It has been difficult for many people, especially the unemployed, to access personal loans, mainly because lenders viewed the jobless applicant as a possible liability. Today, the situation is different because many lenders have developed loan products tailored to the unemployed.
Just like employed people, non-employees can apply for payday loans and get approvals in the shortest possible time. If you face sudden financial need and are unemployed, you can seek help and apply easy to get payday loans.
What is a personal loan?
As the word suggests, payday loans are mainly provided by lenders who are not directly involved in the traditional banking industry, such as commercial banks or other financial institutions.
Individuals or companies that offer payday loans usually target your next payday, which means they are mostly 30-day cycle loans. The loans carry a high interest rate and in most cases will not exceed £500. When applying for a personal loan, your guarantee is your salary or personal property if you are unemployed. Omacl Loans can offer you a way to find short-term financing through our brokerage software and network of direct lenders in a secure, fast and easy way.
I am unemployed, can I get a personal loan?
If you’ve lost your job or are looking for a job, don’t worry if you find yourself in financial need. Even if your credit score with financial institutions is low, you can apply for and obtain a payday loan to offset your financial obligations.
Unemployment does not mean an inability to service a loan, as there are other income channels that you can use and possibly manage your loan better than employees. Payday loans will help you manage your immediate financial needs while you wait for your next income, no matter what source you are using right now.
What other conditions qualify me for an unemployed personal loan?
If you have another source of income
Before payday lenders relaxed their rules, you could only get a payday loan if you were employed by a registered company. As needs and times changed, the rules were relaxed to accommodate the unemployed.
You could work as an online marketer on a freelance basis, that is, enough income to qualify for a payday loan. What lenders are looking for is an income line to prove that you will be able to service the loan effectively.
You may help your parents in their store and they pay you money for personal use. If you need to buy tools to help you start your freelance contracting business, you can apply for a payday loan.
If you are receiving retirement benefits
If you’re retired, reaching retirement age doesn’t mean you can’t qualify for a payday loan. If you were saving for your retirement, you have probably already started receiving retirement benefits or you will start receiving them soon.
While waiting for your next retirement benefit, an urgent financial need may arise. The best action to take is to visit one of the online payday lenders or visit a payday lender near you and sign the loan application forms.
You will not be asked to provide documents from guarantors, lawyers and credit ratings. Your payday loan will be approved as soon as possible and you can pay it back once you receive your next retirement benefits check.
If you do manual work
If you are no longer employed but do manual labor such as trimming fences, working in the garden, cleaning driveways, etc., this is high and worthy income and you qualify for a loan on salary.
The advantage of manual work is that you receive your payment within 24 hours or at most within seven days. Sometimes the money you earn from manual labor may not be enough to meet your financial obligations. You can apply for a flexible payday loan and pay within three months.
When you pay in installments, you won’t be stressed and can relax and manage your payday loan with equal monthly installments until you pay in full. As payday loans evolve, you can get more options and even more flexible repayment periods.
Where can I find payday lenders?
A simple search using the word payday lenders on the internet will give you hundreds of payday lenders to choose from. Due to competition, payday lenders are rapidly changing to offer flexible payday loans to their customers.
Traditionally, payday loans were tied to the 30-day cycle, but the cycle is changing and there are individuals and businesses offering payday loans for up to three months. Besides online providers who send you online forms to fill out and return, you can find out if there are any payday lenders near you. You may find some in front of stores or in an office near you where you can walk in and fill out the form.