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How to Qualify for Personal Loans if You’re Unemployed

You can get a personal loan while unemployed, but to qualify you’ll need to prove you have some form of income and decent credit.

Rae Hartley Beck Rae Hartley Beck Edited by Ashley Cox Updated October 25, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

To be approved for a personal loan, or any loan for that matter, you have to prove your ability to pay the loan back. But how can you prove your ability to pay a loan back if you’re unemployed?

While it can be challenging to get a personal loan while you’re unemployed, it’s still possible — especially if you have an alternate income source and decent credit.

Here’s how to qualify for a personal loan when you’re unemployed:

  • Important factors to getting approved for a personal loan
  • Can I get approved for a personal loan if I’m unemployed?
  • Ways to qualify for a personal loan while unemployed
  • Where to find personal loans while unemployed
  • Should I get a personal loan while unemployed?

Important factors to getting approved for a personal loan

Lenders consider these main factors when deciding whether to approve you for a personal loan:

  • Credit score: Your credit score is a three-digit number that indicates how you manage credit. The higher your score, the less risky you are to a lender.
  • Income: Lenders want to see that you’ll be able to repay your loan. If you’re unemployed, you can provide alternate sources of income to help you qualify. While lenders may consider your household income, your personal income is more important to getting approved since you’re the one who’s ultimately responsible for paying back the loan.
  • Debt-to-income ratio: Your DTI ratio is how much of your gross monthly income goes toward your debt payments. Lenders typically want to see a DTI ratio of 36% or lower.

While it’s possible to get a personal loan with bad credit, having bad credit and no income at the same time may put you at the mercy of payday loans.

Good to know: Payday loans are small, short-term loans designed to be repaid in two to three weeks. Payday loan lenders don’t consider your ability to repay the loan, which can trap you in a cycle of debt. A payday loan can have fees and interest that equate to an annual percentage rate (APR) of 400% or higher, according to the Consumer Financial Protection Bureau.

Even if you’re unemployed, you should only consider payday loans as a last resort.

Related Read: What Credit Score Do I Need to Take Out a Personal Loan?

Can I get approved for a personal loan if I’m unemployed?

Yes, you can get a personal loan without a job, but it’ll be more challenging, and you may pay higher interest rates. Lenders will also want to see that you have solid credit and an alternate source of income.

Personal loans are unsecured loans, which means that they aren’t secured by an asset, such as a car or house. Because they’re unsecured, they tend to have higher interest rates since the lender won’t have any collateral to seize if you fall behind on your loan payments.

See Also: 9 Low-Income Loans: Personal Loans for a Tight Budget

The personal loan companies in the table below compete for your business through Credible. You can request rates from all of these partner lenders by filling out just one form (instead of one form for each) and without affecting your credit score.

LenderFixed ratesLoan amounts


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 35.99% APR $7,500 to $50,000
  • Fixed APR: 7.99% - 35.99% APR
  • Min. credit score: Does not disclose
  • Loan amount: $7,500 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: If approved, funds sent within 24-72 hours†
  • Fees: Origination fee
  • Discounts: No
  • Eligibility: Available in all states except CO, CT, HI, KS, ND, NV, VT, WV, WI, and WY
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
9.95% - 35.99% APR $2,000 to $35,000**
  • Fixed APR: 9.95% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 550
  • Loan amount: $2,000 to $35,000**
  • Loan terms (years): 2, 3, 4, 5*
  • Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except HI, VT, MA, ME, NY, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: Avant
  • Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income: $1,200 monthly


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 15.19% APR $10,000 to $50,000
  • Fixed APR: 7.99% - 15.19% APR
  • Variable APR: N/A
  • Min. credit score: 740
  • Loan amount: $5,000 to $50,000
  • Loan terms (years): 3 to 6
  • Time to fund: Next business day
  • Fees: No prepayment penalty
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
8.99% - 35.99% APR $2,000 to $50,000
  • Fixed APR: 8.99% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 600
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 to 3 business days after successful verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Best Egg and Blue Ridge Bank
  • Min. Income: None
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
6.99% - 24.99% APR $2,500 to $35,000
  • Fixed APR: 6.99% - 24.99% APR
  • Min. credit score: 660
  • Loan amount: $2,500 to $40,000
  • Loan terms (years): 3, 4, 5, 6, 7
  • Time to fund: As soon as the next business day after acceptance
  • Fees: Late fee
  • Discounts: None
  • Eligibility:  Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
10.5% - 29.99% APR $5,000 to $40,000
  • Fixed APR: 10.5% - 29.99% APR
  • Min. credit score: 640
  • Loan amount: $3,000 to $40,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 2 to 5 business days after verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except MA and NV
  • Customer service: Phone, email, chat
  • Soft credit check: Yes
  • Min. Income: $25,000
  • Loan Uses: Debt consolidation and credit card consolidation


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
8.3% - 35.89% APR $1,000 to $40,000
  • Fixed APR: 8.3% - 35.89% APR
  • Min. credit score: 600
  • Loan amount: $1,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: Usually takes about 2 days†
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: LendingClub Bank
  • Min. Income: None
  • Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 35.99% APR $2,000 to $36,500
  • Fixed APR: 7.99% - 35.99% APR
  • Min. credit score: 600
  • Loan amount: $2,000 to $36,500
  • Loan terms (years): 2, 3, 4, 5, 6
  • Time to fund: As soon as the next business day
  • Fees: Origination fee
  • Discounts: Autopay
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $20,000
  • Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.99% - 23.99% APR $5,000 to $100,000
  • Fixed APR: 5.99% - 23.99% APR
  • Min. credit score: 700
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7*
  • Time to fund: As soon as the same business day
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except VT
  • Customer service: Phone, email
  • Soft credit check: No
  • Loan servicer: LightStream
  • Min. Income: Does not disclose
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
18.0% - 35.99% APR $1,500 to $20,000
  • Fixed APR: 18.0% - 35.99% APR
  • Min. credit score: None
  • Loan amount: $1,500 to $20,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 to 2 business days after approval
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.74% - 17.99% APR $600 to $50,000
(depending on loan term)
  • Fixed APR: 7.74% - 17.99% APR
  • Min. credit score: 700
  • Loan amount: $600 to $50,000*
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: 2 to 4 business days after verification
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.99% - 35.99% APR $3,500 to $40,000
  • Fixed APR: 5.99% - 35.99% APR
  • Min. credit score: 640
  • Loan amount: $3,500 to $40,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: 90% funded within a day13
  • Fees: Origination Fee, $15 Late Fee, $25 NSF Fee
  • Discounts: None
  • Eligibility: Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: Reach Financial
  • Min. Income: $1,000 monthly
  • Loan Uses: Debt consolidation, credit card refinancing


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
8.99% - 23.43% APR10 $5,000 to $100,000
  • Fixed APR: 8.99% - 23.43% APR10
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Time to fund: 3 business days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Solely for personal, family, or household uses


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
11.69% - 35.93% APR7 $1,000 to $20,000
  • Fixed APR: 11.69% - 35.93% APR7
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000
  • Loan terms: 3, 5, or 7 years 8
  • Time to fund: Within one day, once approved9
  • Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: A U.S. citizen or permanent resident; not available in DC, IA
  • Customer service: Phone, email
  • Soft credit check: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details

8.49% - 35.97% APR $1,000 to $50,000
  • Fixed APR: 8.49% - 35.97% APR
  • Min. credit score: 600
  • Loan amount: $1,000 to $50,000*
  • Loan terms (years): 2 to 7
  • Time to fund: Within a day of clearing necessary verifications
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except Washington, DC
  • Customer service: Email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.4% - 35.99% APR4 $1,000 to $50,0005
  • Fixed APR: 5.4% - 35.99% APR4
  • Min. credit score: 580
  • Loan amount: $1,000 to $50,0005
  • Loan terms (years): 3, 5, or 7 years4
  • Time to fund: As soon as 1 - 3 business days6
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $12,000
  • Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Compare rates from these lenders without affecting your credit score. 100% free!

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

Ways to qualify for a personal loan while unemployed

Lenders consider more than just income from an employer when they’re looking at personal loan applications. Here are some alternative income sources that could help you qualify for a personal loan.

Social Security

If you’re old enough to file for retirement income or have a permanent disability, lenders can consider your income from Social Security as personal income to qualify for a personal loan.

Take note: If you’re receiving Supplemental Security Income (SSI) — a needs-based welfare program for individuals who don’t qualify for traditional Social Security benefits — you’re subject to income and resource limits. While the IRS doesn’t consider a personal loan as income, SSI does count the loan funds toward your resource limit of $2,000.

Unemployment benefits

Unemployment benefits regularly deposited by the state can help you get approved for a personal loan while you’re unemployed. Your lender will likely need proof of how long you’ve been on unemployment, your gross deposit amounts, how often you’re paid, and the maximum period of time you can receive unemployment benefits. You should be able to get proof of everything by contacting the state that pays you unemployment.

Alimony or child support

Regular alimony or child support payments can prove that you have sufficient income to pay back a personal loan. You’ll likely need to provide proof of past and current child support and alimony payments in addition to future entitlement to them.

Good to know: Your state’s Office of Child Support Enforcement can provide proof of child support. To prove alimony amounts, you may need to provide bank statements and the court order showing the alimony amount and how long you’ll receive it.

Spouse’s income

If you’re over the age of 21, you can include a spouse’s income or assets on your personal loan application if you have reasonable access to their funds. This higher household income can help you qualify for a personal loan.

If you’re not able to qualify for a loan on your own, speak to your partner about cosigning your personal loan application. Just make sure they understand the risks of cosigning — if you fall behind on payments, your cosigner will be on the hook for them.

Pension or retirement income

You can also use pension or retirement income to qualify for a personal loan if you’re unemployed. For example, you can withdraw Roth IRA contributions at any time. And if you’re over age 59½, you won’t face a penalty.

Keep in mind: If you have retirement accounts, it’s a good idea to talk to a financial advisor and see if withdrawing from your retirement accounts is a better choice than taking out a personal loan.

Recurring interest

If you earn regularly recurring interest on stocks, bonds, or property, you can list that interest as income for a personal loan. However, if you have enough in assets to earn a substantial amount of interest, cashing out those assets may be a better option than taking out a personal loan. Talk to a financial advisor to see what’s the best option for your situation.

Rental income

If you have rental income, you can list it as income on a personal loan application. If you don’t have rental income but have a spare room, you can even rent it out to a roommate and count their rental payments to you as income.

Be aware: A lender may ask to see a two-year history of this income or proof of rental income, like a signed lease.

Royalties

Royalties can come from almost anything, including books, music, films, and photographs. Regardless of where your royalties come from, you can list them as income to help you qualify for a personal loan.

Foster care and adoption subsidies

If you’re a foster or adoptive parent and receive a subsidy or stipend from the state, you can list that subsidy as income in your personal loan application.

Keep in mind: You may be asked to provide documentation of your stipend, which you can get from the agency that handles your subsidy.

Where to find personal loans while unemployed

If you’re looking for a personal loan while you’re unemployed, you’re in luck. Here are some places where you can get a personal loan:

  • Banks and credit unions: While not all banks and credit unions offer personal loans, if you belong to one it’s a good idea to check if yours does. Some credit unions have lower lending requirements or promotional rates available only to members. Banks may offer you a loyalty discount or be more likely to approve you if you have an account with them that’s been open for a long time and is in good standing. It could be easier to get a personal loan while you’re unemployed from a bank or credit union that you already have a relationship with.
  • Online lenders: Online lenders are a popular option for personal loans because the application process is completely digital, and you often receive loan funds in as little as one or two business days after approval.
  • Loan aggregators: Loan aggregators, like Credible, allow you to get instant quotes from multiple lenders in one spot, without a hard inquiry on your credit report. A loan aggregator allows you to see where you can get a personal loan and what rates you can expect without having to do the legwork of calling and applying through multiple lenders directly. When you find a loan option you like, you can submit an official application.

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Should I get a personal loan while unemployed?

Ideally, you should avoid taking on debt while unemployed, if possible.

Re-assessing your budget, selling assets like a car or extra furniture, downsizing your housing, taking on roommates, or picking up a side hustle are all options for ways to make ends meet while unemployed.

If you’ve already adjusted your spending and explored every avenue for earning extra income, then a personal loan is a good option compared to putting your expenses on a high-interest credit card or using a payday loan. Just make sure you’ll be able to keep up with the monthly payments.

Once you secure employment again, make sure to pay off your personal loan as quickly as possible to save on interest and work on saving an emergency fund so any future periods of unemployment are easier to weather.

About the author
Rae Hartley Beck
Rae Hartley Beck

Rae Hartley Beck is a Credible authority on personal finance. Her work has been featured in Bankrate, MoneyWise, and Investopedia.

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