Times are hard, and even with a good-paying job, we still find ourselves struggling to cope with our daily life activities; then, in came-in the Covid-19 pandemic to make things worse.
The Covid-19 outbreak triggered one of the worst employment and job industry crises since the Great Depression. This, in turn, posed a real danger in the daily finances of most individuals living in the United States.
It can prove really challenging to make the best financial decisions for yourself, especially in cases where the whole fate of your daily living is at risk. Due to situations like this, many have found themselves in a tight spot, thus leading them to a debt trap where they take up money from traditional lenders and credit organizations and cannot pay back the debt.
Nobody should be caught lacking, but in cases like these, traditional lenders such as banks and other credit organizations take it upon themselves to build on their accumulated assets and take profits.
Now, even though we’re meant to call business, business, this doesn’t sound fair at all. It’s somewhat not something worth experiencing, having to lose your property while looking to secure funding to help cater for your daily living.
That said, we still have a few credible options available for those looking to fund their finances, even without a job. A good understanding of these available options puts you in a better position in deciding the best approach to take with the many direct payday loan lenders out there.
Thus, today’s guide hopes to enlighten you on the best ways on how to get a payday loan with no job.
How to Get a Payday Loan with No Job in Ohio?
The first thing you need to understand about online payday loans is that they are an unsecured form of lending that puts a lot of risk on the direct payday loan lender.
As such, since you’re not required to provide any form of security or collateral in order to secure your funding offer, online payday loan direct lenders would rather you provide an alternative proof that shows that you are fully capable of paying back the loan offer whenever it is due. This is why most online payday loan direct lenders will always request that you show proof of employment prior to getting your funds.
Certainly, all these will make sense when you approach reasoning from the perspective of the lender who is taking a big risk offering to fund someone who has no clue of where their next paycheck will be coming from.
But still, there is hope! There are other ways to show proof to direct payday lenders that you are capable of paying back a loan offer when due.
Well, the fact that you are currently unemployed doesn’t mean that you don’t have things that give you money consistently in a month. That being said, some online payday loan direct lenders may consider other forms of income outside of that gotten regularly from a job or salary. For instance, if you get consistent income from any one of the following sources, you may still 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 income, there’s a higher possibility of you getting some cash advance from an online payday loan lender, but still, it all depends on the lender which you’d be working with directly.
Having a good credit score also goes a really long way in helping you get a payday loan with no job. This puts you in a better position when it boils down to your online payday loan 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.
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Online Payday Loans for Unemployed Individuals with Poor Credit Rating
A credit score is a qualifying factor used by most traditional lenders to check how an individual qualifies for a loan offer, and most times, if the credit rating of that individual is low, then such a person will not be allowed access to funding. 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
Now, all these should never discourage you, as even with your really low credit score, you’ll still be able to secure funding as an unemployed person.
The best way to get on better terms with your online payday loan direct lender when it comes to getting a payday loan as an unemployed person with poor credit rating is to start by lowering the loan amount you’re requesting and scale 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.
Early payment on your loan offer can also attest to your ability to take up more funding. For instance, if you take up a loan offer of $75 to be paid back within the next two (2) weeks, and then you eventually payback on the offer before the end of the second week, your lender will trust you more to the extent of increase your loan limit to $100.
By doing this consistently, you can actually increase your daily loan limit and borrow as much as $5,000 in payday funding, even as an unemployed individual with a poor credit score.
The best part of getting a loan from an online payday loan direct lender is that every positive change in your borrowing habit tends to reflect on your credit rating. This can prove really helpful when it comes to boosting your credit rating for better funding opportunities.