Expert view by Maggie Millar
Payday Loans for unemployed

When you need Emergency Payday Loans for the Unemployed?

If you have lost your job and are looking for a new one, you can also find yourself in a difficult life situation, such as emergency purchases, medical assistance, car repairs, etc. Also, you still have to pay for the rent of the house, utilities, food and other important things for life. Thus, even if you are unemployed, you can get into trouble, however, traditional lenders will not give you a loan if you do not have a regular source of income. Is there any way out of this situation?

Can you get a Payday Loan if you are unemployed?

Payday Loans are small loans that must be repaid on your next paycheck. Thus, before you apply, you should know how you are going to repay the debt with interest. In order to pay off the loan on time, you must have some income. Perhaps this is not an official job, but other types of payments, but you must be able to pay off the debt, otherwise it makes no sense even to apply. Payday lenders have quite flexible lending terms, you just need to prove that you are receiving any payments in order to pay off the loan. Explore what qualifies as a source of income:

  • Social Security benefits
  • Unemployment benefits
  • Disability income
  • Child support
  • Public assistance
  • Income from partner
  • Government annuity payments
  • Pension payments
  • Dividend payments

If you receive any payments, it will be easier for you to prove that you can repay the loan. However, in order to get approval, you must confirm that you receive these payments on a regular basis. You can provide statements from your bank account, utility bills, and so on. Thus, these payments will qualify as income and you will be able to get a loan.

Payday Loan with Unemployment Benefit

As you know, people who have lost their jobs or are looking for a new job for a long time receive unemployment benefits. Unemployment benefits help people cover expenses like food, utility bills, and so on. Many payday lenders qualify unemployment benefits as temporary income. Thus, if you are unemployed and are faced with a difficult life situation, you can also apply and be approved.

Typically, these loans do not have a lot of requirements to meet, so you can get a loan with bad or poor credit history. However, when completing your application, it is important to indicate that you are receiving unemployment benefits. Also, in order to get a loan, some lenders require you to prove that you are receiving at least $ 1000 unemployment benefits. For example, you can provide a bank payment to show you received benefits.

Where can I find a Payday Loan for the unemployed?

In order to obtain a loan that accepts unemployment benefits, you must examine the offers of different lenders that accept alternative sources of income. You can find a large number of lenders on the Internet, as almost everyone now has his own website. You can google keywords and find a lender near you, or you can apply online. Explore different offers in order to find a lender who provides loans to the unemployed. You should also pay attention to things like fees, commissions, and so on in order to find the most profitable option.

How does the Payday Loan for the unemployed work?

This type of lending is as simple as the traditional Payday Loan. The loan is unsecured, so you do not need to provide collateral for your application to be approved. Follow 4 simple steps to get the funding you need:

  1. Choose a lender. Study the offers of different lenders and make sure that the lender you choose offers Payday Loans to unemployed people. There, pay attention to interest rates, credit conditions and so on in order to get the most advantageous offer.
  2. Submit your application. All you need to do is visit the site of the selected lender and fill out a simple online form where you need to provide your name, residential address, contact details, and more. Make sure that all the data is entered correctly, otherwise you may be disqualified, and then submit the application.
  3. Wait for approval. Payday lenders approve applications almost instantly, so you are guaranteed to receive a response the same day you submit your application. The lender will contact you to discuss the details of the loan,
  4. Get paid. Review the loan agreement and make sure it suits your needs. If everything is okay, sign it and get the money you need. The loan amount will be transferred to your bank account within one business day.

What are the requirements for obtaining a Payday Loan for the unemployed?

Each lender has eligibility criteria that must be met. Despite the fact that they can vary, the main ones remain the same:

  • Age. You must be 18 years of age or older to apply and receive funding.
  • Citizenship. Only US citizens or official residents are eligible for the loan.
  • Bank account. In order to transfer money to you, creditors will ask your active bank account.
  • Income. You must prove that you are receiving unemployment benefits.
  • Contact details. In order to contact you, the lender will also ask for information such as phone and email.

Please be aware that requirements may vary depending on the lender chosen and the laws of the state.

Will I be able to get a Payday Loan if I don't have a job?

Yes, even if you do not have a job, you can get a loan. In order to do this, you must meet the basic requirements of the lender and prove that you are receiving alternative income such as unemployment benefits, retirement or disability benefits, and so on.

Online Loan Services from Maggie Loans