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How to Get Online Payday Loans for the Unemployed

by Philip Nelroy   Last updated: December 3, 2019

Payday loan outlets typically use steady employment as a critical factor in determining your eligibility for receiving a loan. If you aren't employed, then you likely don't have a regular paycheck to cash. As such, the process may prove more difficult for you than it may be for others. That doesn't mean that you are without options, however.

Request payday loans without employment verification

The Payday Loan Model

Many think that without a paycheck they are entirely ineligible to receive payday loans for unemployed. Fortunately, this isn't the case. Payday loan lenders model their business around working with a wide variety of customers. They form payment plans and loan delivery methods in ways that can conform to a multitude of living situations. Unless your situation is atypical, you may be able to find a financier with the necessary resources to work with you.

Here is where payday loan outlets differ from conventional lenders. They are willing to work with individuals in ways that allow them to enjoy the benefits of these loans. A lender may be willing to work with you if you can provide them with enough assurance that they will receive payment. Credit scores, payment histories, and similar factors are factors that financers use to gauge whether or not they are likely to be reimbursed. If you can provide them an equivalent, you should be capable of clearing most hurdles.

Risks of Short-Term Lending

There are certain dangers associated with payday loans of which you should be aware. Payday loans carry interest rates that are much higher than those you would see on credit card payments or installment plans. Typically, you can expect interest payments on these loans to be larger than alternatives from traditional financiers.

More fees in the future is a danger as well. This scenario occurs when you do not pay back the loan on time and incur penalty fees as a result. This scenario is more common than you might think. When a consumer borrows against future earnings, he or she is choosing not to have that money for other expenses. If another emergency happens, the consumer may be unable to pay back the original loan.

When taking out these loans, you should be conscientious of the risks that they carry. You can avoid many of the risks by paying the original loan off on time.

Payday Loan Benefits

Those looking for a loan with no job, no steady income, and no tax documents would likely be shown the door at most traditional financial institutions. Not having a job makes it difficult to find a financier. Lenders will be hesitant to work with you and offer you flexibility and leeway regarding the loan's fine details. The main benefit of payday loans is that they may be available to those who are unable to find funding anywhere else.

If you are in this scenario, you should not expect your loan to exceed $500. If you can work with the same lender over an extended period and prove first-hand that you can make payments reliably, you stand a chance at being eligible for more substantial loans. At the outset, however, you should be realistic with your expectations. If your financial history is uniquely troubled, you may only be eligible for as little as $100. Unfortunately, it's all up to your lender.

Using the Best Loan Strategy

You need a game plan before you apply. Calculate the exact amount you need to cover your living expenses. Groceries, utilities, gas, medical bills, and more should all be calculated well in advance. Your reasons for doing so are twofold. If your lender has a clearer idea of how you plan to spend the money, they may be more willing to lend you a marginally higher amount than they would have otherwise. Second, doing so can keep you from being stuck with a loan that is needlessly large. If you only need $550, receiving a loan of $700 might mean more fees for no reason.

If you are approved for a lower amount than what you need, you may need to take a loan from another outlet. This can be dangerous. The more complicated you make your lending situation, the harder it can be to pay back what you owe. It is sometimes better to pair your loan with government aid.

Payday Loans for Unemployed People on Benefits

payday loans for unemployed

If you're unemployed because you are incapable of working, you almost certainly qualify for government aid. Don't take that statement as a guarantee, however, as different states have unique rules regarding eligibility. Check your state's webpage for more information. If you have access to these funds, government aid paired with a payday loan is a great starting point for getting you back on your feet.

If you aren't disabled, you may also qualify if you have dependents. A dependent is someone, typically a child or the elderly, who rely on your income to remain above the poverty line. A dependent, especially if that dependent is a child, may improve your chances of approval for government funding.

You can also consider food stamps and locally administered utility assistance programs. These kinds of programs aren't as strict concerning eligibility requirements and typically get back to you within a few weeks. They are worth considering if your situation is dire.

There's a catch, unfortunately. The first you have heard of government assistance, it will take some time before you can know whether or not you have been approved. If your problems are pressing and you need money as soon as possible, it isn't a solution that will help you at this moment.

If you're looking for payday loans for unemployed with no bank account, your options may be limited even further. This situation will limit your choices to prepaid debit cards and cash. These alternatives typically carry greater interest rates. Fortunately, many outlets that are willing to work with people to offer payday loans with no brokers for unemployed.

Qualifying for Payday Loans for the Unemployed

Once you have a clear understanding of your options, it’s important to consider the qualification process. Unfortunately, if you lack any sort of employment or steady income, the cost of approval will be high regardless of the lender you choose to work with. You should expect to put up some form of collateral in exchange for approval. For those unaware, collateral is any possession of value you own that these companies can repossess should you turn delinquent. Some outlets will request you put up your vehicle as collateral. Others will consider expensive appliances and gadgets, like computers, game consoles, and smartphones.

The danger in collateral is that the possibility of losing your belongings. You need a car to get to work. If you want to work from home, you will need a computer. The risk of losing these items may outweigh the benefits of the loan. Depending on your circumstances, avoiding collateral may be preferable to receiving a loan. You will need to decide this for yourself.

If you can show your lender proof that you are pursuing employment, they may be willing to take a leap of faith and work with you. Online side jobs can be helpful in this regard as well. No matter how small it may be, if you can show a lender that you have some form of consistent income, they may decide to lend you a small amount.

It's recommended you start networking with multiple outlets to increase your chances of finding a suitable arrangement. Remember, the best way to use short-term funding is to pay it back on time.

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