Getting quick access to funds becomes crucial when you’re unemployed and facing financial challenges. Options for cash advance for unemployed persons are a lifeline as they provide immediate money without needing a job or a good credit score.
These services are designed to bridge the gap between paychecks, preventing late fees and ensuring you can meet essential needs.
Whether to cover unexpected expenses or manage daily costs, cash advance solutions cater to those navigating temporary unemployment, offering a straightforward and accessible way to secure the financial support needed during challenging times.
So, let’s uncover the best cash advance for the unemployed.
Best Cash Advance For Unemployed Persons
When facing financial challenges, unemployed individuals may find relief through cash advance apps. These apps provide quick access to funds, helping cover immediate needs. Let’s explore some of the best options available, their features, and their pros and cons.
1. Beem
Beem stands out for its versatility. It offers quick money accessible to anyone, even without the Beem app or a specific bank account. It effortlessly handles various transactions such as money transfers, gift cards, and prepaid cards.
Features
Everdraft™ Feature: Enhances transaction capabilities.
Diverse Recipient Options: Gift cards, prepaid cards, bank transfers, instant debit card transfers.
Pros
Fee-free fund transfers
Incorporated spending trackers
Well-regarded among industries like hospitality, manufacturing, and healthcare
2. Chime
Chime is a finance app known for ExtraCash™, which provides up to $500 in short-term loans with optional tips. It also offers fee-free banking, no overdraft charges, and free ATM withdrawals at 32,000 spots.
Pros
No interest
Tips on earning extra
Alerts to prevent overdrafts
Cons
$1 monthly membership for advances
Short repayment terms
3. Dave
Dave is another finance app offering up to $500 in short-term loans with optional tips. It provides fee-free banking, no overdraft charges, and free ATM withdrawals at 32,000 spots.
Pros
No interest
Tips on earning extra
Alerts to prevent overdrafts
Cons
$1 monthly membership for advances
Short repayment terms
4. EarnIn
EarnIn allows withdrawals up to $750 each pay cycle, offering flexibility without charges, interest, or the necessity for an additional debit card.
Pros
Withdrawals possible up to $750 per pay cycle
Absence of credit checks or interest fees
No requirement for an extra debit card
Cons
Necessitates validation of work timesheets
Tailored for consistent pay cycles, restricting applicability for freelancers
5. MoneyLion
MoneyLion, a mobile finance app, offers various financial services like checking accounts, loans, and investments. Its Instacash feature provides fee-free cash advances up to $500 at 0% APR, with Turbo delivery for quick access.
Pros
0% APR cash advances
Multiple financial products for higher advances
Turbo delivery for quick cash access
Cons
Partial withdrawals if full repayment isn’t possible
$1 monthly membership fee
6. Brigit
Brigit, much like Chime, provides paycheck advances up to $250, preventing bank overdraft fees. For $9.99/month, users access credit monitoring, identity theft protection, side gigs, and credit builder loans.
Pros
Up to $250 advances without credit check or interest
Avoids overdraft fees with automatic advances
Cons
$9.99 monthly fee for most features
Requires bank account access
7. Empower
Empower is an app offering instant paycheck cash advances up to $250 and credit lines up to $1,000. Cash advances have no fees or interest, while credit lines can have a 35.99% APR. The Empower Debit Card offers up to 10% cashback rewards on purchases.
Pros
Interest-free cash advances, no fees
Flexible eligibility, no credit check
Cons
Cash advance limited to $250
$8 monthly subscription
8. Klover
Klover offers Chime users cash advances of up to $100. In addition to advances, it offers spending insights, overdraft protection, and a points system to boost borrowing limits.
Pros
No mandatory fees
Avoids overdrawing accounts
Cons
Limited $200 advances
It takes three days for funds
High fast-funding fees
9. PayActiv
PayActiv offers a $200 minimum per pay period or 50% of earned wages, providing low-cost paycheck advances without needing a bank account, secure bill payments, and Financial Guidance.
Pros
PayActiv Visa card available
Access to earned wages
Savings features included
Cons
An employer must provide access
Limited to 50% of earnings
10. Current
Current offers an online bank platform, but its cash advance options may be limited compared to other specialized apps.
Pros
Streamlined online banking platform.
No minimum balance requirement.
Access to high-interest savings.
Cons
No wire transfers.
Customer support may not be available 24/7
11. Varo
Varo, an online bank like Chime, provides a debit card, high-interest savings, and an extensive ATM network. Eligibility for a cash advance (up to $100) hinges on having an active Varo account for 30 days and receiving $1,000+ in direct deposits within 31 days.
Pros
No minimum balance needed
High APY for savings (if requirements are met)
Seven-day chat support is available
Cons
High-yield savings linked to checking
No wire transfers
No 24/7 customer service
12. Albert
Albert is a highly recommended cash advance app compatible with Chime, offering comprehensive money management for free. It integrates banking, budgeting, saving, and investing, providing advances from $100 to $250 based on income.
Pros
No interest or late fees
No membership is needed
Cons
Customer service via email or text is sometimes challenging to reach
13. DailyPay
DailyPay offers an on-demand pay solution granting employees access to earned wages before the standard payday. This platform serves diverse businesses, yet instant transfers can be costly despite accurately tracking hours and wages.
Pros
Accurate hours and wage tracking
Ability to add offers to your Cash App card
Cons
Instant transfers can be expensive
Delayed availability contradicts the name
14. Possible
Possible Finance, an online lender, offers short-term installment loans up to $500. Because credit checks are not required, it’s accessible to those with bad credit. However, weighing the pros and cons before opting for Possible Finance is essential.
Pros
No credit check for accessibility.
The repayment period extends up to eight weeks.
Reports payments to major credit bureaus for potential credit score improvement.
Cons
High APR, reaching up to 460%.
Considerably higher costs compared to traditional loans.
15. SoLo Funds
SoLo Funds provides community-based funding where members can lend and borrow from one another. You can create your loan request, and members can review your proposed terms and choose whether to accept your offer.
Pros
Control over fee amounts
No interest
Can build credit with payments
Cons
Maximum $100 limit for new members
Single repayment term
Significant late penalties
16. Vola Finance
Like Brigit and MoneyLion, Vola Finance provides loans up to $300, a credit builder program, and tools for bank balance monitoring. The Smart Alert feature prevents overdraft fees by notifying users of low balances. If you want loans more than $300 and with other financial features, you can try other best apps like vola finance.
Pros
Advance amount independent of working hours.
Offers financial literacy tools.
Alerts for low bank balances.
Cons
Limited maximum advance of $300.
Access to membership tiers and costs requires signing in to the bank account.
17. Branch
The apps like branch enables cash advances up to $500 through “Instant Pay” without membership or advance fees. Instead of interest, users can choose to leave a tip. For instant advances withdrawn on payday, they charge between $2.99 and $4.99.
Pros
No advance fee unless it’s an instant withdrawal
Absence of membership fees
Cons
Limits on advance amounts
Requires a supported debit card
Not suitable for remote employees
18. FloatMe
FloatMe is a cash advance app that lets people borrow up to $50 between paychecks. There’s no credit check or interest, and you can get the cash you need in just a few minutes. However, to use the FloatMe app, you’ll have to pay a membership fee. If you are looking for apps like floatme with no membership fee, you can try payactiv
Pros
No interest
Ability to receive cash in minutes
Can help build emergency funds
Cons
Users must pay a membership fee
Paycheck direct deposit required
Users can only borrow up to $50
How To Apply for Cash Advance Apps For Unemployed Persons
Securing a cash advance when unemployed may seem challenging, but certain apps cater to your needs. Follow these straightforward steps to apply for cash advance apps and access quick funds without the hassle of traditional loan processes.
How to Apply for Cash Advance Apps For Unemployed
Inquiry: Submit a form with basic personal information.
Credit Check: Some apps may check credit, while others don’t.
Pre-Approval: Qualify with alternative income proof if jobless.
Loan Offer: Receive an offer with terms.
Agreement: If satisfied, sign the loan agreement.
Funding: Linked bank account receives direct deposit.
Other Ways To Get Money in Your Bank Account When Unemployed
If you prefer something other than cash advance apps, there are alternative ways to secure funds in your bank account, especially when unemployed. Government benefits and other assistance programs can be valuable resources during challenging times.
Government benefits like Unemployment Benefits provide monthly funding for those seeking permanent employment, while Worker’s Compensation supports those with job-related injuries.
Additionally, individuals with a 401k or Retirement Fund can access significant funds, and Child Support Payments offer financial assistance for single parents caring for their children based on their ex-spouse’s income.
Conclusion
In conclusion, whether you opt for cash advance apps or explore alternative avenues, the goal remains the same: to alleviate financial strain during unemployment. While cash advance apps for unemployed persons offer quick solutions with diverse features and offerings, government benefits and other assistance programs serve as reliable options for those seeking stability. By understanding the available resources and navigating various options, individuals can find the necessary support to manage expenses and weather financial challenges during unemployment.
Remember, you can always try Beem to find the best loan offers to consolidate your debt and stay ahead of your financial management.
