Yes, payday loans are available to you even if you are unemployed. Some lenders won’t be willing to become your lending partner, but there will be many who are. Many lenders require borrowers to have a regular income of $500-$800 per month.
In order to cut down the time you spend finding a lender who lends to those who are unemployed, you may wish to go through a loan broker like ourselves. We work with a panel of lenders and will be able to match you with a suitable lender with the best terms available to you.
What If I Am In Part-Time Employment?
Then you’re good to go! Payday lenders don’t require you to be in full-time employment. They simply want to know that you will have a way to repay them. As long as you are earning a few hundred dollars per month, part-time employment is as good as full-time employment when it comes to eligibility for a payday loan.
Can I Secure A Payday Loan If I Am On Benefits?
Yes, benefits represent a form of regular income. Unemployment will not prevent you from getting a payday loan, as long as you demonstrate that you have a plan to repay your lender. Benefits are an example of a means to pay your debt back.
There is no difference between the loans provided for those on benefits and those who are in employment.
Can You Guarantee Me A Loan If I’m Unemployed?
We can’t guarantee that you will be able to secure a loan. What we can tell you is that being unemployed shouldn’t be too much of a barrier to getting the funds you need through a payday loan.
If you are unemployed, your request will be considered equally to those who are employed, and a lender will make sure your income will allow you to meet repayments on time.
Is A Payday Loan The Right Choice If I Am Unemployed?
The main reason as to why you may choose a different means of credit is that payday loans are pricey. Before requesting a payday loan, consider alternative ways of finding the funds you need to cover your emergency. You could ask for support from family or friends, and this is a common means of securing some cash. In 2020 it was reported that 41% of Americans had lent money to a loved one on at least one occasion. Otherwise, you could ask your employer (if you are employed or part-time employed) for a cash advance, or consider a credit card.
Payday loans should be used for urgent costs such as an emergency home repair, new boiler, or hospital bill. They should not be used for frivolous spending or to repay other loans.
How Long Will It Take To Receive My Payday Loan?
One beauty of payday loans is how very speedy they are! You can receive the funds into your account within 1 business day.
You can, in some cases, get your cash within a couple of hours. Payday loans are famously a faster means of getting your hands on cash than other forms of credit such as credit union credit.
Remember, their speed is an advantage, but does not exclude these loans from downfalls. The speed costs you, and you should pay back your loan as quickly as you can.
What Are The Basic Requirements To Borrow A Payday Loan?
- You must be a U.S. resident.
- You have to be at least 18 years of age.
- You need to have a consistent income with earnings at a minimum of $800 (sometimes $500, dependent on lender) per month.
- You must have a checking account that your payday loan can be deposited into.
Some lenders will also carry out a credit check to see how you have dealt with your finances in the past. The higher your credit score on the credit scale (which ranges from 300-850), the more attractive you are to a lender. However, plenty of lenders offer no-credit-check loans, so don’t worry if your credit score isn’t quite as high as you’d like.