No matter if you are unemployed or retired! Unemployment can hit your finances hard, and a cash loan for the unemployed is an attractive option to help you stay afloat even in an emergency.

Being unemployed can be highly stressful for an individual. You can qualify for a loan when you are out of work but must have a good credit score. So, if you are jobless and have a poor credit score, you may qualify for unemployment loans with no job verification in Canada.

If you are unemployed but receive monthly benefits payments from your Employment Insurance (EI), congrats!! Then some direct lenders in Canada offer bad credit loans for unemployed people.

How-To-Get-A-Loan-Without-A-Job-And-Bad-Credit

Can you get a loan without a job in Canada?

Yes, you can get a loan without a job in Canada. Many direct lenders provide 1-hour loans with no employment verification in Canada with the help of a co-signer or by putting up collateral. However, it is only possible for some unemployed people they can fulfill such requirements to qualify.

Research shows that banks and other financial institutions are less willing to lend money to jobless people with bad credit. Unlike many lending institutions, we offer highly affordable online loans for the unemployed in Canada with no credit checks.

The chances of being approved for a payday loan, even if you don't have a job, depend on your income and credit. If you don't have proof of employment, you can provide alternative income options to show you can repay what you borrow.

The gig economy, self-employed, CCB, CPP, EI, and some disability benefits are other ways to show earned income. These finance sources make you eligible to apply for unemployment loans with no job verification.

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What are bad credit loans?

Bad credit loans are cash advances from lenders that work with poor or no credit history borrowers.

When you approach a lender for a cash loan, they heavily consider your credit score and overall creditworthiness. Lenders often require a minimum credit score to qualify, which is impossible for a poor credit score applicant. However, some lenders provide emergency loans without jobs and credit in Canada.

Credit scores are a number that represents your financial aptitude, and scores range from 300 to 900. This rating shows whether you are a good candidate for a loan or other financing. Equifax and Transunion are the two major credit bureaus in Canada.

These bureaus collect and list all your credit activity (payments, transfers, canceled accounts, etc.). According to TransUnion, lenders consider borrowers with a score of 650 or higher ideal for their services.

When your credit score is high, you have the best chance of loan approval. If it is low, your chances of approval decrease.

We at eFaxlessPaydayLoans, not only offer online faxless payday loans but also offer them for bad credit people.

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What loans are available for unemployed in Canada?

Even if you've lost a job, some lenders in Canada offer some options for jobless who receive unemployment benefits. Here are some loan options for which alternate income sources can help you qualify.

Type of unemployment loans that accept supplementary:

  • Payday Loans: Payday lenders usually check the affordability of the applicants. If you receive the income from Employment Insurance (EI) benefits and afford the repayment of your loan, you may qualify for a payday loan for the unemployed.
  • Installment Loans: Similar to payday loans, installment loans require you to earn income from benefits, but you may get installment loans for the unemployed for more extended periods and with easy repayment options, basically in small installments.
  • Auto Title Loans: Another option for borrowing money available without employment verification. To apply with a title loan lender, you must own a car or other vehicle to submit as security, like a secured loan. If you miss a payment, you must surrender the hard copy of your vehicle title as collateral.
  • Lines Of Credit: Line of credit enables unemployed individuals to obtain emergency loans without a job. It always provides funds, and you repay only the interest of the spent money like a credit card.

Some popular options for getting money without interest:

  • Ask friends or family for help
  • Look into side jobs or freelance work
  • Rent out a room in your home
  • Sell items you no longer need
  • Offer your services
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Do the loans for the unemployed with bad credit exist?

Yes! It is possible to qualify for loans for unemployed people even with bad credit. If you are currently unemployed and have an adverse credit score, you can still get a loan.

The easiest, simplest, and fastest way to qualify and get cash is to apply for payday loans with direct lenders that accept unemployment benefits. These direct lenders accept various types of Canadian government-supported benefits as a valid sources of income.

If you receive unemployment benefits in Canada, you may successfully qualify for payday loans for the unemployed benefits with bad credit. You can use the loan amount to cover short-term financial difficulties.

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How to get a bad credit loan when you're unemployed?

Getting a loan when you're unemployed and have bad credit can be more difficult. Contrariwise, getting a loan when you're employed and have good credit is effortless. However, some online direct lenders in Canada still provide some options. But choosing the perfect one for the best loans for the unemployed with bad credit in Canada is like "finding a needle in a straw."

Suppose you're applying for a short-term with bad credit while in the employment phase; you'll need to be extra careful about some points. What you put on your loan application, what lender you choose, and how you manage your finances.

To succeed in getting a loan, remember tips given below:

List all income sources: If you have any earnings, show that on your loan application. Make sure to describe every source of income.

You should include things like:

Get a part-time job: If you're not bringing income from traditional sources, consider taking up a part-time job to make extra money before applying for a loan. Gigs like retail outlets, personal tutors, drivers, and servers/ bartenders at restaurants all offer entry-level part-time work. Platforms like Upwork, 99 Designs, Fiver, Task rabbit, Skyword, and Freelancer.com can be good for finding freelancing opportunities.

Don't skip credit cards and other loan payments: Lenders will only approve loans if they see you defaulting on payments. Do your best to pay off any credit card or other loans taken out on time, every time.

Find a lender who has your interests in mind: Some lenders focus only on high-credit borrowers. Nevertheless, some less stringent lenders grant loans to borrowers with average or poor credit scores. If your score could be better, find one that targets low-credit borrowers and saves you some time and hassle.

Add a co-signer or co-applicant: These identities can improve your chances of getting a loan, especially if a co-signer or co-applicant has a steady income source and good credit. It is where you can get your spouse's help since they are entirely aware of the situation.

Why wait? Apply below and get approved in minutes!

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Who is eligible for bad credit loan for unemployed?

Your eligibility for a bad credit loan for the unemployed depends upon your lender, and it may vary from lender to lender and your benefits types.

In general, most payday lenders consider the following factors when determining eligibility:

  • Be at least 19 years of age.
  • A valid contact telephone number, email address, and home address.
  • Canadian citizenship of the province in which your lender operates.
  • Income from a single source or mixed-income for the last three months.
  • EI payments may be accepted if the applicant was employed with a steady income source in the last three months.
  • Joint or a single net monthly income of at least C$800 minimum.
  • Your bank account must have bi-weekly EI payments set up. Every other Tuesday or Wednesday if Monday is an official holiday.
  • A Canadian bank account with online banking has been open for at least three months.

There are specific criteria to become an eligible and suitable applicant. Similarly, some factors make a lender a good creditor.

What are Payday Loans on Employment Insurance (EI)?

Employment Insurance or Income (EI) provides benefits up to 55% of weekly earnings. It means a jobless person can receive a maximum of $650 per week. Depending on the unemployment rate of the applicant's region, they can get benefits for 14 weeks up to 45 weeks maximum.

Many payday lenders offer payday loans on Employment Insurance, also known as EI. If you receive EI, you can receive a payday loan while on employment insurance. The process is the same as applying for a standard payday loan. The only difference is that you must show proof of employment insurance and payments.

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Bad Credit Loans For Unemployed- Some FAQ's

What is a loan for the unemployed?

If you are not working but have some income from benefits or saving, you can apply for loans for unemployed people. You need to provide proof of your income and convince your lender that you can afford your loan payments.

Can I get a personal loan if I'm not working?

Yes, you can get a personal loan if you are not working. It is essential to understand that you may pay higher interest rates. Although personal loans are unsecured lending, lenders need solid credit and an alternate source of income.

Do you lend to unemployed people with bad credit in Canada?

Yes! Whether you are unemployed or have bad credit or both. Our lenders lend to you in the short term in Canada. You must receive regular income from disability benefits or EI to qualify for unemployed loans with bad credit.

Can I get a payday loan on benefits?

Yes! It is true; you can get payday loans with or without a job. Whether accepting social assistance or benefits, you can get e-transfer loans up to C$1,500. Lenders only require verifiable income sources so that you can repay the loan.

Do I need to fax any documents?

When you apply for faxless payday loans, why are you not required to fax documents to a potential lender? However, a suitable lender processes soft credit checks and verifies repayment capacity.

Can you get a loan if you are on welfare?

Yes! It's possible. You can get a payday loan if you are on welfare. Some lenders in Canada accept CTB, CPP, and other disability benefits as valid sources of income. However, getting a loan on welfare can be a bit of a challenge; apply online with us.