Fast No Credit Check Loans for Unemployed People

Get approved for a small loan with Savvy.

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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

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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.

Many Australians use cash loans each year to bridge cash flow gaps and address unexpected expenses. Applying for a cash loan online takes minutes, and lenders make decisions just as fast. No credit check loans are impossible, but you can get a fast cash loan whether you’re employed or unemployed, even with bad credit. Read on to find out more about your fast finance options here.

How do I qualify for a fast no credit check loan when I’m unemployed?

In reality, there are no loans on the market where the provider doesn’t perform a credit check – fast approvals or otherwise. All lenders must conduct credit checks regardless of the type of loan and profile of the customer. However, some lenders look at your report in different ways than just your credit score.

Many Australian lenders offer a product called a cash loan. It works a lot like any other loan, but qualification requirements are different, so it’s nowhere near as hard to qualify as you might think. Cash loans can open doors for unemployed people who are capable of servicing a smaller amount, but don’t fit the lending criteria of other loan types. Providers work to responsible lending rules, so rather than not conducting a credit check, they use this to examine your current credit commitments more than your borrowing record. In other words, they’re more interested in your capacity to repay the loan than your current credit score.

One of the reasons cash loans are so fast to arrange is because qualification requirements are pretty inclusive and clearly defined. You need to have a regular form of income – but you can still get a cash loan on Centrelink payments, for instance. A cash loan’s rigid qualification requirements and structure can also work well if you’re in between jobs. When you’re unemployed, it’s important you’re able to budget and fixed, capped fees allow you to do so.

However, it’s also essential not to over-extend your borrowing capacity. Cash loan lenders work to strict rules for assessing your ability to repay your loan, which is why when they run a credit check, they’re looking at your existing borrowing and figuring out if you can handle repayments without hardship. While credit scores aren’t necessarily front of mind, more recent issues and problems with other cash loan products may be of concern to them. You can combat this by applying for a cash loan with bad credit, even if you’re unemployed.

How do I apply for a loan when I’m unemployed?

The quickest way to find a cash loan lender that accepts applications from unemployed people is to apply via Savvy. We’ll get a few details from you and match you instantly with the most relevant loan provider out there. It’s 100% digital, so it works in seconds, and we compare products and requirements from a panel of reputable, licenced lenders. You can apply from wherever you live in Australian, whether you need a cash loan on the Gold Coast, Broome or Brisbane. You can get pre-approval with a lender within 60 seconds, making it a very fast process.

Once that’s done, we’ll connect you to the lender’s website, where you can complete their quick application form. It only takes a few minutes, and you can upload all the required documents to their website. Here’s what a lender will ask for:

  • ID – in the form of a driver’s licence or passport, for example.
  • A recent utility or mobile phone bill.
  • Your Centrelink Income Statement – which you can find via your MyGov account.
  • 90 days’ worth of bank statements – you can even grant read-only access via the web.

Once your loan is approved, the lender will send an agreement for you to sign and return. After that, it’s just a case of waiting for your funds. With many lenders, you’ll be able to see the funds hit your account on the same day.

How much do fast loans for unemployed people cost?

Cash loan fees are very straightforward. Instead of an interest rate, cash loan lenders use charges based on what you borrow and for how long. All fees are capped according to government guidelines, so you always know precisely what you’re going to repay – both on a regular basis and overall. Here’s how cash loan fees work:

  • You pay a setup fee, which can’t exceed $400.
  • You pay a regular repayment fee that never exceeds 48% of your loan amount in total over 12 months.

How much that ends up costing you will differ according to the total amount you borrow and the length of your loan term. You pay your setup fee back over the total amount of repayments. Here are a few examples of that:

Loan Term Establishment fee: Repayment fee: Monthly total: Total cost:
$5,000
24 months
$400
$200
$425
$10,200
$4,000
18 months
$400
$160
$404.44
$7,280
$3,000
12 months
$400
$120
$403.33
$4,840

Why apply for a small loan with Savvy?

Your frequently asked questions about fast cash loans

What can I use a cash loan for?

You can use a cash loan to pay for pretty much anything. Many Australians use them to cover higher utility bills in the winter or to pay for dental expenses, for instance, but you can also use a cash loan for Christmas gifts, as finance for a vehicle or for repairs for your home.

How long do I get to repay an unemployed cash loan?

Cash loans are very flexible. You can repay your loan over as few as 16 days up to as long as two years in total, depending on which suits your needs.

How frequently can I repay an unemployed cash loan?

Fast cash loans make it relatively easy to prioritise and arrange repayments. You can choose the schedule frequency according to how you receive money – fortnightly, weekly, or monthly.

What happens if I miss a cash loan repayment?

All lenders charge a flat fee when you miss a repayment – it’s more to cover admin costs than anything else. Lenders differ, but you can expect to pay anything between $10 and $40 for missing a payment, so it’s important to try and avoid that by budgeting and planning wisely. If you do think you’re going to have an issue, make sure to contact your loan provider and discuss that – they’re typically keen to avoid problems and will likely help you avoid incurring unmanageable expenses.

What happens if my income increases during my loan?

You can repay a cash loan early at any time without fees or financial penalties. Remember, if you get a new job, for instance, that often means a new set of expenses too. Make sure you’re back on your feet and your new income is well established before you repay your loan, but doing that as early as possible will save you money on repayment fees, so it’s always a great idea when you can.

What are my cash loan alternatives?

If you need to borrow more than $5,000 or you’re lucky enough to have a family member who will act as a guarantor for a personal loan, you might find it cheaper than a longer-term cash loan. The government also offers the Special Employment Advance if you need a loan to get back to work, and you can also apply for a Centrelink cash advance in some circumstances. Strict rules apply for these.

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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.