If you’re unemployed because you are incapable of working, you almost certainly qualify for government aid. Don’t take that statement as a guarantee, however, as different states have unique rules regarding eligibility. Check your state’s webpage for more information. If you have access to these funds, government aid paired with a payday loan can be a starting point for getting you back on your feet.
If you aren’t disabled, you may also qualify if you have dependents. A dependent is someone, typically a child or the elderly, who rely on your income to remain above the poverty line. A dependent, especially if that dependent is a child, may improve your chances of approval for government funding.
You can also consider food stamps and locally administered utility assistance programs. These kinds of programs aren’t as strict concerning eligibility requirements and typically get back to you within a few weeks. They are worth considering if your situation is dire.
There’s a catch, unfortunately. It will take some time before you can know whether or not you have been approved for government assistance. If your problems are pressing and you need money as soon as possible, it isn’t a solution that will help you at this moment.
Payday Loans for Unemployed with No Bank Account
If you’re looking for payday loans for the unemployed with no bank account, your options may be limited even further.
- Requesting cash from a wide variety of lenders may increase the chances of finding a loan, as you may be more likely to find one with a lending model you fit into.
- Be sure to include all your revenue sources on your application. As long as you generate over $800 a month, you may be able to find funding from a lending source.
- Using collateral may make it easier to receive a loan offer.
Qualifying for Payday Loans for the Unemployed
Once you have a clear understanding of your options, it’s essential to consider the qualification process. Unfortunately, if you lack any sort of employment or steady income, the cost of approval will be high regardless of the lender you choose to work with. You should expect to put up some form of collateral in exchange for support. For those unaware, collateral is any possession of value you own that these companies can repossess should you turn delinquent. Some outlets will request you to put up your vehicle as collateral payday loans in Elizabethton TN. Others will consider expensive appliances and gadgets, like computers, game consoles, and smartphones.
Using collateral to secure a loan poses the risk of repossession and loss of the item. The risk of losing these items may outweigh the benefits of the loan. Depending on your circumstances, avoiding collateral may be preferable to receiving a loan. You will need to decide this for yourself.
If you can show your lender proof that you are pursuing employment, they may be willing to take a leap of faith and work with you. Online side jobs can be helpful in this regard, as well. No matter how small it may be, if you can show a lender that you have some form of consistent income, they ount.
It’s recommended you start networking with multiple outlets to increase your chances of finding a suitable arrangement. Remember, the best way to use short-term funding is to pay it back on time.
If you are approved for a lower amount than what you need, you may need to take a loan from another outlet. This can be dangerous. The more complicated you make your lending situation, the harder it can be to pay back what you owe. It is sometimes better to pair your loan with government aid.