How to Get a Loan Without a Job

If you qualify, a personal loan can help you stay afloat when times get tough. You can use a personal loan for almost anything, and they come with fixed interest rates and consistent monthly payments you can count on.

But it can be tough to get approved for a personal loan without a job. You may need to show other sources of income to qualify or apply with a cosigner who earns a steady paycheck. Here’s a closer look at how to get a loan without a job and personal loan lenders to consider. 

Personal loans for unemployed borrowers

Some lenders offer personal loans to unemployed borrowers if they meet income and credit requirements or apply with a creditworthy cosigner. For example, SoFi allows borrowers who are employed, have income from other sources, or have a job offer starting within 90 days.

Loan amounts typically range from $1,000 to $100,000, with interest rates starting around 7% and repayment terms from one to seven years. Here are three top lenders and a marketplace that will consider unemployed borrowers who meet their criteria, including varying credit score requirements.

Here’s more about these loans.

Credible

Best Marketplace

5.0 _/5

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Why Credible is one of the best

Credible is an excellent option for unemployed borrowers due to its free online marketplace. With Credible, you can submit one application and compare offers from several lenders.

Credible caters to diverse credit profiles, making it a terrific option for those with bad to excellent credit. The ability to view customized loan options based on your financial background makes Credible a standout choice.

• Compare prequalified rates from multiple lenders
• No application or origination fees
• Checking your rate doesn’t affect your credit score

• Only shows offers from its partners

Rates (APR)	6.99% – 35.99%
Loan amounts	$600 – $200,000
Repayment terms	1 – 10 years

Eligibility requirements

• Soft credit check: Yes
• Minimum credit score: Varies by lender
• Minimum income: Varies by lender
• States: All 50 states and D.C.

SoFi

Best for Good Credit

5.0 _/5

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Why SoFi is one of the best

SoFi offers personal loans up to $100,000 with fast approval and no fees. You can get a 0.25% interest rate reduction when you sign up for autopay, and SoFi offers several unique member benefits, including financial planning and referral bonuses.

• Funds available as soon as the same day
• Pays off credit card issuers and adds a 0.25% rate discount
• Check your rate without affecting your credit in 60 seconds

• A high minimum loan requirement of $5,000

Fixed rates (APR)	8.99% – 29.99% with all discounts
Loan amounts	$5,000 – $100,000
Repayment terms	2 – 7 years

Eligibility requirements

• Soft credit check: Yes
• Minimum credit score: 650
• Minimum income: Not disclosed
• States: All 50 states and D.C.
• Other requirements:
  • Must be a U.S. citizen, permanent resident, or visa holder (J-1, H-1B, E-2, O-1, or TN)
  • At least 18 years old
  • Employed, have sufficient income from other sources, or have received an offer of employment to start within the next 90 days

Upgrade

Best for Fair Credit

4.9 _/5

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Why Upgrade is one of the best

Upgrade is a solid lender that will fund personal loans starting at $1,000, which could help those who need a smaller amount. Upgrade can fund your loan within one business day of verifying your application.

However, all Upgrade personal loans have a one-time origination fee between 1.85% and 9.99% of the amount borrowed, representing the cost to underwrite the loan. This fee is a part of the annual percentage rate (APR).

• Review multiple loan options to choose your best terms
• Funds are available in as little as one day
• Accepts joint applications
• Check your rate without affecting your credit

• Charges an origination fee of 1.85% to 9.99%

Rates (APR)	8.49% – 35.99%
Loan amounts	$1,000 – $50,000
Repayment terms	2 – 7 years

Eligibility requirements

• Soft credit check: Yes
• Minimum credit score: 580
• Minimum income: Not disclosed
• States: All 50 states and D.C.
• Other requirements:
  • Must be a U.S. citizen, permanent resident, or in the U.S. on a valid visa
  • Must be 18+ years old (19+ in Alabama and other select states)
  • Must be able to provide verifiable bank info and have a valid email

Upstart

Best for Little to No Credit

4.8 _/5

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Why Upstart is one of the best

Upstart accepts borrowers with credit scores of 300—the lowest possible, and it offers prequalification, so you can check your rates without damaging your credit score.

Upstart uses an AI-powered alternative lending model to determine whether you qualify for a loan, relying on various factors to assess your finances and make an approval decision. The lender may charge an origination fee for your personal loan, as much as 12% of the amount borrowed.

• Funds can be available as soon as the next day
• Check your rate without affecting your credit in 5 minutes

• Charges an origination fee of up to 12%

Rates (APR)	7.80% – 35.99%
Loan amounts	$1,000 – $50,000
Repayment terms	3 – 5 years

Eligibility requirements

• Soft credit check: Yes
• Minimum credit score: None
• Minimum income: $12,000
• States: All 50 states and D.C.
• Other requirements:
  • Must have a verifiable name, date of birth, and Social Security number
  • Must be 18+ years of age
  • Must have a job (or job offer or verifiable source of regular income), valid email address, and U.S. address
  • Must meet minimum credit underwriting requirements (that is, an established credit history); if no credit history, borrowers must be enrolled in a degree program (associate, bachelor’s, or more advanced) at an accredited school
  • Must have a valid bank account

Do you need a job to get a personal loan? 

You don’t necessarily need a job to qualify for a personal loan, but you’ll often need to provide proof of income. The lender wants to ensure you have the means to repay your loan. Alternative sources of income could include retirement distributions, disability benefits, or alimony. 

If your income is insufficient, it may still be possible to get a personal loan if you apply with a cosigner. Adding a cosigner who has decent credit and income to your application can reassure the lender that you’ll repay the loan in full and on time. The lender will expect your cosigner to make payments on the loan if you fall behind. 

Along with income, lenders also look at your credit score, credit history, and debt-to-income ratio. A low credit score or history of missing debt payments can make it tough to get a personal loan. You can find personal loans for all credit categories—including good, fair, and even bad credit—but a good credit score will help you qualify for the best interest rates. 

Our experts recommend avoiding any personal loan with an APR of 36% or higher. 

How to increase chances of being approved for a loan while unemployed

If you’re applying for a loan while unemployed, be extra careful about what you put on your loan application, what lender you choose, and how you manage your finances.

Here are five tips to keep in mind as you attempt to get a loan:

1. List all sources of income on your loan application

You may not have consistent paychecks at the moment, but if you have any income coming in at all, be sure to include it on your loan application; it will increase your chances of approval.

2. Consider a part-time job or freelance work

If you’re not bringing in much cash, consider taking up a part-time job or side hustle to make extra money before you apply for your loan. Apps such as Uber, Lyft, Favor, and Shipt all offer entry-level part-time gigs, and Upwork and Fiverr can be helpful platforms for finding freelancing opportunities.

3. Stay on top of credit card payments and other loans

Lenders will scrutinize your credit score and payment history. If you’ve fallen behind or defaulted on other debts, lenders will be hesitant to approve you for a loan. Do your best to pay on time, every time, for credit cards and other loans, even if it means just making the minimum payment. 

I recommend establishing automatic monthly payments to pay the minimum payment due; this protects you from missing a payment and damaging your credit.

Erin Kinkade

CFP®

4. Choose a lender that targets consumers like you

Some lenders only loan to high-credit borrowers, while others have less stringent criteria and are willing to issue loans to borrowers with average or even poor credit scores. If your score is on the lower side, be sure to shop around for your lender. Apply with a marketplace (such as Credible), or find a lender that targets low-credit borrowers to save yourself time and hassle.

To compare options, check out companies that offer loans for the following credit ranges:

• Personal loans for good credit
• Personal loans for fair credit
• Personal loans for bad credit

5. Add a cosigner or co-applicant to your loan

Applying with a cosigner or a co-applicant can help improve your shot at getting a loan—especially if they have a steady income and good credit. Just make sure they know what they’re signing up for: They’ll be on the hook for the debt if you’re unable to repay it.

If you’re interested in these options, check out the guides below to learn more about these loans and compare companies that offer them:

• Personal loans with a cosigner
• Personal loans with a co-applicant

Should you get a personal loan if you’re unemployed? 

Whatever loan you decide to take out, consider the long-term impacts it could have on your finances.

Consider a personal loan if…	Reconsider a personal loan if…
✅ You have a plan for repayment	❌ You’re at risk of missing payments
✅ The interest rate is reasonable	❌ You’re facing high rates and fees
✅ You’re using the loan for necessary expenses	❌ You can get free financial help elsewhere

You should also shop around for your loan. Interest rates, terms, repayment periods, and other details can vary by lender, and comparing your options can mean serious savings over time.

If you’re ready to shop around and have answers to the questions above, check out the best personal loans to find an option that fits your needs.

What our expert recommends

Erin Kinkade

CFP®

I suggest consulting with a financial counselor or a financial professional, depending on what you can afford and whether you have an established relationship with one. Be certain the loan has a specific purpose and you know what you’ll use it for. Ideally, at this point, it’s for a need and not a want.

Alternative options for those with no job

You may have options if you don’t qualify for a personal loan. See whether you’re eligible for the following.

Option	Best for
📱 Cash advance app	Meet an urgent need for a small amount (often $500 max)
🔒 Secured personal loan	Borrowers who are comfortable putting up collateral
🏦 Personal line of credit	Flexible access to funds on an ongoing basis
🏠 Home equity loan or HELOC	Homeowners with sufficient equity in their homes
💳 Credit card	Borrowers who can qualify for a 0% APR offer
🤝‍Friend or family loan	Avoiding the official loan process
💼 Retirement loan	Borrowers who can pay back the loan within five years
💍 Pawnshop loan	Fast cash, but beware of high fees
🗓️ Payday loan	⚠️ Not recommended ⚠️

Here’s a closer look at each option: 

• Cash advance app: Apps provide small loans to users based on their income and expected paycheck. Cash advance apps can be useful in emergencies, but they often come with fees, and you may be required to repay the advance within days or on your next payday.
• Secured personal loans: A secured personal loan is an option if you have some sort of collateral, such as a car, stocks, or business equipment. Because they’re secured by an asset, they typically come with lower rates and larger loan amounts than traditional unsecured personal loans. The downside is that your asset is at risk should you default on the loan.
• Personal line of credit: A personal line of credit functions like a credit card, letting you draw money as needed (rather than in a lump-sum payment). This can be an excellent option if you know you’ll need access to cash for an extended period, but you’re not quite sure what it will amount to.
• Home equity loan or line of credit (HELOC): Home equity loans and HELOCs are only options if you’re a homeowner. Like secured personal loans, they put your collateral (in this case, your house) at risk. Home equity loans act as a second mortgage and require monthly payments. HELOCs are more like credit cards. You draw on them for an extended period (typically 10 years) and then start repaying the balance once that period comes to a close.
• Credit card: If you can qualify for a 0% APR credit card, this may be a solid option. Just be sure you know when the promotional period ends, and aim to have your balance paid off or transferred by then. If you don’t, it could mean sky-high interest costs and even more financial difficulty down the line.
• Friend or family loan: If you have a friend or family member with extra cash, you may consider borrowing it from them. If you do this, be sure to weigh the pros and cons, including the strain it could put on your relationship. You should also outline the terms of your arrangement and make sure both parties agree to it in writing.
• Retirement loan: Retirement loans allow you to borrow against a retirement account—a 401(k), for example—and pay it back within five years, but your options will vary based on your exact retirement plan and employer. The risks can be significant. For one, you put your retirement savings on the line. You also may owe the balance in full if you leave the employer sponsoring your plan.
• Pawnshop loan: A pawnshop loan, aka collateral loan, allows you to turn a piece of property into cash. You offer an item—jewelry, for instance—and the pawnshop loans you money based on its value. Once you repay the loan, you get your collateral back. If you can’t repay the loan, the pawnshop sells your item to recoup its losses. Pawnshop loans can come with sky-high APRs of over 100%.
• Payday loan: A payday loan should be your last resort for funds. These come with high interest rates, sometimes 400% APR or more, and require fast repayment. They can also lead to a vicious cycle of debt that’s hard to escape.

How we selected the best personal loans for unemployed borrowers

Since 2017, LendEDU has evaluated personal loan companies to help readers find the best personal loans. Our latest analysis reviewed 1,029 data points from 49 lenders and financial institutions, with 21 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of the best loans for the unemployed