Being unemployed is one frustrating experience, and getting a payday loan while unemployed is another one. All that is because, as you may have heard, payday loan lenders consider lending to those employed. And some other instant cash lenders may require you to have good or excellent credit scores.
However, being unemployed is one tricky thing that you can experience, especially if you have a family. And that’s why you may start to look for funds wherever you can get them.
Payday loan lenders need to prove that you have a steady flow of income before they can lend you some money. However, some lenders are willing to give you an instant loan without having a job.
But wait, you have to prove that you receive some income from either of the following sources.
Income sources to help you get payday loans without employment
This kind of income applies to couples who have separated. The court orders the male spouse to provide money to cover his child’s support in most cases. So, the lady can get a payday loan using evidence that she regularly receives alimony for her child.
Most people may fail to consider a self-employment income as a mere source of income. But it’s one of the most satisfying jobs that you will ever get in this life.
Depending on your business, you can prove that you have a steady flow of profits and get a payday loan. You can also provide valid business account bank statements.
In your old age, you may be receiving a pension from your previous employment. But that mainly applies to government employees. So, you can use that proof and get an instant loan.
- Social security funds
These are funds that people receive as a result of being old or retired. If you provide proof that you are a beneficiary, you may end up getting an instant cash loan.
- Use your spouse’s income
Being unemployed but you have an employed spouse, you can use their paycheck information to get a payday loan. But for that to happen, the spouse must be a cosigner while you are getting the loan.
- Unemployment benefits
There is a criterion that you can use to save money on unemployment insurance. When you lose your job for any possible reason, the insurance company will be releasing your paycheck either weekly or monthly—depending on your agreement.
To get a loan using this income source, you need to provide a valid checking account statement. After that, the payday loan lenders will consider giving you a loan.
Now, let’s have a look at the places where you can get payday loans or instant cash loans without having a job.
Ways to get payday loans while unemployed
1. Consider your bank
In case you need some funding, the first place to go is to your bank. This is because you have worked with your bank longer, and they know you better. For example, let’s say that all your income passes via your bank. They will know your worth and may also help you out in your time of need. Just as their slogan goes, ‘We help when others can’t,’ you will get some lender to help you out.
In addition, you may also get fair interest rates than some other online lenders. It’s easier to get an instant loan at your bank than other lenders who will always require you to have active employment.
2. Gday Loans
Gday Loans is a lending platform where you get to meet many borrowers who can consider giving you a loan without a job. The incredible thing is that you will not personally look for a lender to help you.
What you need to do is log into the gdayloans.com.au and fill out the details they ask you. Afterward, they will link you to a suitable lender who can help you in your situation.
You can get fast loans ranging from $500 to $5,000 and repay in small installments for an extended period.
You need to prove to have regular sources of income. And it doesn’t have to be employed. The lenders on the platform can accept payments from social security funds, unemployment benefits, business, or even disability payments.
CashUSA is another lending platform where you can get instant cash without having a job. The platform works similarly to BadCreditLoans. They will link you with potential lenders who will give you a loan without employment.
However, you have to prove that you receive at least $1,000 per month but not necessarily from employment. The payment can be from self-employment, social security funds, disability funds, or even unemployment benefits.
With the MoneyMutual Platform, you will get access to more than 60 lenders who will help you get a payday loan without employment. What you need to do is to fill a one-time form on the platform and submit it.
After the platform assesses your form, it will link you to the potential lenders who will give you the amount of loan you need.
The lenders will allow you to provide any proof of receiving a steady income. So, you don’t have to have a job to get a loan from the platform’s lenders.
This platform also links borrowers to lenders who are willing and able to lend them money. Like the other lending platforms, the lenders on PersonalLoans require you to prove to have some steady flow of income.
The income doesn’t have to come from employment. It can also be from other sources, as discussed at the beginning of the article.
The bottom line
Not all income has to be from 9 to 5 jobs. You can also have some other means of earning some money. And most lenders are willing to give you a loan as long as you prove that you can afford to repay.
However, before you can apply for any loan, always ensure that you compare interest rates. Then, go for the deals that will not keep you in a cycle of debt.