Unemployment can be a challenging and stressful experience.
And despite most people going through it at some point in their life (often through no fault of their own), it carries a stigma that is hard to shake (even though it’s possible to lead an absolutely normal life without a job).
And this is especially true when applying for loans and credit.
Even if you have assets, a fair credit score, a new job on the way or regular benefits, banks and major lenders are rarely interested in providing a helping hand.
Even when that help may get you back in to work by funding transport and a clothes for an interview, or covering the rent so you can remain in a fixed address and meet employment requirements.
If you don’t have a credit card and can’t borrow from friends or family, it can be difficult to know where to turn.
Fortunately, there are still some options out there for unemployed borrowers, as long as they can demonstrate the ability to pay creditors back.
At MatchedLoans we can help you access payday loans with no job, for amounts between $100 and $1,000, and you could see the cash as soon as the next business day!
If you are unemployed due to disability or recently lost your job and need quick cash to cover an unexpected emergency or to tide you over until your prospects improve, one way to demonstrate your eligibility for a loan is to show evidence of an alternative form of income.
By using our loan request form you can access numerous lenders in our network, who may be willing to offer you a short term emergency payday loan, so long as you are receiving regular benefits.
For example unemployment insurance is commonly paid out to those who have been let go unexpectedly from their job and it wasn’t their fault. Although it might not be as much as your wages or salary, for all intents and purposes these payments are a form of income and our lenders will fairly assess applications from borrowers in this scenario.
Likewise if you are unemployed due to a debilitating illness or permanently unable to work due to a disability, you can also class your sickness or disability benefits as income. In fact any form of social security that is paid to you regularly may be assessed by lenders to determine your credit worthiness.
Or you may be a single mother, staying at home and raising kids.
Before you proceed however, you may want to consider the following:
Remember, your financial stability is not just defined by your money coming in. Assets such as real estate make up your net worth, and if you are willing to pledge these assets as collateral, traditional lenders may be willing to extend you credit whether you are working or not. Other stores of wealth that lenders may accept as collateral include a vehicle that you own, accumulated life insurance money, and any other valuable property.
You might also seek a co-signer or guarantor. Lenders want to ensure they will be paid back with interest, this mechanism holds the other person liable if you fail to make the repayment.
While you might not be the ideal prospect for lenders, a close friend or family member might be, and if you can get them to take on the obligation on your behalf, you are much more likely to obtain a loan when unemployed.
A payday loan is a short term loan between $100 and $1,000, designed to tackle unforeseen expenses and financial emergencies until you get your next round of income. This does not have to be from employment, you could be self-employed, retired with savings and a pension, or receiving regular benefit payments (such as disability or unemployed insurance).
Because of this lenders are expected to be paid back on or just after you receive your next round of income (usually no more than two weeks). If you make this repayment on time you will only be charged one single fee on top of the principal.
One of the key benefits of a payday loan is that you can apply even if you are unemployed, and you don’t have to pledge collateral or use a co-signer to back up the agreement. As long as your source of income is stable and verifiable and you are an adult living within a state where payday loans are permitted, the lenders in our network are open to receiving your application.
The process is also fast and easy. Unless the documents lenders require are not already digitized, there may be no faxing involved whatsoever – everything completed online in minutes.
Likewise if your application is approved and you accept the lender’s offer, you can receive the cash directly in to your bank account within one working day!
No lines, no meetings and no reams of paperwork. Just the money you need as fast as possible…
We only work with respectable and regulated payday lenders, who do not guarantee approval or claim to offer instant approval. However the entire process really can take just few minutes if you are prepared, and even if you are unemployed with bad credit, your application may still be assessed. That’s why they also do not promote so called ‘no credit check loans’. There are many factors that go in to a lender’s approval decision and bad credit and unemployment will not automatically exclude you.
To get started you can submit your information via our simple web form. We are not a lender ourselves, but by providing us with a summary of your situation we can streamline the data to participating lenders and save you the hassle of applying individually. (We will never pass on or sell this to anyone else).
If matched with a lender you will be redirected to their page, where you will need to complete the full application. If approved you will receive a copy of the agreement, and once you sign the contract the cash deposit process will begin as soon as possible (often arriving within 1 working day).
When you have no access to other forms of credit and are unemployed, a payday loan can be an invaluable lifeline!