With the number of the unemployed people constantly rising more people than ever are in need of extra cash. Therefore, the question is can you get a loan if you are unemployed. Traditional payday loan lenders would say that it is impossible. Payday loans are supposed to be lend only to people who receive pay checks and since unemployed people do not get them they should not get loans as well. Fortunately, lending is a business as any other an a growing competition among lenders led some of them to introduce payday loans for unemployed.
Short and simple application
The loan application procedure for people on unemployment benefits is in fact quite identical with the regular application for payday loans. There is no need to fax any documentation and the borrowers are asked only to fill a short online form. As the application is done entirely online it takes only a few minutes and you can get an
answer within half an hour if you apply early in the day. If the answer is positive many lenders send the money the same day so that you could quickly make good use of it.
High approval rate, no credit check
The vast majority of online lenders do not run traditional credit checks, therefore frequently people with bad credit score can also get a payday loan. This is so because online lenders tend to focus more on the amount of your current debt when compared to the income you get. As a result if you apply for as big a loan as to make the lender think you will be unable to repay it within the settled timeframe because of your other debts the lender may not decline your application, but simple offer you a smaller loan which will be easier for you to repay. Hence the high approval rate.
Who qualifies for payday loans on unemployment
Category: Payday loans