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Where can you find emergency money if you are unemployed?


The unemployment rate in the United States is falling steadily. However, more and more Americans are struggling financially. Those with good jobs and a decent credit rating may be eligible for a personal loan from traditional financial institutions. But what do you do if you are one of the millions of unemployed? If this seems relevant to you and you need money now, there are immediate options. You have the option of qualifying for certain loans even with bad credit.

Loan options for the unemployed

If nothing works, you still have a few workarounds:

  1. Guaranteed personal loans. Collateral guarantees your lender that they can get their money back even if you stop paying your monthly payments. When you are considering these types of loans, be aware that if you do not pay off your debt, you will lose the collateral.
  2. Home equity loans. If you own real estate, this type of loan allows you to borrow money based on the value of your home.
  3. Payday loans. These short term cash advances help you get emergency cash with low needs. Most people qualify without encountering any issues. These loans are quick and could help you until you get your next paycheck.
  4. Installment loans. Online lenders also offer loan products for a term of several months. Besides the term of the loan, the amount available can be up to $ 5,000.
  5. Cash advances. Credit card holders can get a small cash advance. You should know that these loans come with a high rate of interest.
  6. Lines of credit. Borrowers who qualify for a personal line of credit can access loans through their credit cards. If you are successful in securing such a loan, your payment will usually fluctuate from month to month.
  7. Loans from pawn shops. Another alternative to traditional loans, borrowing from a pawnshop is quick. This involves the use of a valuable object as collateral. The risk here is to lose the asset you are using as collateral. Your credit score is irrelevant in this context.

Where the unemployed can apply for a loan

You can apply for a loan from a bank, credit union, or direct lender. The first two options are more traditional, while the payday businesses belong to the alternative loans. See below for some typical examples.

Bank of North Dakota

Loan products: home loans, student loans, business loans, infrastructure loans, scholarships;

The amounts: vary depending on the borrower’s information;

APR: from 1.59%;

Advantages: repayment terms of up to 180 months, wide range of products and services, financial education resources.


Loan products: payday loans for bad credit, vacation loans, installment loans, emergency cash loans.

The amounts: from $ 100 to $ 5,000;

APR: from 200%;

Advantages: fully online application form, financial education resources, no credit checks, complete just one application and get quotes from many trusted lenders, 24/7 support.

1st Federal Credit Union Members

Loan products: auto loans, personal loans, mortgages, student loans, home equity loans;

The amounts: from $ 500 to $ 20,000 and more;

APR: from 3.48%;

Advantages: loyalty programs, digital banking, financial advice, no early repayment penalties


Loan products: consumer loans, student loan refinancing, private student loans;

The amounts: from $ 5,000;

APR: from 2.45%;

Advantages: personalized services, full support, secure customer reports, mobile operations.

Federal Sun CU

Loan products: home equity, credit card loans, car loans, student loans, personal loans, debt consolidation;

The amounts: from $ 1,000 or less;

APR: from 3.24%;

Advantages: online banking, federal insurance, secure connection, 24/7 assistance.

The three factors that influence your qualification

When applying for a personal loan, three main elements directly influence your chances of obtaining approval:

  1. Your income. A direct lender will carefully examine your source of income and look at your debt-to-income ratio. They will assess whether you can repay them based on your monthly resources. If you don’t have a traditional job, other sources of income may work with some lenders. They include unemployment benefits, child support or alimony, investments, your spouse’s income.
  2. Your credit history. A bad credit rating will generally not prevent direct lenders from accepting your application. Additionally, many financial lenders do not advertise any credit checks. However, having a good credit history is to your advantage. First of all, it indicates that you are a responsible borrower. Second, a fair score can help you get lower interest rates.
  3. Your legal residence. The terms and conditions of emergency loans vary by state. For example, states like Mississippi, Nebraska, and Missouri cap the loan amount at $ 500. Other states cap the APR or change the typical 30-day duration for a cash advance. Therefore, the offer you receive from lenders is also dependent on state regulations.


Even if you are unemployed, you can still apply for a loan. There are several options available to you to access an emergency loan. Some lenders, such as payday loan providers and pawn shops, will not pay much attention to your credit score. However, before you get into debt, do a quick research and compare your options. Take into account your income and your state of residence to estimate your chances. Most importantly, pay off your loans on time.