The Pachyy Editorial Team comprises a diverse and experienced team of writers, researchers and subject matter experts whose aim is to provide you with useful insights, guidance and commentary on all matters related to your personal finances.
Did you know that you may still be eligible for a payday loan even if you receive state benefits? All you need is a regular source of income to qualify for a loan. If you don’t currently have a job, don’t worry! Lenders also take into consideration other forms of income such as benefits. So, you can still apply and potentially get a loan. Hope this helps!
Are Payday Loans Available for People on Benefits?
Absolutely! If you are receiving benefits, you can still qualify for a payday loan. Your benefits are considered a reliable source of income, and Pachyy welcomes applicants from all financial backgrounds. Whether you are employed or on benefits, there is no distinction in the loan options available to you.
Am I Eligible for a Payday Loan?
In order to qualify for a payday loan with Pachyy, it’s important to have a steady minimum income of at least $800 per month. Please keep in mind that lenders will also determine if this income is sufficient to repay the loan you are applying for. Additionally, it’s worth noting that monthly benefits are considered as a stable source of income.
Do I Need A Guarantor?
Good news! Pachyy doesn’t require you to have a guarantor when you apply for a payday loan. So, no need to worry about finding someone to back you up financially. Instead, all you need is evidence of a steady income source totaling $800 or more per month. Once you have that, you’ll be on equal ground for getting a payday loan. To learn more and apply, check out our online form for payday loans.
Is it a Good Idea to Get a Payday Loan When I’m Unemployed?
If you’re thinking about getting a payday loan, it’s always a good idea to explore other options first. Before applying for a payday loan, consider if there are any alternative ways to get the money you need to handle your emergency. You might want to think about borrowing from your family or friends.
It’s also important to make sure you’re borrowing for the right reasons. Payday loans are meant to be used for short-term expenses that occur unexpectedly. These could include things like urgent home repairs, a new boiler, or hospital bills. Avoid using a payday loan for unnecessary or frivolous spending, or to pay off other debts. Additionally, it’s crucial to have a plan in place for repaying the loan before deciding if it’s the right choice. If you’re unsure about how you’ll make the repayments, it’s best to avoid taking out a payday loan.
Will I definitely get a loan if I’m unemployed?
While it is not guaranteed, lenders will assess your loan application just like they would for someone who is employed. Responsible lenders always conduct checks to determine if a person can afford to repay a loan. This is done to protect customers from the burden of being unable to meet loan repayments and falling into debt. If you receive benefits, your application will be treated equally, and the lender will evaluate whether your alternative income will allow you to make timely repayments.
Can I Get a Payday Loan With Pachyy?
Welcome to Pachyy, where we make finding a loan quick and easy. To qualify, you just need to meet these four simple requirements:
- You must be a resident of the United States
- You must be at least 18 years old
- You need to have a minimum regular income of $800 per month (from employment, benefits, or another reliable income source)
- You must have an active checking account
Don’t worry, the process of applying for a payday loan with us is fast and simple. It will only take a few minutes to complete your inquiry, and you’ll receive an instant decision from one of our lenders. If your loan is approved, the funds will be deposited into your account on the same day, sometimes even within one hour!