Payday Loans for the Unemployed With Bad Credit From Direct Lenders – Get up to $5000!
Being an unemployed adult is one of the worst things in life, especially if you have a family to look after. If you have lost your job or are still looking for one, some things in life cannot wait or don’t understand your financial condition. Your landlord won’t excuse your house rent, and illness won’t spare you because you are unemployed.
Even when you are jobless, you might need some short-term loans to cover your monthly budget gap. The traditional banks will turn down your loan application because you don’t fit into their eligibility criteria without a job. So, where does that leave you? Does that mean you can’t get a loan at all?
Fortunately, the payday loan lenders have their doors open for you even if you are unemployed, but at least have some income sources to show. Depending upon the country and state you live in, this income may come from various types of benefits and programs such as the following:
• Unemployment benefits
• Social Security benefits
• Pension funds/ retirement benefits
• Disability income
• Government annuity payments
• Dividend payments or recurring interest
• Alimony or child support
• Regular proceeds from a trust
• Veteran benefits
• Public assistance
• Income from spouse or partner
When you apply for a payday loan, you should prove that you receive these benefits regularly. For this, you may need to provide your online bank statements. Sometimes, if you can provide evidence of a pending sale of real estate, a job contract offer, or an upcoming inheritance, the lenders may still consider you for a payday loan.
What Are Payday Loans That Accept Unemployment Benefits
In some countries like the United States, people who lose their job or find it challenging to get a new job get unemployment benefits as temporary income. This loan is for such individuals to pay for their immediate expenses and replace their earnings to some extent while they look for a new job.
A person without a job but with temporary unemployment benefits is eligible for payday loans if they face emergencies. The direct loan lenders consider the unemployment benefits as a source of income and provide cash advance based on it.
As these direct lenders do not perform any credit checks, those with a bad credit score are also eligible for this type of loan. When you fill out the online loan application at the direct lender’s site, make sure you mention the employment benefits when referring to income.
These types of short-term quick loan applications are rapid in processing, and you can expect the money to reach your bank account on the same day or latest by the next business day. The loan repayment is usually 14-30 days, so you have enough time to look for a job.
To qualify for a payday loan when you are unemployed, some direct lenders may ask the applicants to obtain at least 1000 dollars as unemployment benefits. You must provide your bank statement as proof of income to get a quick cash advance when you need it the most.
Where to Look for Payday Loans for the Unemployed With Bad Credit
If you are unemployed and looking for payday loans, you will need to spend some time searching for direct lenders who accept alternative income proofs. Like the government’s unemployment benefits, other alternative income sources include disability income, child alimony, social security benefits (SSI), veteran benefits, and so on.
To find such a loan provider, all you need is your smartphone and a good internet connection. As most payday lenders now have websites, you can directly apply online without visiting a traditional bank when you open Google, type keywords payday loans for unemployed, and give your location.
You will find a list of payday loan lenders on your screen. Visit the websites one by one to make sure that they accept the application from the unemployed. Before you fill out the online loan application on the home loan, there are a few things that you must check to protect yourself from any scam.
• Company information
• Contact details
• Interest rates and fees
• Repayment period
• Policies and registration
When you narrow down your choices based on the above, fill out the application forms as early as possible. If you apply at 11 am, many direct lenders may send your money on the same day. Filling up the application hardly takes 5 minutes or less as there is necessary information to enter.
Besides your name, age proof, citizenship, and other details, you will also need to provide an online bank statement to prove your income from alternate sources, as mentioned above. After the application is received, the lender quickly processes it, and you can expect to get money in your bank account within 24 hours.
How Do Payday Loans for the Unemployed Direct Lenders Verify Income
If you are unemployed but still have some alternative income sources, you are eligible to get a quick payday loan. However, you should provide proof of the alternative income to enable the lenders to verify your income. Here are some ways in which you can verify the income:
• A valid bank account statement showing the credit of money from alternative sources for the past three months
• A relevant bank deposit statement indicates that you have received the payment from government-run programs or schemes such as pensions, grants, veteran benefits, etc.
• A valid bank deposit statement indicates investments made recently or legal proof that you will soon inherit property.
The above assures the lender that even if you do not have full-time employment, you can still repay the loan amount from other income sources. If you can fulfill the above requirements, you can have a loan as little as 100 dollars or up to 5,000 dollars directly deposited into your bank account.
Please bear in mind that even if you provide the above details, the cash loan lender has all rights reserved to accept or reject the application. They can also use their discretion to decide how much loan to give depending upon the borrower’s capacity to pay back.
Frequently Asked Questions About Payday Loans on Benefits
Can I Borrow Money if I Am Unemployed?
Yes, even if you do not have a full-time job in a company, you may still apply for payday loans with direct lenders’ benefits. They do not perform any credit score check of unemployed people, and you will get the loan amount after verifying the alternative sources of income. You can expect the loan amount to hit your bank on the same day or the next business day.
How Can I Get Money Now With No Job?
If you have no job, some countries will give you employment benefits to cover your partial monthly requirements. If you are a research scholar, you may have a grant. The veterans or their families get veteran benefits, while those who have retired have pension or retirement funds.
Besides these alternative income sources, the direct lenders also consider a pending job contract, a real estate deal, or an expected inheritance to grant a loan. However, you must read the terms and conditions carefully before applying for the online cash loan.
Where Can I Get a Loan While Unemployed?
The unemployed people in need of loans may also get money based on their alternative sources of income. However, you will need to prove such benefits or other revenues to assure the lender that you are eligible for loans with benefits.
When applying for the loan, you should mention your regular income and add an online checking statement to show the money credited to your bank account. Getting loans for people on benefits may not be easy, but you can still get it, thanks to many lenders who offer short-term loans.
Can You Get Payday Loan on Benefits?
If you receive some benefits as per the government’s plans to support the retired, disabled, and unemployed people financially, you can apply for loans for benefits. These are particular types of loans that are given based on your repayment capacity.
While the lender usually gives such loans for 14 days to a month, they may sometimes turn it into an installment loan, allowing you to repay in short monthly installments spread across 3, 6, and 12 months.
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