How Payday Loans Work
Facing unemployment can be extremely stressful
…especially when you have to cover bills, unexpected expenses and emergency financial situations. It’s even more frustrating when you need cash to help with transport and other costs related to finding a new job. But not everyone who is unemployed has zero income or finances at all, and lenders outside of the banks and other larger institutions are beginning to realize that and are now offering unemployment loans.
If you’re wondering how to get a loan without a job, here’s how the process works for online payday lenders.
Our Simple Service
Using our service to access lenders offering payday loans to the unemployed is a very simple process. Anyone who is jobless but receives a stable and regular income from other sources (unemployment insurance, disability benefits, pensions etc), are welcome to apply.
To get started all you have to do is submit some basic information via our [loan request form] and we will attempt to match you with a lender. Our form can be completed entirely online and from any internet connected device with a browser. You will be asked for your name, date of birth, address, income info, bank account details (for the potential loan to be deposited by the lender), and how much you wish to borrow. The only requirements other than a source of income, are that you are over the age of 18 and a legal US resident within a state where payday lending is lawful.
Many of our users have praised our loan request process for its speed and simplicity. We can match you with a lender in minutes, instead of hours, and you will be plugged in to a network of 100 or more lenders so you do not have to apply individually. What’s easier than that?
Applying With A Lender
If you are matched you will usually be asked to provide some added information to complete the application. This is to help verify your identity and income status. In some cases you will be asked to provide statements and documentation, but there might be no faxing involved if you already have access to these documents online and can download them to forward to the lender.
Thankfully because you can complete the entire process online, there is no waiting around to be seen at the bank, there won’t be any uncomfortable face to face meetings or telephone calls, no reams of complex paperwork to fill out, and you will know the same day whether your application has been approved!
In fact it may only take minutes if you have everything in order and your information can be easily verified. If approved by the lender, you will then be made an offer and if you accept, the cash can be in your designated bank account in as fast as one business day (remember to make allowances for weekends and bank holidays).
Before you sign the contract however it is important to read all of the terms provided. This will include the amount that will be issued to you, the amount you will be charged for taking out the loan (also represented as an annual percentage rate), the date the repayment is due, and lots of other important information. You are of course not obliged to sign the agreement and are free to walk away if you change your mind.
No False Promises
It should be noted that although some online payday loan providers market no credit check loans to the unemployed, they are not being entirely honest with their customers. All lenders who work within state regulations and want to offer a secure and honest service will pull some kind of credit history, even if it’s from the smaller credit agencies. The good news is that our participating lenders will not automatically reject your application if you have bad credit, as many other factors go in to making the final decision.
Furthermore, although you can choose enter the amount you wish to borrow when using our service, this is only a guide for lenders and the actual amount you are offered if matched and approved might be different. The decision will be based on your income information, credit history and the internal policies and assessments of that particular lender. They will try and get as close to the amount you requested as realistically possible, but they want to ensure you will have the means to pay it back so everyone is a winner.
Payday loans are considered a short term commitment as they are repaid in full in one lump sum, rather than being split over several installments. They are designed to tide you over until you receive your next payment and not as a solution to long term debt. In practise the date of repayment will usually be about two weeks from the time the loan is issued.
Because you will have provided your bank account information when applying, the repayment along with the finance charge will be taken automatically on the agreed upon date. Therefore it’s paramount that you ensure there is enough money to cover the transaction. Making the repayment on time on this type of cash loan is just as important as any other from of credit, and you may be faced with added fees and interest otherwise. You could also incur bank charges if the transaction fails, and the lender reserves the right to pursue collection by email, phone, door visits and any other method permitted by state and federal law.
If it is possible to renew or extend the loan in the case of non-payment, this will be listed within your copy of the terms and conditions, and you can always contact the lender to clarify. Starting a dialogue if you think you’ll miss the repayment is much better than ignoring the lender and hoping they will go away.
Get Started Today
If you are unemployed but still have a source of income, and need quick cash to overcome a temporary financial hiccup, a payday loan may just be the right solution – especially if you don’t have credit cards or access to other loan products. You can get started right now and could have money in your account by closing tomorrow!