Payday loans for the unemployed are absolutely ideal for those in-between jobs, paused, or even laid off or fired. As a borrower, you can borrow the sum of money at a 3% to 35% interest rate, depending on your monthly salary. The following are the certain eligibility criteria you must meet to avail the loan:
- You have been working for at least three months.
- You must be employed for at least 16 hours a week. Or have an earning that you will be receiving through social security, pension, or any other source of income.
- You must be legally working in a legitimate company, or you must have a working visa.
If in case you are unemployed, it means that you do not have a steady job, but you earn money from your freelance work and self-employment, then you will not qualify for any loan, but it does not mean that you cannot take other applicable help such as a no credit check payday loan because it will all go through a lender review process.
How Do Payday Loans for Unemployed work?
And just like the term suggests, short term cash advances are fast and short-term. Please note that you do not have to wait until payday to get your money, unlike other forms of loans because when you take a payday cash advance loan, it will be processed the same day for 24 hours.
You must pay the total amount borrowed on your next payday. But also remember that it is still important to make your payments on time steadily so you can prevent getting late fees or, even worse, the highest rate loans, so avoid taking out more than two loans at one time because if you do, then you will be paying off double the amount borrowed, which means that the interest rate will go up extra fast. Many borrowers mistake taking out an additional loan to pay off their previous debts, causing their loan amounts to grow, and some end up not paying anything at all.
Payday Loans for Unemployed Process
- The application for online payday loans is the first process to go through, and it must be filled out correctly.
- You must provide the necessary information: names, addresses, social security number, contact numbers, job status, and the reason you desperately need the Cash.
- Your income will be verified as the lender will check if you are eligible to take up the loan in the first place.
- Your credit must also be reviewed as the lender will check your previous history with previous lenders, especially if you have one or two bad credits in the past.
- If you do not explain why you are taking up a short-term loan, you might not qualify for the loan.
- It does not matter if you have bad credit or even no credit at all because payday loans are designed to help customers who have no other financial options available to them, and therefore if you prove yourself worthy of taking up this loan, then with this cash-advance will definitely help you out until your next payday.
Payday Loans for Unemployed Process Rates and Terms
When you apply for a cash advance or payday loan, you will need to respond to the lender’s terms and conditions, and this includes an agreement that you will make payments on time. Upon your approval, which usually takes only 24 hours from the day of your application, your request for a payday loan will be redirected to a lender’s network that can provide the loan amount that you applied for.
The APR, which stands for Annual Percentage Rate, is determined not by how long you borrow money but instead on the actual amount borrowed. Keep in mind that an APR clearly understands what one is legally bound to pay back to the lender, contrary to some opinions. Payday loans for the unemployed will generally come with collateral like your home or car title. If you fail to pay back a payday loan, you will have to surrender your property used as collateral.
How to Apply for Payday Loans for Unemployed?
First of all, you will need to apply online for a payday cash advance at a loan by calling the friendly staff, and this should not take more than 20 minutes from start to finish. Start by selecting a loan expert who will guide you throughout the payday loans process, including assisting you with completing the application form to receive a no-obligation quote and providing instant phone numbers, which are available 24 hours a day, 7 days a week, so that you can speak directly to a representative from any time zone as well as having someone on call to assist you with understanding the exact times of day in which the services are available including day or night time.
Before applying for the 7 payday loans, you need to know how much your payday loan will cost your hard-earned money because it can easily devastate if you choose an entire wrong finance company for yourself.
Requirements: You must be at least 18 years old, have an active checking account, and provide accurate information.