Obtaining a cash advance generally requires a few main components: proof of income, proof of employment, proof of identity and a checking account. During times when you are looking for employment and do not currently have a job, you still need money to manage your expenses and get through until you find a job. Fortunately, some payday lenders are willing to work with those who are unemployed or do not have a means of providing proof of employment.
Obtaining fast cash advance payday loans for unemployed might seem like a challenge due to the fact that many lenders require employment and proof that you have an active income available to repay the loan. Though many payday lenders and traditional lenders will hesitate to provide unemployed individuals with a loan, other lenders are willing to work with your situation.
A cash advance for unemployed individuals will still require that you have an active checking or bank account and that you are at least 18 years old. Proof of identity is also commonly requested by the lender.
Payday loans for the unemployed will not ask for you to provide any pay stubs proving that you are currently working because the lenders understand that you are out of work. Some lenders might request data about unemployment benefits you receive or any other sources of income, such as a retirement fund or an inheritance. Students who are unemployed might also show proof that they are due to receive a scholarship as collateral against the loan. Other lenders will not ask for any information about your employment situation.
Whether the payday loans for unemployed require another form of collateral or not will depend on the specific lender’s policies rather than laws. The policies will vary by lender and their specific requests.
Unemployment payday loans provide individuals who are in a tough economic spot due to losing a job a means of managing for a few weeks to one month. Many of the unemployed payday loans allow a longer time period than similar loans that require a pay stub as proof of employment because the lenders recognize that you need time to find a new job and start working. Many lenders will offer up to one month before the loan is due.
Though cash advance unemployed options are available to those who take the time to search, some lenders will not advertise as a lender for those who are unemployed. They will instead advertise services like a cash advance without employment verification.