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19 Dec 2018

Loans for the Unemployed: Can I Get a Payday Loan Without a Payday Coming?

Suffering after a sudden job loss? Wondering how you’re going to make end meets? Worried about giving your family a great holiday season?

You’re not alone. There are around 6.1 million Americans without a job currently. While the unemployment numbers may be down after the recent recession, there’s still over 6 million people wondering when they will get their next paycheck.

If you’re unemployed, then you don’t have a regularly scheduled payday. But that doesn’t mean you can’t qualify for a payday loan. Find out more here!

Different Options

The phrase payday loan doesn’t just apply to one loan option. In fact, there are three main types of payday loans, including cash loans, title loans, and same day loans.

Cash loans are a great option if you need money and seem out of options. These loans are available with no credit checks, so your current financial hardships won’t affect your approval chances. Cash loans allow the funds to be quickly credited to your bank account once approved.

Title loans are a great option if you own your car. This allows you to use your car’s title as collateral in exchange for a quick loan.  To qualify, you must own your vehicle and have no liens. All joint owners must also agree to the loan.

Different lenders allow you to use different forms of collateral for similar loans. These are often referred to as secured loans.

Same day payday loans are available for when you need emergency cash in a hurry. You’ll be asked to provide some basic information such as your bank account. You’ll apply online and can receive the money within hours. Due to the quick turn around, you can expect higher interest rates for this type of loan.

Available to Many

Just because you’re unemployed and fallen on hard financial times doesn’t mean you can’t secure online payday loans.

To qualify for these loans, you must confirm your US residency and have a US bank account. You must also verify you are between 18 and 65 years old. To secure the loan, you’ll provide a debit or credit card as a fallback payment method and an active cell phone number.

One of the main benefits of online payday loans is that they have no requirements or limitations on use. You can use your loan as a way to catch up on overdue bills, for everyday expenses such as groceries, or to help purchase a vehicle to make your job search easier.

Fast and Substantial

When you apply for payday loans online, you have access to a substantial amount of money fast.

Depending on which of the above options you choose, you can get your money within hours or a few days. By using an online lender, you quicken the process. Make sure that you have your essential banking information handy before you start the process to help you save some title.

Also, depending on which loan option you pick, you can get a loan for as little as $100 or as much as $5,000. So whether you need to buy food for the table or prevent your electricity from getting shut off, you’ll have the necessary funds.

Never take out more than you need, especially since you’re unsure of when you’ll get your next paycheck. Also, be aware that interest rates will make your final payback amount larger than the loan. Account for both of these factors when applying for your loan amount.

Improve Current and Future Financial Situation

You may have heard all the horror stories involved with so-called “loan sharks.” But if used properly, payday loans can help out both your current and future financial situation.

In the short-term, these loans will help you get through a hard time. Whether you are waiting on that first paycheck from your new job or making ends meet during the job search, you’ll be safe.

In the long-term, payday loans can positively impact your credit score. By taking out loans and paying them on time, you’ll see your score improve. A better credit score improves your approval odds for future loans, such as a mortgage or vehicle loan.

Watch Out for Traps

Not all payday loan lenders are created equal.

It’s important to properly research a potential lender before applying for a loan. Beware of any lenders who ask you to commit to a loan before laying out all the terms. Always make sure you know the interest rate and repayment terms before committing.

Ask your potential lender what loans they think are best. If they are helpful and offer advice, this is a sign they are a reliable lender. If a potential lender is impossible to contact or tries to pressure you into a loan, steer clear.

Always compare different loan options to ensure you are getting the best available loan. Research a few different offers to see how they compare. You can easily spot a bad loan if it has a much higher interest rate or a much shorter repayment period than other offered loans.

Get Your Payday Loan Today

Don’t spend your time worrying about how you’re going to make ends meet. Instead, use one of the many payday loans to better your current and future financial situation.

Use your assets to your advantage and ask a lender what they can offer you. Often times, your bank information and a credit or debit card will be enough to score you a loan.

Here are some other helpful articles:
Can Personal Loans Be Refinanced?
How Personal Loans Work: A Complete Guide
The Basics of the Wells Fargo Platinum Card
The Pros and Cons of Opening a Joint Bank Account