Payday Loans Even for the Unemployed
Unemployment rates have been lingering just under 10% for the last few years. Many Americans have lost their jobs, have wiped out their savings and are subsisting on unemployment compensation either from the state or federal government. These unemployment packages usually pay only 70-80% of their previous paychecks. They usually need the money quickly. They might consider getting a fast approval payday loan for the unemployed. The could have cash in their bank account within 24 hours.
The Bare Necessities
Some folks are finding that they need a quick infusion of cash just to help cover the bare necessities. They may think that getting a fast-approval, payday loan might infer that they are still getting a paycheck. Some of these loans are more appropriately named cash advance loans. But as more and more people face unemployment, more and more lenders are getting comfortable with the idea of lending money to the unemployed.
Traditional Lenders Not Likely to Lend
Banks and credit unions are not likely to make small, fast-approval, payday loans for the unemployed. Your best bet would be to check lenders online. If you punch your browser with loans for the unemployed you will be rewarded with a number of pages of lenders willing to make payday loans even for the unemployed. You should be able to pick and choose to find the best four or five lenders who look like they would offer the sum of money you need, in the amount of time you need it, and at percentage rates and repayment terms that you would find comfortable.
Before You Start Applying
Online forms are easy to fill out. You will need some documentation. You will need some government issued identification. You will need proof of your unemployment compensation. Some lenders will even lend to you if you can present an affidavit from a future employer designating when you are due to start working for them. You will also need proof of residency – a utility bill or a cell phone bill usually works. Lenders also like their clients to have direct-deposit checking accounts so they can put the payday loan for the unemployed directly into your bank. If required, you can fax or scan documents for submission to your lender.
Fast-Approval, Payday Loan Options
You have some options when applying for a fast-approval, payday loan. You can get either a secured or unsecured loan. Secured loans require that you present some collateral, usually real estate, stocks and bonds, or even a late model car. Should you default on the loan the lender can seize the property and sell it to cover the cost of the loan. Interest rates on these loans are usually lower than on unsecured loans because there is less risk of the lender losing money. Unsecured loans have only your promise and your signature. The interest rates on these loans will be higher. You may want to stipulate whether you want a payday loan or a cash advance loan. Payday loans usually require repayment within two to four weeks. Cash advance loans can be paid in installments over a longer period of time.
Now Focus On Finding a New Job
Once you make your application, you will probably be approved on the same day, perhaps within an hour or so. Your funds for your fast-approval, payday loan will probably be in your bank account within 24 hours, sometimes sooner. With that extra cash to give you some breathing room, you can focus on your full-time job – finding a new full-time job.