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 s such as the following:
When you apply for a payday loan, you should prove that you receive these benefits regularly. For this, you may need to provide http://paydayloansohio.net/cities/burton 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.