Payday Loans

Is It Possible For An Unemployed Person To Qualify For A National Payday Loan?

Lenders offering national payday loan programs often require you to meet certain basic eligibility criteria. For example, you must be at least eighteen years old and a US citizen. You must also have a decent employment history and your monthly salary must not be less than $1000. Besides that, most payday loan companies will also require you to have a checking bank account in your name, where you deposit your paycheck every month. If you are currently not employed and/ or do not have a checking bank account, it will be very difficult for you get your application for a payday cash advance approved. However, there are still many payday loan stores in the market that will approve your loan despite the fact that you are currently unemployed. Following are some of the possible scenarios.

You Have A Savings Bank Account

If you do not have a checking bank account in your name, you should at least have a savings bank account. There are many national payday loan programs that do not make checking bank account a mandatory requirement. Even if you just have a savings bank account and have money in that account, you can still qualify for a cash advance. These types of lenders will usually require you to submit bank statement for at least the last six months. They will review the statement to find out how much money is deposited in your savings account every month. If you are earning regular income from certain sources of investment, it will be a great plus.

Income From Other Sources

It is very important for you to understand that payday lenders are more interested in your ability to repay the loan than the very fact whether you are currently employed or not. Even if you are not employed but are still having a regular monthly income through other sources, you can easily qualify for a national payday loan. For example, if you are a divorcee and are receiving alimony payments as part of the court order for your divorce case, you can apply for a cash advance on the basis of the same. You will have to mention the amount of income you receive every month through alimony payments. The lenders will review the information provided by you and then determine the amount of loan that can be approved to you accordingly.

Online Payday Loans

These days, many Internet payday lenders claim to offer very easy cash advance programs, where they do not require the applicants to meet even the basic qualifying criteria. They claim to offer ‘no verification loans’ and that these loans can be approved within minutes. In fact, you can even find lenders who are issuing national payday loan to consumers residing in a state that has already banned payday lending. Always remember, all such lenders are scams; they are doing illegal business.

Some of you might be wondering how no verification loans can be risky for you. Well, while offering such lucrative loan programs, the lenders actually try to take advantage of your vulnerable financial situation. They are very well aware that you are in urgent need of instant cash and that you can sign up for any deal that guarantees quick approval. Since you are highly tempted to accept any loan offer that comes your way, they will try to convince you to provide confidential information about your personal and financial life, such as your credit card details, your bank account passwords, your social security number and other such things. Though it is common sense that these are highly confidential and private details, many people still agree to provide this information so that they can qualify a national payday loan. For example, when lenders ask for such information, they often claim that they are doing this to make the process completely hassle free for the borrowers, as they do not have to go through any manual paperwork and do not even have to submit a post-dated check, and that lenders will directly deposit the loan amount into the borrowers’ accounts and will also withdraw the fund directly from their accounts on the agreed due date. You are strongly recommended never to fall prey of such unscrupulous lenders – they are identity thieves.

Many lenders these days are offering national payday loan programs through phone also, where they ask you to provide the details over phone and your loan application is approved right there within a matter of just a few minutes without requiring you fill out any application form. But, here again, these lenders will try to access those crucial financial details so that they can perform identity theft. So, beware of such lenders as well.

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One Response to “Is It Possible For An Unemployed Person To Qualify For A National Payday Loan?”

  1. John says:

    National payday loan providing companies can offer you a pay day loan even if you are unemployed but these companies will ask you to fulfill some basic eligibility. It is mandatory that you should be eighteen years old and you must have a citizenship of US. If you are unemployed, it is quite possible that you are not having a checking bank account but the savings bank account is must. This is just for the purpose of looking your actual financial status. If you have some investment policies and you are getting a fixed amount of money from there, it will be a benefit for you. Your lenders are interested in the fact that you should be able to repay the loan in time; they do not have any other interest regarding your employment. Your alimony payments can also help you in getting pay day loan. Online loans are also available these days, they will not demand you even the basic information regarding your employment or any other formality.

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