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Help! Am I Able to Recieve a Payday Loan if I'm Unemployed?
21 Sep 2018

Help! Am I Able to Recieve a Payday Loan if I’m Unemployed?

You’re out of a job, and your finances are in shambles.

Or maybe you’re self-employed and don’t have a pay stub to prove you’re legit to a bank.

If you need money today, one of your best options is a payday loan. These are high-interest loans from sometimes sketchy businesses and banks, but when you’re broke and need to pay a bill today, it can feel like your only option.

If you’re on unemployment or not receiving any income, here are a few tips for getting instant same day payday loans online today.

Please Note: Payday loans are high interest. If you’re not going to be able to pay it back quickly, consider other options.

How Does a Payday Loan Work?

If you need an instant loan for unemployed expenses, you can hightail it to a payday loan shark and potentially have money in minutes.

When you arrive at the bank’s office, you will produce a paycheck, personal check, or some other form of assets to get a short-term loan.

Once you’re ready to repay the loan, head back to the office with your money in hand. Prepare for a finance fee or interest, depending on how long you had their money.

payday loans for unemployed peopleHow Much Money Can I Get With a Payday Loan?

State legal maximums can make the amount available to you vary, but usually, these loans are between $100 and $1,000.

Don’t expect to get a payday loan for a huge sum of money. These are for help in a pinch.

The average term for a payday loan is two weeks, although some lenders might not be so kind. If you leave the loan to appreciate in value, it can cost you 400% interest. Pay them off!

If you aren’t going to be able to pay your loan back on time, it’s imperative that you contact your lender immediately. Payday loan businesses operate on a short turnaround, and they are counting on your money back. Communicate with them as needed.

Have Your Assets In Order

If you have terrible credit, or a short credit history, and no proof of income, it might be tough to get a payday loan.

But, it’s possible.

Be prepared to showcase income-earning assets or provide deeds or titles to other assets. If you’re on unemployment, personal loans can be hard to acquire — but it’s not impossible. Have your paperwork in order and be prepared to negotiate.

Mostly, you’ll need an active bank account, proof of income or assets, and a government issued ID. Your results may vary, depending on the lender.

If a payday loan is truly your last resort, beg and bargain if you have to. They have heard it all!

Is This Legal?

Short answer: Probably.

Currently, 32 states allow payday loans, but 15 states and Washington, D.C. have safeguards in place so your interest can only compound so much.

It’s true that if you’re unemployed or on unemployment, you can get a payday loan, but you’ll want to be certain it’s last on your list. High interest rates and finance fees can put you in even more of a bind!

If you need more help with payday loans for unemployed, we have more information for you. Please check out our Payday Loans page, and the rest of our site for more financial wisdom.