Payday Loans for the Unemployed
Posted on Wednesday, July 14th, 2010 at 3:13 pm in Helpful Payday Loan Info, Miscellaneous Cash Loan Info
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We often receive questions from customers stuck in job hunting limbo about whether or not they can still qualify for a payday loan while still unemployed. The simple answer is yes, they can. Payday loan lenders list a steady monthly income as a qualification requirement, and many customers believe this means they must be employed full-time before they can qualify for an instant cash advance. A monthly income does not necessarily equate to a pay check from an employer. Unemployment benefits or a savings fund can also satisfy income requirements from your lender.
If you are unemployed and living on unemployment benefits while you search for a new job, you may find your newly decreased salary is not enough to pay for your living expenses, even after cutting out unnecessary spending. Payday loans were designed to help Americans in similar situations where the bills come in faster than the monthly cash flow. Before you become completely overwhelmed with your expenses outweighing your income, apply for a payday loan to ease some of the pressure. Plenty of deserving Americans who are in between jobs find peace of mind with a short term cash advance loan to help with their monthly expenses while they look for another job.
Before you apply for a payday loan, make sure you’re making enough from your unemployment benefits to pay back your cash advance amount comfortably in full. If you still need cash to help with monthly expenses but can’t afford to make a single payment at the end of the month, your lender might be able to develop a payday loan payment plan to accommodate your financial needs. Many available payday loan payment plans involve paying just the lender’s fees and renewing the loan for another term or repaying the cash advance loan in several small installments. Talk with your lender to discuss your options.
Even if you’re unemployed, you can still qualify for a payday loan as long as your unemployment benefits provide enough of a monthly income to repay your loan at the end of the month. Don’t spend another day wondering if you can pay the bills for another month before you find a job. Apply for a payday loan and find the peace of mind you need to focus on landing the perfect job.
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