Learn about obtaining a payday loan when unemployed
We have complied answered to some of the most commonly asked questions to help you learn more about obtaining a payday loan when unemployed.
I am Unemployed, can I really get a loan?
Yes, the lenders in our network will consider your application as long as you have a regular source of income that is verifiable. This can be from self-employment, unemployment insurance payments, disability and sickness benefits, retirement savings and pensions, and any other stable and regular government assisted or other source of income. Unemployed people regularly receive payday loans online.
What are the other requirements?
To be eligible to use our service and apply with a lender you must be at least 18 years old (it is illegal to issue loans to minors), a legal US resident in a state that permits payday lending (please refer to your local laws and regulations), a fixed address and contact information, and have a basic checking account (so you can receive the loan).
What is a Payday Loan?
A payday loan is a cash loan that you repay in full in one installment, on or just after you receive your next expected round of income. In practise this is usually set at two weeks. You will be charged a fee for the loan. Payday loans are designed to buffer temporary financial hiccups, like an unexpected bill.
Why would I choose a Payday Loan?
If you need cash to tide you over until you get paid and are unemployed, do not have credit cards and struggle to get other forms of credit, Payday loans are ideal. They are also very easy to apply for online and do not require you to wait in line, fill out tonnes of paperwork, and wait days for approval.
How much can I borrow?
Participating lenders offer between $100 and $1,000, but the amount you are eligible for will depend on how high your income is, your credit history, and various internal assessments. You may choose an amount when you use our loan request form and if matched and approved lenders will aim to offer as close to this as feasible.
How do I apply?
Firstly you will need to provide some basic details via our simple web form. We will then attempt to match you with a lender from the network. If matched you will be redirected to their page where you will be asked to provide further information. There might be no faxing if you already have your statements on your computer.
Does this site lend money?
No, we are not a lender. Our service streamlines the application process by taking some of your information and passing it on to a network of participating lenders in hope that we match you with one quickly. Any questions, queries or complaints regarding a lender or loan offer should be directed to them.
Is approval instant and guaranteed?
Although some online lenders use language that suggests you can be approved instantly and that approval is guaranteed, this is an unscrupulous marketing technique. Our reputable lenders will process most applications quickly, but there will always be some kind of assessment that takes time. You could also be rejected if you don't meet the requirements, your information cannot be verified, or you are assessed as being too high risk. MatchedLoans has no control over the approval process.
Is there no credit check?
Some online lenders have associated the term 'no credit check' with payday loans, however all legitimate type of loan requires some form of credit check. Participating lenders will pull your history, even if it isn't with the major credit bureaus.
What if I have bad credit?
Having a bad credit history is not ideal, however the lenders in our network believe that everyone deserves a small amount of credit for emergencies and will not automatically reject you based on your credit rating alone.
When will I receive the money?
If you have been matched, approved by the lender and made an offer, all you have to do is sign the contract. You can then receive the cash in your designated bank account within one business day if everything goes smoothly. This doesn't include weekends and bank holidays.
How much does it cost?
Cash advance style loans are issued with a single finance charge and this is the only fee you pay if you make the repayment in full and on time. The amount charged will depend on the amount borrowed, the assessment of your application, and state regulations. The lender will give you a copy of all the rates and fees before you sign any contract.
When and how do I repay?
The repayment date will be set at the time of your offer and will be made clear to you before you sign any contract. This is usually on or just after the next time you receive your income, but usually works out around two weeks from the date you receive the funds. Repayment is taken automatically from the bank account you provided when applying.
What if I miss repayment?
If you believe you will miss the repayment date you should contact the lender right away. Failing to pay may result in added fees and interest, bank charges, and collection proceedings (such as emails, phone calls, letters, and legal action). Non payment repercussions and solutions are governed by state law.
Can I take out more than one loan?
No, lenders will not allow you to take our more than one payday loan at a time.
Can I renew or extend the loan?
Lenders will have individual policies about whether you can extend the length of your loan term or renew the loan to give you more time to pay it off. This may also be governed by your state. You can check if this is possible by reading the loan terms.
How is my credit score impacted?
A search may be recorded on your credit report if you submit an application with the lender. If you pay off the loan on the agreed upon date you credit score may rise, while if you miss the repayment it could be negatively impacted.
Is my data secure?
We and our lenders use the latest encryption technology and will never pass on or sell your data to third parties.