Payday Loans for the Unemployed
If you've recently lost your job and need financial support, you're probably struggling to come up with a solution. Luckily, you're not out of luck just yet. A payday loan could help you get back on your feet until your next unemployment check comes in. Not sure how it works? We've got you covered.
Payday loans for the unemployed can offer up to $255 worth of credit for families in need without the hassle of going through a bank or credit union. They are designed to be a fast but short-term solution until you're able to work again and are generally repaid within 2 to 4 weeks.
If you need money to cover emergency expenses and don't know where to turn, look no further than a payday loan for unemployed.
How Can You Get a Payday Loan if You are Unemployed?
Although they are called “payday” loans, some lenders are willing to offer support to people without a job. In this case, lenders typically accept unemployment benefits and alternative income sources as proof of income and a guarantee that the borrower can repay their loan by the end of the month. The borrower can then use the funds to cover rent, utilities, or even food expenses.
A payday loan with no job verification is only meant to be a short-term solution, though, and not meant to cover long-term costs. If you find yourself relying on payday loans to make ends meet from month to month, it's time to seek out other options such as debt consolidation, jobs training, or credit counseling.
How to Apply for a Payday Loan for the Unemployed
The first step to securing financing is to fill out an online application with a lender that offers online loans for the unemployed. Keep in mind, though, that not all lenders are willing to work with the unemployed, so you may have to do some research or use LendUP.com - a loan-matching service that connects loan-seekers with direct lenders.
The application will have you provide basic information about yourself, including your name, address, phone number, and date of birth. You will also need a bank account in good standing. Once you've been approved for the loan, the lender will deposit the money into your account.
You can then use the money to cover any expenses you may have. Just be sure to repay the loan when you get your next unemployment check.
What Are the Requirements for a Payday Loan?
In order to qualify for a payday loan, you must be at least 18 years old and have a steady source of income. If you are currently unemployed, you may be able to use your employment checks as evidence of income. However, you'll need at least two months' worth of unemployment benefits to qualify.
If approved for financing, you'll then receive a fixed-rate repayment plan set between 14 and 31 days. If you are unable to repay the loan on time, you may be able to defer it but you'll be charged a steep interest rate. Therefore, we recommend only taking as much as you need and can pay back using your next unemployment check.
Can You Use Other Benefits to Qualify?
If you're currently unemployed but not drawing an unemployment check, you may still qualify for financing if you can provide proof of income using one of the following:
- Social security benefits
- Alimony or child support payments
- IRA, 401K, or any other retirement payment
- Fixed annuity payments
- VA disability benefits
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