If you’ve lost your job or are still looking for one, some things in life can’t wait. Even if you are unemployed, you may need short-term loans to cover the gap in your monthly budget. Traditional banks will most likely reject your loan application because you don’t fit their eligibility criteria without a job. Does that mean you’ll go without credit? Fortunately, short-term lenders will help you even if you are unemployed. However, you must have at least some sources of income. Depending on the country and state in which you live, this income may come from different types of benefits and programs, such as the following:
- Unemployment benefits
- Government annuity payments
- Pension funds/ retirement benefits
- Social Security benefits
- Dividend payments or recurring interest
- Alimony or child support
- Regular proceeds from a trust
- Public assistance
- Income from spouse or partner
- Government annuity payments
When you apply for a payday loan, you’ll need to confirm that you receive these benefits on a regular basis. You may need to provide online bank statements. Sometimes, if you can provide proof of an impending real estate sale, a job contract offer, or an impending inheritance, lenders may also consider you for a payday loan.
In some countries, such as the United States, people who have lost their jobs receive unemployment benefits as temporary income.
A person who has lost a job but receives unemployment benefits temporarily is eligible for payday loans if they have an emergency. Direct lenders consider unemployment benefits as a source of income and give out cash on that basis.
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Payday loans for unemployed with bad credit
Since direct lenders offer payday loans with no credit checks, borrowers with bad credit may also qualify for this type of loan. Be sure to indicate that you’re receiving employment benefits when you fill out an online loan application on the direct lender’s website. These applications are processed quickly, and you can expect to have money in your bank account within 24 hours. Typically, the repayment period is from 14 to 30 days, so you’ll have plenty of time to find a job.
How to get a payday loan while unemployed?
You need a game plan before you apply. Calculate the exact amount of money you need to cover your living expenses. Utilities, medical bills, gas, and more should all be calculated well in advance. Your reasons for doing so are twofold. If your lender has a better understanding of what you plan to spend the money on, they may be more willing to give you a slightly larger amount than they would otherwise. Secondly, it can save you from an unnecessarily large loan.
Getting a payday loan is quite simple, you only need to perform the following steps:
- Fill out an online application.
- Once you receive an offer from the lender, you can read the terms and conditions.
- Once the offer is accepted, the money will be transferred to your account within 1 day.
Where to Look for Payday Loans for the Unemployed With Bad Credit
If you are unemployed and looking for a guaranteed payday loan, you will have to spend time looking for direct lenders that accept alternative income statements. Since most payday loan lenders have websites, you can apply online without visiting a traditional bank. Visit payday loan sites one at a time to see if they accept applications from unemployed people. Before you fill out an online loan application, there are a few things you should check to protect yourself from fraud:
- Company information
- Contact details
- Interest rates and fees
- Repayment period
- Policies and registration
In addition to proof of age, name, citizenship, and other information, you will also need to provide a bank statement to prove your income from alternative sources, as mentioned above. Once you receive the application, the lender processes it quickly, and you can expect to receive money in your bank account within 24 hours.
Payday loans for the unemployed In Colorado
Residents of Colorado have many reasons to think about payday loans. Many people are wary of these quick solutions because they know nothing about them and think they are much worse than they really are. However, the requirements to get a payday loan are minimal. You must be at least 18 years old to apply, and you must have a verified source of income. It is also necessary to have an active checking account.
Keep in mind that payday loan companies favor people who are likely to pay back the loan. Even if you don’t have the best credit history or can’t prove your income, there’s no reason to deny you these loans if you really need them. You can get a payday loan in Colorado without worrying about the application process.
There are no restrictions on who can get a payday loan for the unemployed in Colorado. The only thing that matters is whether you can pay back the amount borrowed or not. If you can’t pay it back on time, the company will start charging you extra fees for late payments.
In Colorado, you can apply for a payday loan in two ways. You can visit one of the local offices or just go to the company’s website and fill out an application there. Some people prefer to fill out the application in person because it’s faster and easier to get everything in one place, but you shouldn’t neglect the online application. If you want to take advantage of this opportunity, visit the lender’s website.
In Colorado, you can get a day loan in any amount you think is right for you. If you are approved for a loan, you can borrow anywhere from $300 to $1500, depending on your total income and how much you spend each month.