Emergency Cash Loans No Credit Check Unemployed Australia

If you’re unemployed, you probably already know how hard it is to get a loan. Since you have no apparent income, many loan providers won’t trust you enough to lend you money. And once you add bad credit to the formula, you can pretty much kiss your chances of getting a loan goodbye. 

So, what should you do if you suddenly require emergency money? Should you just give up? Or can you find emergency cash loans with no credit check for the unemployed?

Well, let’s see if such a thing is possible, shall we?

What this article covers:

What Are Emergency Cash Loans with No Credit Check? 

Emergency cash loans are a sort of personal loan that’s prioritised and approved as soon as possible to address an unexpected need

The overall lack of credit checks is one of the reasons emergency loans are so quick. Most, if not all, lenders will waive the credit check part of the loan, which is ideal if you have poor credit. However, note that these loans come with high interest rates.

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Can You Get Emergency Cash Loans with No Credit Check if You’re Unemployed in Australia?

Well, fast, no credit check loans for unemployed aren’t exactly guaranteed, but they’re possible. 

Of course, you won’t get such a loan from a bank as banks require stable employment to get a loan. As such, you’ll be dealing with private lenders and financial establishments to get your loan. 

But why would these loan providers approve you when banks won’t?

Quite simply, they look at your current financial status and decide. For instance, they’ll ask for your recent banking history and compare it to your alternative source of income. If that income can cover your expenses and your loan payments, then they’ll grant you the loans immediately. 

How Can You Improve Your Chance of Getting a Loan Approval?

While there isn’t a surefire way to get approved for a loan, there are a few things you can do to make your application more promising.

For one, you should get your finances in order. Pay your bills, previous loans, or credit card debts on time. Not only will this make your application more reassuring, but you’ll also improve your overall credit score. 

You can also try reducing your credit card limit. Since a credit card is a potential source of debt, it’s best to lower the limit as much as practically possible to keep yourself in the clear. 

Of course, the best thing you can do is get a job or, at the very least, proof that you’re looking for one. If you’ve recently landed a job, but you’re still on probation, then you’d be better off applying for a loan after the probation period is all over. That way, you have a testimony that you’ve got a stable, secure job. 

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What Are Acceptable Sources of Income for Fast No Credit Check Loans for Unemployed?

Even if you’re currently unemployed, as long as you have a stable source of money, most lenders won’t hesitate to give you a loan.

Some alternatives sources of income include:

  • Government benefits such as Centrelink 
  • Dividends from shareholdings 
  • Trust funds
  • Self-employment

How Much Can You Take Out with Emergency Cash Loans No Credit Check Unemployed Australia?

Generally, this will depend on how much income you receive. Typically, however, most lenders would cap off the loan at $5,000.

Occasionally, some will only go up to $2,000 and some will allow you to borrow almost $10,000. But again, the amount will mainly depend on how much you can pay back. 

Eligibility Criteria for Emergency Cash Loans No Credit Check Unemployed

Thankfully, you don’t need much to get an emergency cash loan for the unemployed in Australia. You simply need to:

  • Be a citizen or permanent resident of Australia
  • Be 18 years old or older
  • Have had a regular source of income for at least 3 months
  • Have a working email, phone number, and address

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Are There Alternatives to Emergency Cash Loans for the Unemployed?

If you’re currently unemployed and have a bad credit score, you’ll be best off getting emergency cash loans for the unemployed. However, if you can’t find a loan provider willing to lend you the money, here are a few other options you can try:

No-Interest Loan Scheme 

The No-Interest Loan Scheme, or NILS for short, is a service offered for Australians who are having a hard time making ends meet. 

With the NILS, you can borrow up to $1,500 without undergoing any credit check. Best of all, this loan doesn’t come with any fees or interest rates. You just pay back the amount you borrowed over 12-18 months, no more, no less. Once the loan is repaid, the money will be freed up for someone else to take. 

As great as the NILS sounds, it does come with its own drawbacks. For instance, a NILS loan isn’t easy to acquire. First off, you need to fulfil the following criteria:

  • Applicant must have been living in the same address for at least 3 months
  • Applicant must be able and willing to repay the loan
  • Applicant must either have a Health Care Card, a Pensioner Concession Card, or make less than $45,000 after tax deductions. 

Secondly, the loan money needs to be used for essential goods and services only. This includes things like medical/dental services, household and educational items, electrical goods, car repairs, etc. If you plan on using the money for something like a holiday or debt consolidation, you won’t qualify for the loan.

Now, even if you meet all the criteria, you still need to meet your local NILS provider to get the money. This meeting will take time to arrange, and it’ll take your provider a few days before they can give you the loan. So, no last-minute loans.

While this process isn’t too time-consuming, it can be too long for some. So, if you don’t have the luxury of waiting a few days for the money, a NILS loan may not be right for you. 

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Centrelink Advance Payment

The Human Services Department in Australia allows Centrelink recipients to receive emergency cash loans, known as advance payments. 

To be eligible, you must have received any Centrelink government assistance, such as a disability support pension, care payment, widow allowance, and so on.

Once you apply, you’ll be able to get a sum of money, which will then be automatically deducted from your future Centrelink payments. 

Obviously, this type of loan doesn’t come with any fees, interest rates, or credit checks. However, its major flaw is that it cuts your income for the upcoming weeks/months. This may leave you in a hard spot, not being able to pay for your essentials like groceries, rent, utilities, etc. 

Conclusion 

Even if you’re unemployed, you can still find a lender willing to give you an emergency cash loan with no credit check. However, it’ll probably take you a few tries till you find one. 

By using our services at Orange Loans, we can get you in touch with such a lender on the first try. All you need to do is fill out an online application and wait for the lender to approve it. When they do, you’ll be counting your money in just a few hours. 

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