Can I Get A Payday Loan If I Am Unemployed?
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Regardless of your employment status it is still possible to get a short-term loan. However, although you may not be employed, lenders will still require you to have a regular source of income.
Why Do Unemployed Individuals Take Out Loans?
Unfortunately, regardless of your employment status, it is still possible to suffer an emergency or incur an unexpected expense for which you need some extra cash.
Unemployed individuals take out loans to cover a variety of unexpected expenses, but the most common reasons tend to be for:
- Unexpected medical expenses
- Funeral bills
- Legal fees
- Car repair costs
What Do I Need To Get A Short Term Loan If I Am Unemployed?
Although traditional lenders only consider individuals who are employed for short term credit, some short-term lenders will consider you for a loan if you are unemployed.
However, if you are unemployed, a short-term lender will still require you to have a regular source income. For those who are unemployed, some lenders will consider alternative income source such as benefits. Lenders will consider whether your income is enough to repay your loan and whether your income is regular.
Can I Receive A Payday Loan If I Am On Benefits?
Benefits are considered to be a regular source of income by some lenders and therefore can qualify you to receive a short-term loan.
There is no difference between the loans provided for those on benefits and those who are in employment. Lenders will only consider the size of you benefits ($1,000, $1,500 etc.) and how regular your benefits are.
Is A Payday Loan The Right Choice If I Am Unemployed?
Payday loans are notorious for have very high APR rates. Therefore, regardless of whether you are employed or not, you should familiarise yourself with payday loans as much as possible.
If you are unable to borrow money using traditional credit products with lower APR’s, you need to ensure that you borrow from an affordable and transparent payday loan lender. Moreover, you need to be confident that you understand how the interest that you need to pay is calculated and that you will be able to repay the loan.
Does Pachyy Offer Loans For The Unemployed?
First and foremost, at Pachyy, we only work with fair, affordable and ethical lenders that share our mission to improve the financial health of our customers.
Secondly, you can use our online application to check if you are eligible for a payday loan (regardless of whether you are employed or unemployed) and to compare loans from various lenders, ensuring that you get the lowest possible APR payday loan.
Our application process takes 5 minutes, displays your potential loans as soon as you submit the application, does not affect you credit score and is completely free.