Hello, my name is Rhonda. If you have financial goals, this blog can help you achieve them. A few years ago, I realized that I didn't have a good plan for my future and I wondered if my financial needs would be met after I retired from my job. I immediately started planning for my future by speaking with a financial advisor and I learned a wealth of information at our meetings. By following the recommendations of my advisor and by learning everything I could about finances and money, I now feel very secure about my future. If you need financial help for retirement planning, college savings or even for an emergency fund, you can get sound advice by reading my blog. I believe that by following a few basic strategies, everyone can meet their goals and be financially secure.
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Is It Possible To Get A Payday Loan When You're Unemployed?
Kent Cook
Everyone experiences financial emergencies at some point. If you need cash fast but don't have any savings you can tap into, a payday loan can provide short-term relief from your money problems. However, payday loan lenders typically provide loans to people based on the income they earn from a job, so people who are unemployed are simply out of luck, right? Not necessarily. It may be possible to get a payday loan even if you're currently not employed. Here's more information about this issue.
Alternative Sources of Income
Payday lenders' primary concern is making sure customers are capable of repaying their loans. While some companies won't lend to people who are not employed, others will provide loans to individuals as long as they have alternative forms of income they receive on a regular basis. For instance, you could qualify for a loan if you receive a Social Security check every month.
Other sources of income that may qualify you for a payday loan include:
- Unemployment benefits
- Rental income
- Monthly payments from a lawsuit settlement
- Social Security disability
- Dividends from investment income
Typically, payday loan lenders require people to make a minimum amount of money per month to qualify for the loan. For instance, people who get $300 a week in unemployment in California may qualify for payday loans. The exact income requirements will vary depending on the lender and the source of the money.
Regardless of the source, the loan amount you'll qualify for will still depend on the amount of money you receive from other income avenues. For instance, if you get $1,200 per month in unemployment benefits, you may only qualify for a $300 loan.
Other Things to Consider
Lenders will want to see that you're receiving the money on a regular basis. Payday loans typically come due within a short period of time (e.g. 14 days), and the company will want to make sure you'll have the money available when the loan needs to be repaid. If you get money on an infrequent basis or the intervals between payouts is too long (e.g. you get money every 45 days), then you may not qualify for the loan.
Additionally, your ability to take out a payday loan may end when your source of income does. For instance, if you're receiving unemployment benefits, the lender may require you to pay your loan in full—rather than let you renew the loan—once your benefits end. It's important to discuss the issue with the lender so you're not taken by surprise.
For more information about taking out a payday loan when you're unemployed, contact a lender near you and go to http://www.paydayexpresscashadvance.com.
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