24/7 Loans For Unemployed

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

Apply in less than 10 minutes.

Last updated on May 4th, 2022 at 03:06 pm by Bill Tsouvalas

24/7 Loans For Unemployed

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 $5000.

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.

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.

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 bad credit rating doesn’t automatically rule you out of getting a loan. 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 a loan up to $2,000 is 20% of the loan amount at the very beginning, and then 4% of the total amount per month. For a loan of $2,000 – $5,000 you can’t be charged more than $400 at setup, and 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?

You can, but you should check if there will be any extra fees involved in doing so. Loans up to $2,000 have a monthly fee cap, so you’re unlikely to have to pay much in extra fees, but loans from $2,000-$5,000 only have an annual cap. This means that if you try to pay it off halfway through the year, the lender might still charge you a fee for early repayments. It’s worth running the numbers on how much you’ll save.