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Getting cash advance loans for the unemployed when you have bad credit is not easy. When you have credit problems in the past, already there are not many online banks who can give personal loans for people with poor credit, let alone unemployed loans with no income check. With the slowing U.S economy and high rate of defaults, even getting a bank loan with good credit is harder than before. So, for people who are looking to get an online loan without any income, what chance is there?
Well, other than getting a interest free loan from a friend or family member, there are installment loans with collateral for the unemployed which I’ve covered previously in this article, ” How To Get Loans Without A Job” so therefore, we’ll explain a bit about an alternative source for unemployment loans: Online payday loans for people getting unemployment benefits.
There are online payday lenders that have unemployed payday loans for people who are collecting benefits from the government.These lenders offer fast cash loans for unemployed people just like they do for salaried workers who apply for their small payday loans of 200 dollars. Here’s how they work.
For example, if I am an unemployed single mother who is receiving alimony for child support or getting unemployment benefits from the government, these weekly or monthly cash assistance can qualify you for a short term cash advance loan. People who are on social assistance allowance, such as SSI benefits, will also be considered as ultimately, these unemployment loan lenders are not looking at your job status, but rather the type of benefits you are getting, or should I say your alternate income stream.
To qualify for these unemployment loans on benefits, you have to be prepared to provide documents supporting your cause. Other factors may affect your chances at getting approval for these cash advance loans. If you are reaching the end of your unemployment benefits and you are not able to get an extension, lenders will likely reject your application. Some lenders that provide these no income verification loans may also insist that your stipends from the government or alimony are being received through direct deposit to your bank account and that you must set up direct deposit facilities giving them the proxy to deduct funds from your account.
Such measures are probably taken to ensure that they have first access to the funds in your bank account when the maturity date on the loans you have taken out with them are due for payment.
When you are unemployed and need a loan desperately, it is easy to get yourself exploited by lenders who give you unemployed cash on the condition that you accept their exorbitant rates. Before going in for online loans for the unemployed, check out the competition among these Internet lenders and compare their fees. You should also assess your situation if you would be able to avoid getting a personal loan by looking for a part-time job first. When times are bad, try to be prudent with everything and lower your expectations if that can get you a full time job faster.
Getting cash advance loans on unemployment to cope with everyday expenses is never the solution and it is important to remember that these no-income loans are also highly risky if you fail to pay back on time. If you have credit problems, you can seek professional help from National Foundation for Credit Counseling.