There are so many reasons why you might need to take out a loan at some point in your life. Maybe your car broke down right before you were supposed to get paid or you’re just a little short on covering your entire rent amount this month. Whatever your reasons for a shortfall of money, loans are available to help bail you out.
But what if you don’t have a steady job that provides you with regular pay? What if you only do some side jobs right now that only pay you in cash and therefore leave you with no pay stubs to verify your income? Or what if you’re simply unemployed at the moment? Is it still possible to get a loan when your employment situation is uncommon?
Yes, you can. There are actually loans without employment verification available that allow borrowers with no documentation to support a steady job to get access to the cash they need to cover a pressing expense. While taking out an unsecured income loan with little to no income might not necessarily be the ideal thing to do, but it may be the only way out if you find yourself needing the money right away.
Simply put, these types of loans do not require that you submit any sort of documentation or proof of employment. There’s no need to supply pay stubs or employment letters from your boss in order to apply.
Borrowers who seek out loan options like these are obviously those who don’t have a standard 9-5 job or who are currently unemployed. There are several online lending companies that offer these types of loans to borrowers who are in an uncommon employment situation.
| Amount | APR | Term (Months) | Types of Loan | Funding Time | ||
 | Up to $10,000 | 43% | 36 – 60 | Guarantor loan | With 24 hours | More Info |
 | Up to $20,000 | 19.99% – 46.8% | 6 – 60 | Personal loan | Same day | More Info |
 | Up to $15,000 | 19.99% | Open-end | Line of credit | Same day | More Info |
 | Up to $1,500 | 15% – 23% | – | Payday loan | Within 24 hours | More Info |
 | $500 – $750 | 28% – 34.4% | 3 | Short-term loan | Same day | More Info |
 | $100 – 10,000 | – | 6 – 60 | Line of credit | Within 24 hours | More Info |
 | $1,000 – $15,000 | 46.93% | 12 – 60 | Personal loan | Within 24 hours | More Info |
While you may not be required to verify your job, you will need to provide a few personal and financial documents to qualify for an unemployment loan.
If you are currently unemployed and are looking to apply for a loan that does not require employment verification, you should be aware of the risks of doing so.
As mentioned, many of those who want a loan without employment verification are those who are unemployed or those who don’t have a regular income. Some may be living on government benefits such as the child tax benefit, maternity benefits, employment insurance, and other non-traditional forms of income like RRSP withdrawals. Luckily, there are many lenders who don’t require you to have a job, so long as you have some sort of income coming in.
However, those with non-traditional income and bad credit are likely to been seen as high-risk borrowers. This, in turn, will lead to high-interest loans with short repayment periods. As such, you may get the loan you want, however, you’ll be paying a much higher cost for it.
Personal loans are usually a better option than payday loans as they come with lower rates, higher loan amounts and longer terms. Personal loans range from as little as $300 to as high as $35,000 or more depending on the lender. Interest rates also vary heavily (3% to 46%) based on the borrower’s profile.
Another way you could qualify for a loan without employment verification is by getting a guarantor loan. A guarantor loan is basically a loan that you add a cosigner to. A cosigner is someone who agrees to take responsibility for your loan in the event that you default on it.
Payday loans are small loans with very short terms and high-interest rates. You can usually borrow up to $1,000 to $1,500 with Payday lenders. These loans are repaid within 1 to 4 weeks and have an APR that ranges between 300% to 600%.
Yes, you could get a no employment verification loan in under 1 hour through certain lenders. Payday lenders, in particular, offer quick funding, some in as little as 15 minutes after approval. iCash and CashMoney are two payday lenders that you can get funded in under an hour after approval.
It’s definitely possible to apply and get approved for a loan even if you do not have any proof of employment or income. Sometimes desperate situations call for desperate measures, and taking out a short-term loan may be your best bet.
That being said, it’s important that you completely understand the responsibility that you will be taking on since you will be obligated to repay your loan at some point in the future. If you are unable to make good on your loan, you could be putting yourself in an even more vulnerable situation. Make sure you assess your financials and the loan products out there before you sign on the dotted line.
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Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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