Instant Cash Loans No Credit Check Unemployed

Is an instant cash loan possible with no job and bad credit?

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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

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.

A steady paying job and good credit are two things that lenders look for when considering a loan application, but can you get a small cash loan without either of those things, especially if you need it fast? Explore some of your options for getting a loan while you're unemployed with poor credit.

Can I get an instant cash loan with no credit check when I'm unemployed?

No – in Australia, credit checks are a necessary part of the loan application process. In addition to showing your credit score, they help lenders verify your identity, so you’re not going to find a legitimate lender who’ll offer a loan without a credit check.

Being unemployed doesn’t have to be a barrier to getting fast access to an instant cash loan, though. Many smaller online lenders are more lenient with their loan criteria than a large bank would be. While banks tend to prefer customers to have good credit, a solid pay check, and a spotless financial record, smaller lenders are generally a lot more flexible .

If you’re on unemployment benefits and you need fast access to a small cash loan, Savvy is a great place to get started. Our simple, five-minute application process can connect you up with one of our lenders, and you can get instant approval for a loan up to $5,000 – pre-approved within 60 seconds of pressing the submit button on your application. We have access to lenders who can work with customers on Centrelink, and who are very tolerant of your credit history.

With a loan from one of our lenders, you have a lot of flexibility around how quickly you wish to repay the money, with loan terms from 16 days to 24 months. You have the option of paying the money off fast and paying less overall, or spreading the loan out over a longer period to keep repayments small – often a good option when you’re on a tight budget!

If I’m unemployed, are instant cash loans my only option?

No. There are a few loan possibilities available for a borrower who’s unemployed and on Centrelink benefits, and each has different features.

Instant Cash Loans

These are fast loans up to $5,000 that are only available through smaller lenders – particularly online lenders.

Personal Loans

These are larger loans (up to five digits) available from various lenders. You won't be able to get a personal loan on the spot, as they’re often harder to get approved than an instant cash loan.

Bad Credit Loans

These are a specialised kind of loan for customers struggling with their credit rating. The rates will generally be higher than a regular loan

Government assistance

There are some government assistance schemes available to people on Centrelink benefits, although they often have many restrictions around who is eligible, and what the money can be used for.

The reason instant cash loans are sometimes a very useful option for Centrelink customers is that they avoid some of the downsides of other types of loan. They’re generally easy to get approval for (your credit rating is less of a factor), they’re fast, there’s huge flexibility around what you can use them for and their fees are capped by the government – meaning you always know what you’re getting cost-wise.

With an instant emergency loan obtained through Savvy, you can get instant loan funds within the same day and receive final approval on your loan contract within an hour of submitting your supporting documents.

Why apply for a small loan with Savvy?

Frequently asked questions about instant cash loans while unemployed

Is there a way I can get guaranteed approval for a cash loan application?

There are no reputable lenders that can guarantee approving a loan – there's always an application process. If a lender claims to offer guaranteed same-day approval, you might be better off walking away – they might not be legit.

If I’m unemployed and not on Centrelink benefits, can I still get an instant cash loan?

Lenders will need you to have some kind of income – just so you’re able to pay off the money you borrow. So if you’re unemployed and have no income at all, you’re not going to get a loan approved. But if you just have a different source of income while you’re unemployed (like a payment from a trust fund, or royalties from music) then there will still be lenders willing to help – as long as you can show evidence of that income.

How can I improve my chances of getting instant cash loan approval if I’m unemployed?

One of the best things you can do is to make sure your finances are in order – debts paid off, bills paid on time, and credit cards under control. This will also begin to improve your credit score over time. So practically speaking, putting together a budget (if you haven’t done so already) is a great way to get started. Work out your expenses, make sure you’re setting money aside for them, and don’t spend more than you can afford.

What sort of things can damage my credit rating?

There are a few things that can do this, and some are more obvious than others. Not paying your debts is a big one – and this includes repayments on borrowed money and outstanding bills (that one catches a lot of people out). Using too much credit also doesn’t help – so try to keep your credit card limits low, and don’t have more than 30% of your credit limit owing where possible. Applying for loans also puts a dent in your credit rating – so applying for multiple loans at once is a bad idea.

What counts as a bad credit score?

Different agencies use slightly different scales here, and lenders very in what they regard as “bad” credit. Your credit rating will normally be a number somewhere between 300 and 850 – the higher, the better. Broadly speaking, numbers above 670 shouldn't have much trouble getting a loan. Ratings below 670 might need to choose their lender carefully, with ratings under 580 more suited to bad credit loans. Those numbers are very general, though. It’s important to note that even with a bad credit score you can be approved for a same-day short-term loan.

Are there government loans for people on Centrelink?

In Australia, there are financial assistance options available for those who are unemployed and on government benefits. These include small interest-free loans (up to $1,500), and advances on your Centrelink payments. There are some criteria to meet, and restrictions around what the money can be used for. But if you’re eligible for one of these, they can be pretty helpful. You can find out more about those options on the Centrelink website.

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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.