Cash Advance Apps With Unemployment Benefits

Emergencies can happen to anyone at any time and can seem more difficult when you are unemployed. The good news is that some lenders will still consider a cash advance with unemployment benefits, although you need to consider the pros and cons of such a loan carefully. Read on to find out more about loans for unemployed people.

$2,500
Want to borrow more than $5,000? Click here!

Types of Loans for Unemployed People

Payday Loans

A payday loan usually has to be repaid within a maximum of a month and although many lenders will approve a payday loan without proof of income it will still have to be repaid by the due date, or renewed at a higher cost which increases the debt.

Payday Alternative Loans (PALs)

Payday Alternative Loans are offered mainly by some credit unions and are usually for less than $1,000. Even if you are a member of a credit union it can take time to qualify for such a loan.

Cash Advance Apps

You can use a cash advance app even if you don’t have a job, as long as you have some sort of regular income, and these apps are good for taking care of short-term small expenses.

Personal Loans

It can be difficult to get a personal loan when unemployed, but if you have a job offer or another source of income there are lenders who are willing to offer you a personal loan.

Is Getting Cash Advance for Unemployment Benefits a Good Idea?

It is always possible to find lenders who will offer a cash advance with unemployment benefits but these types of loans have a high-interest rate and may have other fees which can make them a problem when you have to repay them.

When that happens you may be offered another loan to cover the existing one for a further short-term period, at even higher rates and this leads to a debt cycle it is difficult to get out of when you are unemployed. These types of loans should be used as a last resort, and first, you should look for loans from other sources such as friends or family.

Top 5 Cash Advance Apps With Unemployment Benefits

FloatMe

FloatMe is an app designed to provide a small cash advance for unemployment benefits. A borrower just needs a linked bank account that has already had several direct deposits of at least $200. The maximum cash available is $50 and there is a monthly fee of $1.99 to use the app. If you need the cash urgently you can get it within 8 hours for an extra fee of $4, and FloatMe works in all states.

Chime SpotMe

If you have a Chime Spending account and it is overdrawn, Chime SpotMe will provide a cash advance to cover the overdraft, for as little as $20. You need to have deposited at least $200 in your Chime account in the last 34 days, and there are no monthly fees or interest charges on the cash advance.

Vola Finance

With Vola, you can get a cash advance for unemployment benefits of up to $300. The eligibility requirements are simple and basic. You need a bank account that has been open for at least 3 months and that shows regular deposits and activity, with an average balance of $150.

There are monthly fees that vary between $2.99 and $28.99 which sounds a bit expensive, and Vola is available in all states. It also provides tools to help you to better manage your finances.

MoneyLion

This is a quick and easy source of small guaranteed loans for unemployment benefits, up to $250. The only requirements are you must have a bank account for at least 60 days and some source of regular income, and the app is available to people with no job and even with poor credit.

There is a monthly fee of $19.99, and you can get instant cash in a few minutes for an additional fee of up to $7.99. MoneyLion is not available in every state and it also offers a range of other financial services which might justify the high monthly fees, provided you use them.

SoFi

If you have a good credit history with a credit score of over 680, and you have a confirmed job offer, you can get a loan of up to $5,000 from SoFi. The repayment term is up to 7 years, and the APR is competitive ranging from 7.99% to 22.73%.

You can get the cash within 24 hours and SoFi is available in almost every state. The app also offers unemployment protection in case plans don’t work out as expected.

Four Easy Steps to Get a Cash Advance Loan With CocoLoan

CocoLoan is an online broker who is dedicated to helping you find the loan you need through one simple form online. Here is our easy four-step process:

  • Step 1: Complete the Online Submission Form - Spend a few minutes filling out the request form with your personal and financial details as required.
  • Step 2: Compare and Choose Offer - Once you receive multiple offers from our lenders, you can make a comparison and pick out the one that works for you.
  • Step 3: Sign the Agreement - When you have identified the right offer, sign the loan agreement with the lender of your choice.
  • Step 4: Get the Money - In most cases, the funds borrowed will be directly transferred into your bank account within 24 hours or faster.
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Get a Cash Advance With CocoLoan Now!

When you are trying to find cash advance apps with unemployment benefits, let CocoLoan help you choose the best and easiest options.

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