24/7 Loans for Unemployed

How to get an instant cash loan, 24 hours a day.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Being unemployed can make a lot of things difficult, and it can be hard to respond to sudden financial challenges. A small cash loan can be a fast way to help you deal with sudden costs but is getting a loan even possible if you don’t have a job? Learn about some of the loan options available when you're unemployed.

Are there loans for unemployed people that are available 24/7?

Yes – while loan applications happened strictly during bank opening hours in the past, we now have a variety of online lenders in Australia who offer many of their services over the internet, 24/7. Online lenders are often far more willing to work with people in financial hardship than larger financial institutions like banks, and many are willing to treat a Centrelink payment as a valid source of income. Getting an instant cash loan through one of Savvy’s lenders is an example of this.

Savvy’s online loan application is available at all hours of the day. Once you’ve completed our five-minute application process, we can connect you to one of our lenders for approval within a minute, 24 hours a day. The lenders that work through Savvy have experience with customers in difficult situations and are willing and able to work with people on Centrelink benefits, so even if you’re unemployed, you can get online and get 24/7 loan approval to borrow up to $5,000.

Does being unemployed limit my options for a 24/7 loan?

Not as much as you may think. 24 hour instant cash loans are really only offered by online lenders, who are among the most tolerant options on the market when it comes to people in difficult financial situations. This can include bad credit, and being unemployed .

For these lenders, the question of where your pay-check comes from is far less important than the fact that you have a consistent income . You can get approval with Centrelink payments as your primary income source, meaning it’s just a matter of making sure you can afford your repayments. For example, if you're unemployed but want a loan for a start-up business, you can apply.

Savvy can link you with lenders who specialise in helping people in financial hardship, so unemployment doesn’t need to be a barrier to getting the support you need at any time of day.

Why apply for a small loan with Savvy?

What’s the process for getting a 24/7 instant loan through Savvy?

Frequently asked questions about 24/7 loans for the unemployed

When applying for a loan, does it matter how long I've been unemployed?

Not really. For lenders who are open to Centrelink as a source of income, the question of how long you’ve been unemployed for isn’t the issue. What they’re interested in is whether you’re earning enough to make repayments. Someone who’s been earning a steady income from Centrelink for a long time (and who’s keeping up to date with all their requirements) could be a more appealing prospect to a lender than someone who’s only started a casual job a few weeks ago.

Will bad credit stop me getting approved for a 24/7 loan if I’m unemployed?

Unemployed or not, a poor credit rating doesn’t automatically rule you out of getting a fast loan with bad credit in Australia. Online lenders are more tolerant of imperfect credit than a bank might be. They’ll still run a credit check, but they’ll be more concerned about any current debts or recent defaults you have in your history than your credit score itself. As long as you have enough consistent income to reliably make your repayments , you’ll generally have 24/7 emergency funds options open to you.

While I’m unemployed, what things can I use a 24/7 loan for?

One of the advantages of an instant cash loan (apart from 24-hour availability) is the flexibility you have in what you can spend them on. It’s up to you to choose how you want to spend the cash, so while fixing leaking plumbing or replacing a broken radiator are definitely options, if you have late-night call from family and need to book a plane flight ASAP, an instant cash loan can help you fund it.

What kind of interest should I expect on a 24/7 instant cash loan?

Lenders don’t charge interest on small cash loans up to $5,000, so technically the answer is zero. They can charge fees on the loan, however, but those are capped by the Federal Government. The most you can be charged for an establishment fee is $400, while your monthly costs can't exceed 48% of the total loan amount per year.

How much time do I have to pay off a 24/7 instant cash loan?

Loan terms vary from lender to lender, but they’ll generally fall between three and 24 months. Applying for a loan through Savvy generally gives you maximum flexibility, as our suite of lenders allow you to choose a loan term. You could opt to pay the loan off over 24 months to keep repayments low, or over three months – meaning you pay more for each repayment, but less overall.

If I get a job and I’m no longer unemployed, can I pay my instant cash loan off early?

Yes – these types of loans come without any early repayment fees, so you can pay one down at a faster rate to help you save money overall.

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Disclaimer:

The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.