I Need Money Now, Can I Get Online Loans with No Job?
Unemployed persons are not entirely shut out of funding options. You can take an emergency payday loan specially designed for people out of employment. This type of funding is issued to individuals who, though not having a job, meet some repayment requirements.
Unemployed payday loans allow you to claim quick funding from online lenders, even if your credit rating is bad. Getting approval for bad credit unemployed loans is possible even with negative employment status.
Lenders will primarily consider your ability to make repayment without a job before approving your loan. This would involve having alternative sources of income to make payments. Regardless of your unemployed status, lenders will still expect that you pay back as and when due.
What Are the Basic Requirements for Getting Payday Loans for the Unemployed?
In order to qualify for a payday loan for the unemployed, there are several basic requirements you must fulfill.
- Age: Only borrowers aged 18 and above are eligible.
- Legal Residence: You should be a citizen or a permanent resident of the US.
- Checking Account: You should have and provide a live checking account where the lenders can deposit your funds.
- Valid means of identification: You should have a valid ID. Most preferably, you may need to supply a government-issued identification or a combination of secondary means of identification.
- Alternative Source of Income: While you may not have a job, you should have other income sources that will fuel your repayment.
What Can Be Considered As Income?
One of the eligibility criteria for an unemployed payday loan is an alternative source of income. But for individuals without a job, the main question becomes, what qualifies as income?
Well, even if you don't get salaries or wages from a job, you can still be deemed to have income. This is because most individuals enjoy some financial benefits from the government or private individuals regularly.
Lenders will consider such an influx of cash as an income for the purpose of your unemployed payday loans. Below are some types of financing that will constitute an income here.
- Social Security Income
- Income from Your Partner
- Dividends on an Investment
- Disability Income
- Rental Property Income
- Alimony or Child Support
How Can I Get Payday Loans for Unemployed without Proof of Income?
You can receive payday loans for the unemployed without a job but most lenders require some proof of income or another. Thankfully, it doesn't always have to be a paycheck from an official workplace. Your proof of income can be evidence that you qualify for social security income or unemployment benefits.
Some of the most common proof of income are spousal income, savings, pension drawdown, and investment dividends. However, if you don't have any of these, all hope is not lost.
As an alternative, you may get approved for a secured loan without proof of income. Unemployed secured loans require you to use one or more of your assets as collateral. Your property is held by the lender pending your repayment and seized if you default on the loan.
Compared to regular payday loans for unemployed people, secured loans attract lower APR. However, they take longer to process and get approval from lenders.
I Just Started a New Job Yesterday, Can I Get Online Payday Loans for Unemployment?
Starting a new job means that you are no longer unemployed and actually have a stable source of income. In such cases, you are more likely to get approval for an online loan. That’s because when you are employed, the risk of you defaulting on the loan is relatively lower.
Despite your new employment status, lenders will still consider some factors before approving your request for a payday loan. Firstly, they consider whether your salary from the job is enough to cover both your regular living expenses and repayment of your loan.
Lastly, lenders will look at your debt-to-income ratio. This information shows your total debts and how well your new income can cover them. If they are significantly disproportionate, you may not be approved for funding.
How to Get Online Payday Loans for Unemployment with US Installment Loans?
At US Installment Loans, we connect you with our vast network of online payday lenders spread across the country. If you’re confident that an unemployed loan is what you need, then follow these four easy steps to get funding.
Submit Your Details
Fill out an online form with your personal and financial information. Once we receive your information, we’ll automatically send it to our long list of payday lenders.
Accept Offers from Lenders
Lenders typically send you obligation-free offers to show that you are approved for a loan. Carefully look through these loan offers as well as their terms and conditions. Only accept an offer that offers you suitable repayment options and interest rates. Afterward, sign an agreement with the lender.
Receive Your Loan
You should get funding in your account as soon as the next business day. While some lenders deposit the money within 24 hours, with others, your funds may arrive only in the next 2-3 business days.
How Much Do You Want?
Other Options to Borrow Money for Unemployment
Some lenders are unwilling to approve loans to unemployed individuals without a steady, measurable income. If you are up for trying something different, here are some major alternatives to traditional unemployed loans.
Credit Card Cash Advance
You can get short-term advance cash charged to your credit card. This loan does not require you to have a good credit score or employment. However, it is expensive as it comes with high APR and fees.
Home Equity Line of Credit
If you’re a homeowner, you can enjoy a line of credit offering a very low-interest rate. This facility allows you to use your building as security for quick cash. In essence, you get a form of the second mortgage based on the equity on the home.
Car Title Loan
A car title loan is a form of secured loan in which you can get emergency funding with your car as collateral. All it takes to qualify for such loans is having a car, and you can get approval even with bad credit or no employment. However, a default may cause the lender to sell your vehicle.