Pay Loans For Unemployed
Have you ever tried to get a loan for unemployed? It verges on impossible to obtain a loan for unemployed from regular lending institutions, for instance a bank or a credit union since the unemployed are considered a big risk and unreliable customers. Banks and credit unions usually don’t lend money to unemployed people because they fear that the money will not be paid back. On the financial market, however, there are lending institutions where it is possible to receive a loan for the unemployed. Those are payday lending companies and they give pay loans for unemployed to people who are jobless. Their loan plans usually are more expensive when it comes to repayment than regular bank loans as well as their loans are given for a short period of time. Nevertheless, when a serious financial difficulty occurs, perhaps it is a good way out of one’s temporary financial troubles, especially in the light of the fact that banks tend to reject loan applications from unemployed.
How much can I borrow and how long is the loan repayment period?
Basically, any amount of money can be borrowed that doesn’t exceed $1500. There are, however, lenders who offer loans for bigger amounts. The amount of the loan depends on the borrower’s income amount. In case of unemployed, the amount of the loan depends on the amount of benefits one receives. As far as the loan repayment period is concerned, pay loans for unemployed are rather short-term loans that are to be repaid on the borrower’s next paycheck arrival. When it comes to the unemployed, the loan is due on the day when one receives his/her benefits. In practice, pay loans for unemployed are given for a two to four week period of time. It is possible to negotiate the loan repayment period and to extend it up to ninety days or more. Nevertheless, this involves additional costs being added to the total cost of the loan. It also has to be remembered that pay loans for the unemployed have a bigger interest rate than regular bank loans. Thus, it’s important not to borrow more than one can afford to pay back. It’s also very significant that the borrower pays the loan back on time in order not to be charged late payment fees.
Are there pay loans for unemployed available online?
Of course there are. It is possible to apply for pay loans for unemployed online or in person in a payday lender’s office. It’s up to the borrower which way of applying he/she will choose. Pay loans for unemployed online save much time and effort. One can submit online pay loan application form within the privacy of one’s home, with as little as few mouse-clicks. When one applies online with us, an online application form, which includes some basic personal information details must be completed and submitted to the network of direct lenders we cooperate with. After the pay loan for unemployed application form is submitted, our network of legitimate cash lenders competes for one’s business to offer the borrower the cheapest loan plan possible. Later, the lender who wins the competition contacts the borrower to discuss the terms and conditions of the pay loan for unemployed in detail. Provided that the borrower agrees to presented terms and conditions, the loan agreement is signed electronically and the lender transfers the loan money directly onto the borrower’s bank account.
Pay loans for unemployed are very popular among borrowers nationwide due to three characteristics they have, namely no credit check, no paperwork, no faxing. Thanks to no credit check, many bad credit holders are accepted for pay loans online. Lenders in pay loan approval process, instead of taking into account the borrower’s credit score, consider his/her income amount. The income can come from a number of sources, for instance benefits, wages, pension, etc. No paperwork and no faxing makes the whole loan process less tedious and time-consuming. It considerably shortens the borrower’s anticipation period.
There are only three basic requirements that one must fulfill in order to be eligible for pay loan for unemployed. The requirements are as follows:
Legal age – 18 and more
Bank account – checking or savings (some lenders offer pay loans without bank account)
Fixed income – in case of unemployed, the amount of benefits is taken into account