Unemployment Cash Advance Apps

Anyone can be in a financial emergency regardless of their employment status. However, people who are out of work are expectedly usually in more need of urgent cash than folks who have a paycheck come in ever so often. 

It’s not always easy to get a loan urgently if you don’t have a job. But the truth is, there are cash advance apps through which you can access money quickly, even without a job — as long as you have an alternative income such as unemployment benefits or disability benefits. 

In this article, we'll explain your options for unemployment cash advances and recommend the 5 best ones. 

What Are Unemployment Cash Advance Apps?

Unemployment cash advance apps allow unemployed people to get small cash advances on their next paycheck when they're close to overdrawing their bank account. They come in handy when you urgently need cash but have no emergency savings to turn to.

The qualification criteria for cash advances are quite easy to meet. In most cases, you just need to;

• Be at least 18 years old;
• Be a US citizen or permanent resident;
• Have a government-issued ID;
• Can prove a regular alternative income source, which can include your unemployment benefits

5 Best Unemployment Cash Advance Apps

Unemployment cash advance apps for their worth are a great loan option. However, there are a few factors that make some of these apps stand out from the rest - how easy they are to use, membership fees, if there are any financial, and budgeting tools, overdraft protection features, etc. The following cash advance apps were handpicked by reliable tech advisors as the best in these categories.

Brigit

Brigit is another efficient app to borrow money when you are unemployed. You can borrow up to $250 instantly, but you need to have an active checking account that has received money from the same source for at least two months prior. This ensures that they are lending to people who have an alternative source of income.

The app also allows users to set recurring advances if they think they can overdraw the account. Brigit charges $9.99 per month for this service — along with other premium services. No other charges are involved.

Sofi

Sofi is an ideal place to go if you desperately need some emergency funding when unemployed. You can qualify for a SoFi loan of $5,000 or more if you have a job offer with a start date that's within 90 days. And that's because the job offer points to future income and shows you are creditworthy. Funding is typically processed within one business day. 

One of its strong points is that it has an Unemployment Protection Program, which is available to its members who have a funded Personal Loan in good standing and are unemployed through no fault of their own.

MoneyLion

This is a great pick on our list of quick, easy, and rapid unemployment cash advance apps.

MoneyLion allows you to borrow $25 at a time, up to a maximum of $250 altogether. There are no predetermined income requirements. You only require a 60-day-old checking account and a source of income or periodic payments.

You'll pay $19.99 a month for membership plus $0.99 to $7.99 for "turbo" rush funding. MoneyLion's checking accounts, credit builder loans, and other financial services may justify the expense.

The instant offer is available to the unemployed and those with poor credit. Register on their website, provide the required credentials and apply for a quick loan.

Klover

Klover is another top pick for the best unemployment cash advance apps in the US. It is a top option for unemployed people who want quick, easy, and instant cash for an emergency.

According to their website, you can borrow up to $100 instantly if you have a verifiable source of income such as unemployment benefits or child support.

Klover uses a points system to boost the beginning limit, which is smaller than other cash advance apps. Once a consumer signs up, points begin to accumulate and multiply with app use.

Vola Finance

Viola Finance is another app that is great for unemployment. If you meet the eligibility requirements, you can access a loan of up to $300 after you link your bank account. The bank account should be:

• Active for at least three months
• Have a minimum balance of $150
• Have proof of income (have direct deposit and other activity)

The app charges between $2.99 and $28.99 monthly for the services. The app also supports budget analytics and money management tools.

Types of Loans Available to Unemployed Borrowers

Below are several types of loans you can get when unemployed. 

• • • Payday loans

    Some payday loan lenders offer loans even without proof of a reliable source of regular income. However, you should be vigilant as these can lead to an inescapable debt trap. 

•  

  • Payday alternative loans (PALs)

• These are typically offered by credit unions to their members. You need to be a credit union member to qualify for its PAL. 

• Personal loans

• There are few personal loan options for people out of work. However, some lenders may be willing to offer new employee loans if you recently got into a job.

Things to Consider When Finding a Cash Advance on Unemployment Benefits

Although cash advances are easy to get even when you are unemployed, they typically have high-interest rates that could lead you further down the debt trap. If you are unemployed, it’s ideal to steer clear of loans that could lead you down this path or at least be aware of the risk factors if this is the only option you have left. 

Also, always weigh your options before settling on a cash advance. Ask questions and do your due research to see if there are cheaper loan options around. One common option is borrowing from family and friends. Only consider a cash advance loan as a last resort.