It has been difficult for many people, especially for the unemployed, to access personal loans mostly because lenders viewed the non-employed applicant as a possible liability. Today, the situation is different as many lenders have developed loan products fitting to the unemployed.
Just like the employed people, the non-employed can apply for payday loans and get approvals within the shortest time possible. If you face a sudden financial need and are unemployed, you can seek help and apply for easy-to-get payday loans.
What is a payday loan?
Just as the word suggests, payday loans are provided mostly by lenders who are not directly involved in the traditional banking industry like commercial banks or other financial institutions.
The individuals or businesses that offer payday loans usually target your next pay, meaning they are mostly 30-day cycle loans. The loans attract a high-interest rate and in most cases, will not exceed 500 pounds. When applying for a payday loan, your collateral is your salary or a personal item if you are unemployed. can offer you a way to find short term finance via our brokerage software and direct lender network in a secure, quick and easy manner.
I am unemployed, can I get a payday loan?
If you lost your job or are seeking a job, do not worry if you find yourself in a financial need. Even if your credit score with the financial institutions is poor, you can apply and get a payday loan to offset your financial obligations.
Unemployment does not mean an inability to service a loan because there are other channels on the income you can utilize and possibly do better in managing your loan than the employed. Payday loans will help you manage immediate financial needs as you wait for your next income from whichever source you are utilizing at the moment.
What other conditions qualify me for a payday loan without employment?
If you have another source of income
Before payday lenders relaxed their rules, you could only get a payday loan if employed by a registered company. As needs and times changed, the rules were relaxed to accommodate the unemployed.
You could be working as an online marketer on a freelance basis, that is income enough to qualify you for a payday loan. What the lenders look for is a line of income to prove you will be able to manage the loan effectively.
It could be you are helping your parents in their store and they are paying you some money for personal use. If you need to buy tools to help you start your freelance contracting business, you qualify to apply for a payday loan.
If you are receiving retirement benefits
If you are retired, reaching retirement age does not mean you cannot qualify for a payday loan. If you were saving for your retirement, you likely have already started receiving the benefits of retirement or will start receiving them soon.
As you wait for your next retirement benefit pay, an urgent financial need may arise. The best action to take is to visit one of the online payday lenders or visit a payday lender near you and sign the loan application forms.
You will not be asked to provide papers from guarantors, attorneys, and credit scores. Your payday loan will be approved within the shortest time possible and you can pay it back once you get your next retirement benefit check.
If you are engaged in manual work
If you are no longer employed but are involved in manual work like pruning fences, working in the garden, cleaning driveways, and so on, that is a high and worthy income and you qualify for a payday loan.
The advantage of manual jobs is that you get your payment within 24 hours or at most within seven days. Sometimes the money you earn from manual work may not be enough to meet your financial obligations. You can apply for a flexible payday loan and pay within three months.
When you are paying in instalments, you will not be stressed and you can relax and manage your payday loan through equal monthly instalments until you make the full payment. As payday loans evolve, you can get more options and even more flexible repayment periods.
Where do I find the payday lenders?
A simple search using the word payday lenders on the internet will give you hundreds of payday lenders to choose from. Because of competition, payday lenders are evolving quickly to offer flexible payday loans to their clients.
Traditionally, payday loans were tied to the 30-day cycle but the cycle is changing and there are individuals and businesses offering payday loans up to three months. Apart from the online providers who send you online forms to fill in and send back, you can find out if there are any payday lenders near you. You may find some in front of stores or in an office near you where you can walk in and fill the form.
