Loans For Unemployed! Find Potential Lenders With Monzi

Loans for unemployed people! While they may feel difficult to find, Monzi might be able to make it a little easier. We’re a lender-finder that might be able to make finding finance online a breeze!

loans for unemployed people sitting in grass laughing

Before applying for loans for unemployed

It is important to you explore the other options available to you before applying for unemployed loans.

If you are, for example, receiving Centrelink, you may be eligible for a Centrelink Advance Payment. A Centrelink Advance Payment is where you get a part of your income support payment or Family Tax Benefit early. Then, you will pay your advance out of your future Centrelink payments, interest-free.

How to apply for an Advance Payment

Applying for an Advance Payment is easy. Here’s how you can do it:

  1. Sign in to myGov and select Centrelink.
  2. Choose Apply for Advance.
  3. You’ll be told if you’re eligible or not. If you are, select Get Started.
  4. Follow the prompts to apply. You will find helpful information on your screen at each step.
  5. Once you have finished, submit your application.

You can also apply for an Advance Payment with the Express Plus Centrelink mobile app.

You will pay back part of your advance every fortnight. Centrelink will automatically deduct your repayments out of what they would usually pay you. As a result, you will not need to set anything up.

Find more information on Advance Payments through the Department of Human Services.

Fast cash loans for unemployed

Unexpected expenses arise in all of our lives. For some of us, we may have enough tucked away to handle these unexpected costs ourselves. For others, it’s not that easy.

Some people will need a little financial helping hand to see them through to the other side. In these situations, fast online lenders can be a great way to get a little cash injection into your account. This, however, may prove to be a little more difficult if you are unemployed.

These loans can often feel almost impossible to find. Although, when you do find one, you can’t help but feel like you’re swimming with sharks. Using Monzi’s lender-finder service, on the other hand, might be able to make this whole process a little easier.

Payday loans vs. personal loans for unemployed

Often, when people think of unemployed loans, they think of payday lenders. However, Monzi’s lender-finder service will aim to match you with a lender potentially offering personal loans. The distinction between the two is important.

To begin, the repayment terms offered by payday lenders are often much shorter than the ones offered by personal loans. Often, payday loans can have repayment terms as short as four weeks, whereas personal loans are usually over several months. In short, the repayments on a $2,000 loan are much more manageable over several months than four weeks.

Additionally, payday lenders rarely offer over $2,000. Conversely, lenders offering personal loans may offer up to $10,000! This, however, depends on the individual lender.

Find lenders offering online loans for unemployed through Monzi

What does Monzi do? Well, we’re a lender-finder that aims to make your life a little easier and a little less stressful.

In short, Monzi aims to pair you with a lender who might be able to offer you a loan. All consumers need to do is lodge one application with Monzi, and we’ll get to work on the rest. Therefore, you can forget filling out multiple applications or wasting half your day listening to hold music.

The best bit? Monzi is completely free to use.

Do banks give loans to unemployed people?

While banks may all differ in their eligibility criteria, it may be very difficult to be approved for a bank loan if you are unemployed.

This is due to banks generally having stricter eligibility criteria consumers will need to meet first.

When you apply for a loan from a bank, they are likely to consider the following:

  • Whether or not you have defaults listed on your credit report.
  • If your credit report includes missed payments to credit providers that are more than 14 days overdue.
  • Your income and existing debts will be examined to make sure you can afford the loan repayments.
  • You do not have enough savings to prove you can afford the loan repayments.

While short term lenders may examine the same things listed above, they are generally more lenient. Therefore, you may still be considered for approval.

Where can I get a loan with no income?

As you may have noticed, lenders will often look at your income levels closely when you apply to borrow credit. Therefore, how can you apply if you are unemployed and have no income?

The good news is that some lenders may be willing to regard regular Centrelink payments as a form of income.

Yes! You read that correctly. You will, however, just need to show your repayments will fit in with your Centrelink income and other regular expenses.

So, you’re saying I can get a loan with no job?

Yes, potentially!

Certain lenders may be able to regard Centrelink payments as a form of income.

Keep in mind that lenders may only accept certain types of Centrelink income. Therefore, you may need to get in contact with the lender directly to find out more.

What can I use loans for unemployed for?

As we mentioned above, Monzi’s lender-finder aims to pair you with a lender who may be able to offer personal loans for Aussies without employment. Consumers can use their personal loan to cover a variety of personal costs.

You could use your personal loan to cover any of the following:

  • Car repairs
  • Car registration
  • Travel expenses
  • Insurance
  • Holiday costs
  • Utility bills
  • Education costs
  • Rental bond
  • Childcare costs
  • Household items
  • Plus many, many more!

In short, you can really use your personal loan to cover almost anything. The above list is just a guide.

Can an unemployed person get a loan?

In short, yes!

You will, however, need to show that you have some sort of other regular income. Often, this comes in the form of Centrelink payments, but can also include income having income-earning assets to repay the loan (owning a rental property).

How do I know if I’m eligible?

We’ve aimed to keep the eligibility criteria as open as possible for our lender-finder service. After all, we want to help as many Aussies as possible get in contact with the right lender.

So, before you get started with Monzi’s lender-finder service, just make sure you meet the following criteria.

  • Are you over the age of 18?
  • Do you hold an Australian Citizenship or Permanent Residency?
  • Do you have an active personal email address and mobile number?
  • Have you been receiving a regular income into a personal account for at least the last 90 days?

Can you say yes to all of the above? Great! Monzi can start trying to find lenders offering personal loans.

How to apply for personal loans for unemployed

Monzi understands when people are in an emergency, they are looking for fast cash unemployed loans. As a result, we’ve aimed to make our lender-finder service as simple and as streamlined as possible. Therefore, you should generally be able to lodge an application in minutes.

Want to know how to get started? Read on.

Submit

The first step is to submit an application with Monzi. To do this, consumers will need to scroll up to the loan calculator at the top of the page. Next, enter the amount you’re thinking of borrowing as well as your ideal repayment terms. You’ll now be given a rough idea of what the weekly, fortnightly and monthly repayments may look like on your loan.

The terms and costs presented in the slider are just a guide. Depending on the lender you’re paired with, your repayment terms may vary, as well as the cost of the loan.

Once you’re happy with everything, click Apply Now.

Relax

You’ll now be taken to our online submission form. Our application only asks for the essentials and is 100% online and paperwork free. As a result, it shouldn’t take long to complete the form.

Once you’ve submitted your form, our smart automated system will get to work scanning through different loan products. We’ll aim to do this as quickly as possible, and give you an outcome via text and email.

Match!

If we successfully pair you with a lender, they’ll get in contact with you. Lenders generally get in contact via email and mobile.

Your new lender will now conduct their own assessment of your application. If you are approved, they will send through a digital loan contract. It is important you read through your loan contract carefully.

Pay attention to the terms of your loan, as well as any other fees and charges. If you are happy with everything, approve your contract. Generally, your lender will transfer your funds after you’ve approved your contract.

Alternatively, if you are unhappy with the terms of your loan, you are under no obligation to approve your contract.

I’m looking for small loans

Are you looking for little loans for unemployed? Monzi may be able to pair you with lenders offering small loans of $2,000 and under.

These loans are unsecured, which means you will not be required to attach an asset as security. This is good news if you aren’t the registered owner of a motorbike, caravan, boat or car.

Monzi also works with lenders who offer both medium and large personal loans. Below is a guide outlining the types of loans potential lenders might be able to offer.

Loans for unemployedAmount (AUD $)Repayment termSecured
Small personal loan$300 to $2,00012 months
Medium personal loan$2,100 to $4,60013 to 24 months
Large personal loan$5,000 to $10,00013 to 24 months

Keep in mind, the repayment terms may vary depending on the lender you’re paired with.

In addition, if you are unemployed, the loan products available to you may be limited. Be aware of this before applying for large loans.

24/7 loans online

The great thing about being a 100% online service? Consumers can use our service 24/7! And, if you have a smart device, our mobile-friendly site means you can apply on the go. So, whether it’s on the midnight train home, or while you’re walking the dog on Sunday, you can use Monzi!

Lenders may not be able to process your application until the next business day if you apply outside of normal hours.

Can I get same day cash loans for unemployed?

In short, yes!

Access to your funds, however, is dependent on a few variables. Understanding these variables might improve your chances of accessing your loan the same day.

Your bank’s transfer policies.Certain banks may handle loan transfers differently. Therefore, borrowers with certain banks may receive their loans sooner than others.
Approval time.If you approve your loan contract outside of normal business hours, your lender may not transfer until the next business day.
Weekends.If you submit an application with Monzi over the weekend, you may not be processed until the next business day.
Banking roundsKeep in mind lenders may have certain rounds throughout the day where they transfer loans. Generally, there are no banking rounds over the weekend.
Correct informationLenders may delay processing your application if they require additional information from you. Therefore, aim to supply all relevant information the first time you fill out your application.

What about fast no credit check loans for unemployed?

Consumers who search for no credit check loans often feel their credit is so bad, they will be ineligible for any other loan.

While it is true lenders do look at your credit, this is not the only thing they focus on. Monzi, in particular, has a network of lenders that may be able to focus on other aspects of your application.

In short, Monzi cannot guarantee whether or not lenders will conduct a credit check. What we can say, however, is that they may be willing to focus on your current relationship with money.

Why do you ask for my banking details?

When you use Monzi’s lender-finder, you’ll notice we ask for your online banking credentials. There’s no need to stress! It will all make sense in a moment.

When you enter in your online banking details, our intelligent technology is then able to access a read-only copy of the last 3 months of your bank statements. As a result, we are able to pass this on to potential lenders.

Potential lenders, therefore, can get a better idea of your overall relationship with money. In particular, they can an idea of your income and expenses, as well as how you’re keeping up with whatever other repayments you may have.

In addition, consumers are not required to supply any of their bank statements or payslips themselves. Our automated system will do it all for you.

When you think Monzi, think easy, paperwork-free applications.

Find loans for unemployed people with bad credit

All is not lost if you are unemployed and have a poor credit score.

As we mentioned above, we can provide read-only copies of your bank statements to potential lenders. As a result, they are able to look at more than just your credit report.

Loans for unemployed single mums with bad credit? We’ll try to help.

As we’re sure you’ve gathered, we’re all about helping as many everyday Australians as possible access quality lenders online. Even if you are unemployed and have poor credit, we’ll still aim to match you with a lender.

I’ve been declined! Why?

Were we unable to match you with a lender today? Maybe the lender you were paired with was unable to offer you a loan? You may be feeling annoyed and confused.

You, unfortunately, did not meet the lender’s specific criteria. However, lenders often change their approval criteria. In short, just because you were declined today, does not mean you will be ineligible in the future.

There may be a range of reasons why you were declined. Often, however, it is because lenders do not feel you would reasonably be able to afford the repayments.

In short, your credit provider has felt the credit was not right for you and you wouldn’t be able to keep up with the repayments. Lenders are required by law to only lend money responsibly. In short, it is illegal for them to offer a credit contract they feel a consumer would unable to comfortably repay.

Repay with ease

Credit providers and borrowers will reach an agreement on the loan’s repayment terms. In short, the size of your loan will determine what repayment terms are available to you.

More specifically, if you take out a small loan of $2,000 or under, your repayment term will generally be 12 months. For larger loans of $2,100 to $10,000, repayment terms will range from 13 to 24 months. However, these terms may vary depending on the lender you’re paired with.

Your lender may also give you the option of making repayments on a weekly, fortnightly or monthly schedule. Next, a direct debit will be set up from your account. So, if you’re a forgetful person, this is great news!

Once your repayments are complete, the direct debit will automatically cease. Pretty straightforward, right?

What if I can’t afford a repayment?

If you have a feeling you will be unable to afford an upcoming repayment, it is best to get in contact with your lender as soon as possible. In short, the best policy is to be honest and upfront with your credit provider.

Generally, if you give your lender at least 24 hours notice before the payment is due, they should be able to reschedule or skip your repayment for a contractual fee.

My situation has changed

If something changes drastically in your life, like not being able to work due to injury, your ability to afford the loan may be affected dramatically. If a situation like this arises, do not just stick your head in the sand and hope everything goes away – it doesn’t.

As a result, get in contact with your lender’s hardship department. Generally, consumers will file a claim for hardship and supply any relevant supporting documentation. Next, the lender will assess the claim. Finally, the lender will offer a restructured payment plan if the claim is approved.

Let’s get started

If you have any additional questions, visit our FAQs.

Factor In

Costs

Two credit cards
Two credit cards

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate

Loan amount

$2,001 - $4,600

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.