Can I Get a Payday Loan with Unemployment Benefits

Can I Get A Payday Loan With Unemployment Benefits

Online payday loans make it really easy for anyone, regardless of their current financial status, to get all the funds they need and when they need them.

 

Now, even though the rate of unemployment in the United States reduced from 4% to 3.8% in February of 2022, we still have a rough 3.8% of unemployed individuals who steadily need to maintain their daily living.

 

This accounts for about 6.270 million Americans who might currently be struggling with their personal finances.

 

Now, it can prove pretty challenging when trying to make the best financial decisions for yourself, especially when you are not so sure where your next paycheck will be coming from.

 

Due to situations like this, many have found themselves caught up in a tight spot, thus developing terrible habits that further goes to influence their finances negatively.

 

Indeed, no one deserves to be in this kind of position.

 

Having to struggle with your finances without a job can be the worse!

 

Even with a good-paying job, some of us still struggle to stay afloat with our finances, talking less about being unemployed.

 

An online payday loan comes to play here, offering you an opportunity to get all the funds you need and when you need it, regardless of your current unemployed status.

 

 

Online Payday Loan with Unemployed Benefits

 

So long as you can prove to an online payday loan direct lender that you can pay back your loan offer when it’s due, you can be sure of getting all the funds you need to cater for that your pending expense soon as today.

 

Perhaps this is because the sole purpose of an online payday loan is to fill in the dreaded payday gap.

 

Unemployment is one of the main factors that drive consumers to reach out for online payday loan direct lenders.

 

If you want to know if you can get a payday loan while unemployed, the short answer is yes! You will only be required to provide certain proof to meet your direct payday lender loan qualifications.

 

These requirements differ from the basic criteria for getting an online payday loan that includes the following:

 

  1. Be at least 18 years old
  2. Provide a government-issued ID or valid means of identification
  3. Social Security Number (SSN)
  4. Provide an active bank checking account

 

Remember, online payday direct lenders are only looking to offer funds to people they know can pay back on the settlement whenever it is due. As such, you must show them proof that you have something that at least gives you, even though it is the most little monthly earnings.

 

For instance, if you get money coming to your account consistently from any one of the following sources, you may qualify for funding from an online payday loan direct lender:

 

  • Child support or alimony
  • Dividends or interest
  • Long-term disability
  • Social Security
  • Retirement funds
  • Trust fund
  • Rental property

 

With any of the above-listed sources of monthly income, you are most likely to have your online payday loan request approved by a direct lender. But still, you have to understand that all this is totally dependent on the payday lender that you are working with.

 

Also, if you just got laid off from your workplace, you are in a much better position with online direct payday lenders.

 

This is because most companies offer severance packages to employees who just got laid off.

 

A severance package is basically an agreement between an employer (recruiting manager) and an employee that breaks down the financial terms on which the employee will exit the company.

 

The agreement usually entails regular cash benefits you will need to survive while searching for another employment opportunity. It could also cover legal assistance for the employee.

 

So, we always advise those currently working in a company to do well in negotiating their severance package with their employer as this could further go to help them should in case they get laid off by their employer.

 

A good severance package should cover:

 

  1. Severance pay
  2. Insurance coverage
  3. Retirement plans and stock
  4. Outplacement

 

Most of which can be considered as proof of income for getting an online payday loan.

 

Finally, suppose peradventure you lost your job through no fault of your own. In that case, as determined by state law, the federal-state unemployment compensation program offers temporary financial assistance to you that usually lasts up to 26 weeks or 73 weeks and can, in turn, be used as your proof of income for getting an online payday loan with unemployed benefits.

 

Online Payday Loan with Unemployed Benefits and Poor Credit Score

 

Having a good credit score also plays a really significant role in helping you get an online payday loan with unemployment benefits. This puts you in a better position when it boils down to your online payday loan Ohio direct lender, but note that you will never be denied funding on your online payday loan request due to your current credit score or rating.

 

A credit score is a qualifying factor used by traditional lenders and credit organizations to check how an individual qualifies for a loan offer.

 

Most times, if your credit score is bad, you will not be allowed access to funding by a lender. But the case is quite different with online payday loans.

 

FICO is an acronym for Fair, Isaac, and Company, and a FICO score is the most common credit-scoring system that has been generally accepted by most traditional lenders today.

 

Below is a quick breakdown of the different FICO scores:

 

  • 800 – 850: Exceptional
  • 740 – 799: Very good
  • 670 -739: Good
  • 580 – 669: Fair
  • 0 – 579: Bad

All these should never discourage you, as even with your poor credit rating, you can still get all the funds needed from an online payday direct lender with your unemployed benefits.

 

The best way to get on better terms with your online payday loan direct lender when it comes to getting a loan with unemployed benefits and a poor credit rating is to start by lowering the loan amount you’re requesting and scale up from there with time.

 

The more proof you show to your lender that you can consistently payback on your loan offer by actually settling the payment when it’s due, the more loan limits you’ll be able to access.

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