Currently out of work but need more funds. We have found some great lenders which will help; here, we have found loans which accept Unemployed on Benefits. Our number one lender is Fast Loans Group they meet all the criteria.
| Brand | Summary | Score |
| Fast Loans Group | Good for Unemployed | 10/10 |
| Fast Money Source | Fast Approval | 9/10 |
| Honest Loans | Low APR Rates | 9/10 |
| Credit Clock | Good for Emergencies | 9/10 |
| Low Credit Finance | Accepts Low Incomes | 8/10 |
| Big Buck Loans | Good for Bad Credit | 8/10 |
| Heart Paydays | Limit Credit History Needed | 8/10 |
If you’re unemployed and you need money fast, then you need to check out our ranking of the best payday loans for unemployed on benefits. You can borrow anywhere from $100 up to $50,000 with instant approval and same day disbursement, even if you have bad credit or no credit history at all.
We’ve personally analyzed the thousands of payday lenders that exist in the US, to select the best ones that accept unemployed on benefits, to bring you payday loans at a competitive APR, and flexible loan amounts and loan terms.
Ranking of the 7 Payday Loans for Unemployed Benefits: Apply Now for Fast Money
You’re just one click away from obtaining your payday loan - check out our ranking below to get the money you need right now:
- Fast Loans Group: Best Overall Payday Loans for Unemployed on Benefits
- Fast Money Source: Fastest Disbursement
- Honest Loans: Lowest APR
- Credit Clock: Best for Emergencies
- Low Credit Finance: Best for Low Unemployment Benefits
- Big Buck Loans: Best for Extremely Bad Credit
- Heart Paydays: Best for Limited Credit History
Just select your favorite payday lender from our ranking to start the application process. They will help you to obtain the payday loan you need while on unemployment benefits with express approval and same day disbursement.
If you’d like to learn more about each lender, such as their pros and cons, then read our individual reviews below. They will share with you all the details you will need to make the best decision.
1. Fast Loans Group: Best Overall Payday Loans for Unemployed on Benefits
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Pros |
Cons |
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Low APR and fees |
Expensive late payment fees |
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Instant approval |
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Fast disbursement |
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High approval rate for bad credit |
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High approval rate for low unemployment benefits |
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High approval rate for no credit history |
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Flexible loan amounts |
Fast Loans Group is the best payday loan lender for people on unemployment benefits because it has a low monthly income requirement, an affordable APR, flexible loan amounts from $100 up to $50,000, instant approval, same day disbursement and high approval rate for bad credit and no credit history customers. All in all, it offers all the benefits you could ever need to find in a payday lender.
2. Fast Money Source: Fastest Disbursement
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Pros |
Cons |
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Instant approval |
Average approval rate for low unemployment benefits |
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Fastest disbursement |
Expensive late payment fees |
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Fastest application process |
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Competitive APR |
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Accepts customers with bad credit |
If you need money as soon as possible, then Fast Money Source will be the most appropriate choice. Thanks to its instant approval and same day disbursement process, you can rely on it to obtain your payday loan money in just 1-3 hours upon approval. And they make this offer even better with their competitive APR and high approval rate for bad credit and no credit history.
3. Honest Loans: Lowest APR
|
Pros |
Cons |
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Lowest APR for payday loans for unemployed on benefits |
Disbursement can take up to 1 business day |
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Instant approval |
Expensive late payment fees |
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Accepts customers with bad credit |
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Accepts customers with low income |
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Quick application process |
Honest Loans will make it possible for you to obtain a payday loan for unemployed on benefits with the lowest APR and fees in the market. Be it that you want to borrow $100 or over $1,000, Honest Loans will help you to find the most affordable APR, while offering you a high approval rate for bad credit and express approval.
4. Credit Clock: Best for Emergencies
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Pros |
Cons |
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Unemployment benefits payday loans available 24/7 |
Low approval rate for low unemployment benefits |
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Instant approval |
Expensive late payment fees |
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Fast disbursement |
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Accepts customers with bad credit |
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Competitive APR |
If you need a payday loan urgently, then Credit Clock will be the best choice. It works 24/7 and it considers unemployment benefits as income, allowing you to get approved instantly and to receive the loan money just a few hours after approval. Along with a high approval rate for bad credit and a competitive APR, it’s the best option for emergency payday loans for unemployed on benefits.
5. Low Credit Finance: Best for Low Unemployment Benefits
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Pros |
Cons |
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Highest approval rate for low unemployment benefits |
High APR |
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Instant approval |
Expensive late payment fees |
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Same day disbursement |
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Accepts customers with bad credit |
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Flexible loan amounts |
Unemployment benefits are not the same in every state, because in some of them they can be as low as $200 per week. And in these cases, Low Credit Finance will be your best choice because it offers the highest approval rate for individuals who currently receive low unemployment benefits such as $200-300 per week. You can borrow up to $5,000 as long as your state allows it, with flexible loan terms and express approval + same day disbursement.
6. Big Buck Loans: Best for Extremely Bad Credit
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Pros |
Cons |
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Highest approval rate for extremely bad credit |
High APR |
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Accepts customers with low unemployment benefits |
Expensive late payment fees |
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Instant approval |
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Same day disbursement |
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Accepts customers with limited credit history |
Being unemployed and having bad credit is a mortal combo for your approval rate according to banks, but Big Buck Loans can approve your application even if you have extremely bad credit. It accepts unemployment benefits as income and you can get approved even if your credit score is only 300 points.
7. Heart Paydays: Best for Limited Credit History
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Pros |
Cons |
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Highest approval rate for unemployed with limited or zero credit history |
Terms and conditions might vary greatly depending on the state you live in |
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Competitive APR |
Expensive late payment fees |
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Instant approval |
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Same day disbursement |
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Accepts customers with low unemployment benefits |
No credit history, no problem. Heart Paydays helps 1,000+ of unemployed individuals on benefits every single day to obtain a payday loan when they need it the most. Be it for emergencies or unexpected expenses, you can get the money you need at a competitive APR - available in all the 37 US states where payday loans are legal.
How Do I Get a Payday Loan for Unemployed Benefits? - Full Application Process
Taking out an unemployment benefits payday loan is much easier than you think - follow these steps to apply for your loan now:
- Select a payday lender for unemployed on benefits from our ranking
- Enter how much you want to borrow
- Enter your preferred loan term
- Fill out the application form with all the requested information
- Wait for approval
- Get approved and receive the payday loan money in your bank account.
The application process will only take you a maximum of 5 minutes, and since they offer express approval, you can expect to receive the loan money in your bank account the same day.
If you ever need more help and guidance during the application process, then our recommended lenders will be able to help you via phone or live chat. Simply contact them and they will happily assist you.
Eligibility Requirements of Payday Loans for Unemployed on Benefits
If you want to find out if you will qualify for a payday loan while on unemployment benefits, then here you have the full list of eligibility requirements:
- You must be at least 18 years old and have documents that prove it
- You must be a US citizen or permanent resident and have documents that prove it
- You must be on unemployment benefits that meet the minimum monthly income requirement of the lender
- You must have a debt to income ratio equal or lower than 35%
- You must have an active phone number and email address
- You must have an active bank account number
It’s very easy to qualify for a payday loan while on unemployment benefits because you already have a steady source of income. Just fill out the application form with complete and accurate information, and you will massively increase your chances of approval.
If you want to learn more about the eligibility requirements, more precisely the debt to income ratio and the importance of your credit score and credit checks, then keep reading.
Is Your Credit Score Important
Yes, it’s important for calculating the final APR and fees for your payday loan, but it’s not a factor that will determine your creditworthiness. Our recommended lenders can approve your application even if you have extremely bad credit, as long as your unemployment benefits can cover the cost of the payday loan.
It’s also important to know that our recommended lenders will perform a credit check but it will be a soft credit check. This type of inquiry won’t affect your credit score, as opposed to the hard credit inquiries that most banks and traditional lenders will use when processing your application.
Why Your Debt to Income Ratio (DTI) Matters
Your debt to income ratio will play a decisive role when evaluating your application. Since you’re on unemployment benefits, and it’s considered a steady source of income, now you need to prove that your current debt and your cost of living won’t interfere at the hour of repaying the loan.
Therefore, we recommend you to have a DTI ratio of 35% or lower, because it will show the lender that you’re highly likely to repay the loan on time. This is why they will ask you about your living costs when filing out the application form, because they want to know how much money you have available for additional debt.
How We Selected the Best Payday Loans for Unemployed on Benefits
If you want to learn why you can trust our recommended payday lenders for unemployed on benefits, then come with us to learn more about our selection and review process.
Licensing and Reputation
Payday loans for unemployed on benefits are available in 37 US states, and hence we make sure that they have been approved and licensed by all the correspondent authorities in all the states they do business in.
For example, if they do business in Texas, then they must have a license by the Texas Office of Consumer Credit Commissioner (OCCC), and if they do business in California, then they must be licensed by the Department of Financial Protection and Innovation as well.
Unemployment Benefits as Income
It’s mandatory for the lenders in this ranking to consider unemployment benefits as income, even if they’re as low as $200 per week. We verify this by checking the Terms and Conditions of each lender, to make sure that you will stand a high chance at getting approved when sending your application form.
Here we also make sure that they have low standards when it comes to the minimum monthly income requirement, in order to increase your chances of getting approved by the lender.
APR and Finance Charges
The maximum APR and finance charges will vary depending on the state you live in, but we have made sure to only select payday lenders that offer the most competitive rates across all the US states they do business in. This way you will have the chance to obtain an affordable payday loan that will help you finances.
Approval Rate
We only select payday lenders for unemployed people on benefits that offer a high approval rate. For example, they must be willing to accept your application even if you have bad credit or no credit history, as long as your unemployment benefits are enough to cover the total cost of the payday loan.
Loan Amounts
The lenders from our ranking will bring you plenty of choices when it comes to payday loan amounts. You can take out a payday loan for as low as $100, or as high as $50,000 (if your state allows it). Therefore, our recommended lenders will bring you the flexibility you need to take out a loan that will help you to cover any type of expenses.
Loan Terms
The minimum and maximum loan terms will vary depending on the state you live in, but our recommended lenders will bring you a lot of flexibility here. Be it that you need a payday loan for just 7 days or for as long as 90 days or more, they will help you to find your ideal offer.
Approval and Disbursement
Payday loans must be fast, and hence we only work with payday lenders that can approve your application instantly and disburse the loan in a maximum of 1 business day. Therefore, you can rely on our recommended lenders to get the money you need in record time.
All About Unemployment Benefits and Payday Loans
If you want to learn more about unemployment benefits before taking out a payday loan, then here you will learn their definition and if they count as income when filling out your application form.
What Are Unemployment Benefits?
Unemployment benefits are payments made to unemployed individuals by a selected number of authorized entities and agencies. In the United States, unemployment benefits are funded by a compulsory government insurance system, and their goal is to provide the unemployed individual with enough money for their basic needs and also compensate them for the lost time based on their previous salary.
Furthermore, unemployment benefits will vary depending on the state you live in and your previously earned salary. States like Washington will provide unemployed individuals with up to $790 per week during 26 weeks, whereas states like Tennessee will limit it at $275 weekly.
Do Unemployment Benefits Count As Income?
Yes, our recommended lenders consider it as a reliable and steady source of income . Because unemployment benefits can last up to 26 weeks and they can bring the beneficiary anywhere from $200 to $800+ per week, making it possible for the person to repay the loan without problems.
Since the maximum payday loan term in most states is 31 days or 4 weeks, our recommended lenders will use your unemployment benefits as a valid source of income when evaluating your application.
For example, the maximum unemployment benefits in Oregon are $648.00 per week and they can last up to 26 weeks, making it easy for you to obtain a payday loan for $100, $200, $500 or even $1000, which you can repay over a maximum of 60 days.
In What States Are Payday Loans for Unemployed on Benefits Legal and Available?
If you want to find out if you can take out an unemployment benefits payday loan in your state, then here you will find all the information you need.
The States Where Payday Loans for Unemployed on Benefits Are Legal
Unemployment benefits payday loans are legal in 37 US states, whereas 16 states and the District of Columbia have forbidden any type of payday lending activities. Therefore, you can take out a payday loan while on unemployment benefits from any of the following states:
- Alabama
- Alaska
- California
- Colorado
- Delaware
- Florida
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Washington
- Wisconsin
- Wyoming
As you can see, you will be able to take out a payday loan in the majority of states, and you’ll be happy to know that our recommended lenders cover all the 37 states where payday loans are 100% legal.
The Best States for Payday Loans on Unemployment Benefits
Some states are superior when it comes to payday loans for unemployed benefits, because they offer high unemployment benefits that will make it easier for you to get approved. Here you have a table with all the information you need:
|
State |
Max. Weekly Benefit Amount |
Max. Weeks |
Max. Payday Loan Amount |
Max. Payday Loan Term |
|
Oregon |
$648.00 |
26 Weeks |
$50,000 |
No Limit |
|
Ohio |
$480.00 |
26 Weeks |
$1,000 |
91 Days |
|
California |
$450.00 |
26 Weeks |
$300 |
31 Days |
|
Texas |
$521.00 |
39 Weeks |
$1,000 |
No Limit |
|
Rhode Island |
$586.00 |
26 Weeks |
$500 |
No Limit |
|
North Dakota |
$618.00 |
26 Weeks |
$500 |
60 Days |
|
Washington |
$790.00 |
26 Weeks |
$700 |
45 Days |
|
Illinois |
$578.00 |
26 Weeks |
$1,000 |
45 Days |
|
Alabama |
$275.00 |
26 Weeks |
$500 |
31 Days |
|
Tennessee |
$275.00 |
26 Weeks |
$500 |
31 Days |
Due to the payday lending regulations in each of these states, along with the regular nature of the unemployment benefits they offer, they’re the best states for those looking to qualify for a payday loan while on unemployment benefits.
Pros and Cons of Payday Loans for Unemployed Benefits
If you want to compare the pros and cons of payday loans to see if they’re your best choice now that you’re on unemployment benefits, then this quick comparison will help you:
|
Pros |
Cons |
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Easiest loan to obtain when you’re on unemployment benefits |
Loan amounts and loan terms will vary depending on the state you live in |
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Ideal loan for emergencies thanks to instant approval and same day disbursement |
APR can be higher than regular personal loans |
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You can use the loan for any purpose |
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You can get approved for this payday loan even if you have bad credit |
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You can obtain this loan even if you have zero credit history |
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You can obtain a payday loan with a better APR due to the steady nature of unemployment benefits |
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You can use this loan to build up your credit |
Considering how hard it is to qualify for a conventional personal loan when you’ve just lost your job, payday loans are an excellent choice because they will happily accept you even if you’re on unemployment benefits.
Alternatives to Payday Loans for Unemployed Benefits
If you’ve realized that a payday loan might not be the best choice for you now that you’re on unemployment benefits, then we recommend you to consider the following alternatives.
Secured Loan
Securing a loan with real property or a valuable possession is an effective way to increase your chances of approval and getting a loan under better terms and conditions. However, the downside here is that you will lose your collateral if you fail to repay the loan.
Credit Card Cash Advance
If you have an active credit card then you can use it to obtain a cash advance, which won’t consider your current employment situation. Therefore, you can obtain it even if you’re on unemployment benefits right now. These cash advances are usually credited instantly once you’ve been approved.
401K Loan
You can also take out a loan against your own 401K, which is a smart way to get the money you need while paying minimal fees or next-to-nothing in terms of interest. However, you still need to meet a series of different requirements to be able to take out a 401K loan without paying the 10% penalty.
Installment Loans for Unemployed on Benefits
Since most unemployment benefits will last 26 weeks, which is roughly over 6 months, you could qualify for an installment loan. The advantage here is that you can borrow more money since the regulations are more relaxed, and you can repay the loan over several months, usually 6-24 months. However, the problem is that it’s hard to get approved by an installment loans provider when you’re unemployed, especially if you have other underlying problems such as bad credit or no credit history.
F.A.Q
If you want more information about payday loans for unemployed on benefits, then the answers to the most frequently asked questions will come in handy.
How much can I borrow with a payday loan for unemployed on benefits?
Our recommended lenders can lend you up to $50,000 if you qualify, but this will depend on the state you live in. Therefore, the maximum you can borrow is usually within $300 to $1,000 due to the regulations of the different states where payday loans are legal.
Can I get unemployment payday loans 1 hour?
Yes, our recommended lenders also offer the popular 1 hour payday loans for unemployed on benefits. They work the same way as regular payday loans, but they’re approved in 60 minutes or less and usually disbursed right away, making them the ideal emergency payday loan for people on unemployment benefits.
Can I get a cash advance on unemployment benefits?
Yes, you can also get a cash advance if you’re on unemployment benefits. Since our recommended lenders are specialized in helping people who’ve lost their job, they will assist you in obtaining the money you need in record time. See our list of best cash advance options Here.
Can I get approved for a payday loan for unemployed on benefits if I have bad credit?
Yes, a big percentage of our recommended lenders can approve you for a payday loan for unemployed benefits even if you have bad credit. Only keep in mind that the APR might be higher due to the higher risk that the lender will have to face when accepting your application.
Can I qualify for a payday loan for unemployed on benefits if I have no credit history?
Yes, you can qualify for a payday loan even if you don’t have credit history at all. As long as your unemployment benefits can cover the cost of the loan, and you hold a favorable debt to income ratio, then the lender will be highly likely to approve your application.
