore.

Can I borrow money if I’m unemployed?

Yes, this can be possible to borrow money if you don’t have a job, but your income is essential for all lending institutions. However, some lenders in South Africa don’t restrict you from coming up with a specific income; all types of income are accepted by them.

Therefore, you can show alternative income proof when applying for financial services. Or else you can borrow money from your friends or include a cosigner to help you get loans based on their creditworthiness.

Adding a cosigner can be problematic because defaulting on loan payments will trouble your cosigner. In such a case, they agree to pay off your loan with high-interest rates if you don’t pay.

What are urgent cash loans for unemployed in South Africa?

Urgent cash loans for the unemployed are a type of short-term unsecured loan for covering some additional expenses in South Africa without carrying any valuables. Most expenses may include essential living expenses like food, rent, medical or utilities bills, repair of a car, and it’s time to do a home renovation.

Apart from that, there can be many more small types of expenses to eliminate by using these small funds. Instead, you must pay off your loan on time with high-interest rates because these loans are more expensive than traditional loans.

Taking out such funds can cover the financial gap during a cash shortage because most people have no money in emergencies.

How do instant cash loans for unemployed work?

Instant cash loans are different from other conventional or bank loans. You can get quick approval for such funds in a few steps at MoneyStar. Thus, they work differently from other loans available in the market.

Apply for unemployed cash loans in 4-steps:

• Fill online application: You have to fill out a simple online application form with any alternative income source and some personal details. Make sure all information should be authentic to avoid rejection.
• Get easy approval: You can get approval for your loan in 5 to 10 minutes after a small verification process by lenders. You get either a loan approval or disapproval on your email ID for confirmation.
• Sign a loan agreement: If approved for such online funds, you will receive a loan agreement to sign. Ensure you have read the loan agreement’s terms and conditions before signing.
• Receive loan: You can receive your loan amount directly in your bank account in 10 to 15 minutes.

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What are the basic requirements for emergency cash loans for unemployed?

There are some types of basic requirements for emergency cash loans for the unemployed. You need to arrange such following requirement types in South Africa.

Basic and standard requirements are:

• Age: Your minimum age is 18 to qualify for these online loans, so make sure you match this eligibility criterion.
• Any alternative income: You can show any other income proof you’re getting for loan repayments because you will have to repay these loans.
• Citizenship of South Africa: Your citizenship of South Africa is mandatory to come up with because lenders need it as a part of the requirement.
• A bank account: You need a bank account to receive your funds. Our lenders make online transactions for money transfers.
• Contact details: Your contact details contain a valid email ID, permanent address proof and contact number.

Are there easy cash loans for the unemployed on benefits?

Yes, you can apply for easy cash loans for the unemployed based on some governmental benefits if you are receiving that. Some online lenders in South Africa consider them as income for you to make your loan repayments on time.

However, traditional lenders or banking institutions may not accept that while asking for financial aid of any type. So you can overcome your emergencies now even if you don’t have a job because you have some social benefits.

You can use the following benefits to apply for unemployed loans:

• Disability grant: If you are affected by physical or mental disability to work, then you will be getting disability grants to use them as income.
• Foster child grant: To care for your foster child, you will receive a foster child grant that you can use to pay off your loan, too.
• Care dependency grants: Care dependency grants can also be used for paying off your loan. These loans are basically for children who are disabled from birth.
• Social relief of distress: Social relief of distress is a type of government benefit that temporarily assists people who can’t meet their basic needs.
• Old age pension: This type of pension is for people 60 or older. But they can take advantage of this benefit to apply for cash loans.

General factors to consider before getting instant loans for unemployed

You can consider some factors when applying for instant loans for the unemployed in South Africa.

These types of tips can improve your approval chances securely.

Below are tried and tested tips that you must consider before applying:

• Look at your financial situation: It is better to check your financial situation before applying for any loan. Everybody’s financial situation is different; you should use any financial aid after looking at your financial condition.
• Your credit score: You also need to check your credit score because this is considered at the top when applying for a loan. If you have it in a bad condition, you need to work on it.
• Terms and conditions: You need to read the terms and conditions of the loan agreement very carefully before signing.
• Check your affordability: You should check out if you can pay off your loan on time because you might be in a financial disaster if you fail to pay.
• Avoid errors: Until your loan process comes to an end, you need to avoid mistakes because they can be the cause of loan disapproval.

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.