While it’s not always ideal, sometimes it’s necessary to get a payday loan online so that you can make rent or pay vital bills.
However, there’s a hitch – most loans require a listing of income, or at least a job title to be listed. After all, they want to make sure the loan can be paid.
This begs the question: is it possible to get loans with no job verification?
The answer? Yes, it is. Although there are some significant caveats that you should know.
Fortunately, we’ve got you covered here in our handy guide. Read on for more information on job loans for the unemployed.
Getting Loans with No Job Verification
Here’s the thing: you probably won’t be able to get a personal loan from a bank without job verification. This doesn’t mean you’re out of options, though.
How Payday Loans Work
Payday loans no credit check are typically small dollar amount loans that get people over the hump of not having their paycheck for a few days.
Essentially, they aren’t mean to be had for a long period of time. In fact, they usually require that they are paid back all in one lump sum as well.
Naturally, this can be troublesome for people who are unemployed.
Even in the event that the payday lender has some lax requirements for applying, many places will still require some form of job verification like:
- Bank statement
- Calling place of employment
This doesn’t mean it’s impossible to secure loans with no job verification. It just becomes slightly more difficult.
Alternative Loan Eligibility
With all this being said, it is possible to secure loans with no job verification. However, you must meet the lender’s alternative eligibility requirements.
These requirements can be:
- Some proof that income is being made outside of a job (Social Security, pension, retirement, child support funds, income made from housing, savings)
- Signing up for an automatic payment plan with the lender
- Loan collateral (assets like property or cars)
- Cosigner for the loan
Should the need for an emergency loan arise, these are some ways to secure a payday loan without job verification.
Just like any other kind of loan, these kinds of instant approval payday loans come with a lot of risks. This is especially true if you are unemployed – you don’t want to fall into a vicious cycle of debt.
When borrowing without a job, make sure you consider the following factors:
- Lenders can require a much faster repayment schedule
- Much higher interest (sometimes up to 400%)
- Required automatic payments (difficult if unemployed)
- Fees and alternate payments may be necessary
Not to mention the fact that some lenders are willing to take advantage of people in dire financial straits. Always be aware of who you are borrowing from.
Now that you know it’s possible to secure loans with no job verification, you might be wondering what else you don’t know about your finances.
No worries – we’ve got you covered. Check out some of our other great blog articles on loans or contact us if you have questions or concerns.