While you might have bad credit and no job, you can still get an unemployed payday loan. Direct lenders don’t check your credit history, but some do. Getting more than one loan application will hurt your credit score, so it’s best to request a cash advance only once.
Getting an unemployed payday loan with bad credit
Getting an unemployed payday loan with bad or no credit can be possible if you have a stable source of income. You will need to fill out a loan request form and provide information on all of your income sources. This includes any government assistance and any new jobs you may have. Some lenders may request additional information to verify your information. Inaccuracies in this information can result in disqualification from the loan application.
It can be difficult to find a lender who will work with unemployed individuals. While there are alternatives available, it is important to remember that many lenders won’t trust you if you can’t prove you have a job. When choosing an emergency loan, you should make sure you understand all terms and be prepared to repay the loan as agreed.
Alternatives to payday loans
If you’re unemployed or underemployed, there are several alternatives to payday loans. These local funding sources can provide you with a short-term loan for $100, $250, or $500. These loans can be repaid over as many as 12 months, with the maximum interest rate at 28 percent. Most credit unions fund loans within a few days. Non-members may have to wait longer. Be sure to check your credit score first. Late payments can negatively affect your credit score.
One of the best alternatives to payday loans for unemployed people is to apply for unemployment benefits. This is because unemployment benefits are often considered income. This will prevent you from falling into a debt cycle. You can also apply for an instalment plan with some lenders.
Getting an unemployed payday loan with a direct lender
If you are currently unemployed and need money immediately, a direct lender can help you. These lenders specialize in providing loans for the unemployed. Their loan process is easy and fast, and they can deposit your loan as soon as the next business day. Applicants can even get the funds in their checking account on the same day if their application is submitted before noon. In most cases, you will only need about 15 minutes of your time to complete the application. After submitting the information, you will be offered a loan offer and will need to sign a contract with the direct lender.
Although an unemployed person does not need a job to qualify for an emergency loan, there are some limitations. For instance, your credit score may prevent you from qualifying for the loan, but this should not keep you from applying. Many lenders can offer loans for the unemployed, even those with bad credit. As long as you can provide proof of your income, you should be able to get an approved loan. Typically, you will need to provide a bank account statement or other financial document proving your income.
