If you are facing a long stint of unemployment, then your financial obligations are likely piling up quickly. Beyond simply paying for food and rent, you likely have other bills to pay just to stay afloat. Without a steady paycheck or solid emergency fund, you may need to resort to a loan in order to fund your expenses.
However, if you have bad credit, then you might think it is difficult to secure funding. Although it might be more challenging than some, it is completely possible to find a loan if you are unemployed and have bad credit.
MoneyMutual
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Loan AmountUp to $5,000
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Loan TermVaries
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APRVaries
Features & Benefits
- Application takes less than 5 minutes
- Get a decision on your loan within minutes
- Funds are available within 24 hours
- Trusted by more than 2,000,000 borrowers
MoneyMutual is an online marketplace of lenders. They make it quick and easy to find a short term cash advance loan in as little as 24 hours.
One application can potentially get you multiple loan offers. MoneyMutual has been trusted by more than two million customers. They serve borrowers with bad credit from all 50 states except New York and Connecticut.
CashUSA
Features & Benefits
- Flexible borrower requirements
- Loan request can be approved within minutes
- Money deposited as early as 1 business day
- All credit types accepted
CashUSA connects borrowers with lenders. Each application is sent to the lender most likely to lend to the borrower. Because it works with a variety of credit profiles, it is not only a poor credit loan broker.
Interest rates vary depending on the lender, so make sure you read through the terms for each emergency loan before you choose. Applying online only takes a few minutes, and funds are often available the next day.
BadCreditLoans.com
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Loan Amount$500 – $10,000
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Loan Term3 – 60 months
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APR5.99% – 35.99%
Features & Benefits
- No cost to check loan approval
- High approval rate despite credit history
- Funds available as soon as next business day
- Assisting people with bad credit since 1998
Bad Credit Loans is an online lender marketplace that allows you to connect with multiple lenders by filling out a single application. The service is 100% free.
Once you’re approved, your lender will provide you with the APR, loan fees, and other terms.
Read through the terms, compare all the offers you’ve received, and only accept the loan you’re most comfortable with. You are not obligated to accept the personal loan from any lenders that you are matched with.
NetCredit
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Loan Amount$1,000 to $10,000
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Loan TermVaries
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APRVaries
Features & Benefits
- Poor credit or little credit history is OK
- Excellent customer reviews
- No prepayment penalties
- Only available in 37 states
NetCredit is a direct lender that might be able to fund your needs quickly. Plus, if you change your mind about the loan, you will be able to return it within one business day.
If your needs can be covered with a loan of $10,000 or less, then you should consider working with NetCredit. They also offer lines of credit to customers in some states.
Credit Loan
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Loan Amount$250 – $40,000
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Loan TermVaries
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APRVaries
Features & Benefits
- Funds deposited directly into your account
- Get money as soon as the next business day
- Loans for poor credit or good credit
- More than 750,000 customers since 1998
CreditLoan works with many borrowers to find the best match for their situation. Although CreditLoan is not a direct lender, the platform can help you find a lender that is willing to work with you.
With CreditLoan, you might be able to secure a small loan to cover your needs. The company is generally successful in finding a lender match. With over 750,000 loans funded by CreditLoan, you have a great shot in finding the perfect match.
Alternatives to Personal Loans for Unemployed
If you are unemployed, then think of a loan as your last resort. First, look to the resources already available to you and your family.
Consider collecting unemployment insurance, welfare benefits, and spending through any severance before taking out a loan. You might even be able to receive a helping hand from a local church or charity. If things get tight, then you may want to call on the generosity of your family and friends throughout this difficult time. At the very least, you might be able to secure a no interest loan from a close friend.
If you run through these resources, then look to your other options. These include:
- A credit card cash advance.
- Home equity line of credit.
- Sell or pawn your possessions.
- Refinance your home or car.
- Car title loan.
Each of these could be used to alleviate your financial difficulties. Think through each of your options before deciding on a course of action.
Bottom Line
Although it is possible to secure a personal loan if you are unemployed with bad credit, it is not the best situation. You may be stuck with high interest rate loans that can put even more pressure on your finances.
However, this might be the best option you have available at the moment. Consider your options carefully before taking out a personal loan while you are unemployed.
