Emergency Payday Loans for People Without Employment
When you are unemployed and need money urgently, you probably feel like an emergency or payday loan is impossible. However, there are circumstances where you can still get a small loan if unemployed.
What Are Payday Loans?
A payday loan is also known as a cash or payday advance. It’s a fast way to get small, unsecured cash advances. About 6 out of 10 Americans use payday loans every year. This is because it is an easy, fast, and reliable tool, especially for emergency circumstances. These loans are unsecured and generally do not require any hard credit checks.
Why Would an Unemployed Person Need a Payday Loan?
Millions of jobs were lost during the pandemic, and recovery has just begun. Many of these lost jobs result in a high stress, depression, or other mental health problems. A lot of this is due to low income because unemployment benefits do not match previous earnings.
No traditional lender will loan to anyone unemployed. Are there companies that will help during sudden, emergency financial problems? Yes, there are, and FaaastCash is one of them.
What Are the Benefits of Payday Loans for the Unemployed?
Some benefits of payday loans include:
- Online loans do not require any security. You do not risk losing property. For example, if you get an auto title loan, you risk your car if you miss a payment – a BIG price to pay!
- Payday loans are convenient, fast, and easy to get. Everything is done online. You complete your loan request, submit it, and get an answer in seconds. Safe and secure!
- They do not affect your credit ratings. This is because payday lenders do not perform hard credit checks with the big three credit bureaus. So, there is no impact on your scores.
How to Apply for Payday Loans?
As noted above, complete the short loan request form and submit it. You need to meet these simple requirements to get a loan:
- Be at least 18 years old,
- Have an active checking account,
- Have valid identification,
- Have a phone number and email address,
- Has some verifiable income (including annuity, child support, retirement income, etc.).
What are the eligibility criteria for applying for a fast cash loan?
To be eligible for fast cash loans, applicants typically need to meet certain criteria set by the provider. These criteria are designed to assess the applicant's ability to repay the loan and to minimize the risk for both parties involved. While specific requirements may vary depending on the provider, there are common eligibility criteria for fast cash loans:
Age: Applicants must usually be at least 18 years old to apply for a fast cash loan.
Income: Most providers require applicants to have a regular source of income.While traditional employment income may not be a requirement, applicants often need to demonstrate alternative sources of income, such as government benefits, alimony, child support, rental income, or income generated from investments.
Credit History: While fast cash loans are often available to individuals with less-than-perfect credit scores, some providers may still assess the applicant's credit history. However, the criteria for creditworthiness may be less stringent compared to traditional loans.
Residency: Applicants are typically required to be residents of the country where they are applying for the fast cash loan.
Identification: Applicants must provide valid identification documents, such as a driver's license, passport, or government-issued ID, to verify their identity.
Bank Account: Most providers require applicants to have an active bank account where the loan funds can be deposited and from which repayments can be made.
Debt-to-Income Ratio: Some providers may assess the applicant's debt-to-income ratio to ensure that taking on additional debt through the fast cash loan is manageable.
It's important to note that meeting these eligibility criteria doesn't guarantee approval for a fast cash loan, as approval is ultimately at the discretion of the provider and may also depend on factors such as the loan amount requested and the applicant's specific financial circumstances.
Not sure? It only takes 2-4 minutes to request a loan, and 80% are approved.
If you are short a little cash, you might consider an online or emergency loan.
FaaastCash has been in business for more than a decade and provides service 24/7 and 365 days a year. When you need an emergency loan, consider requesting one with us. With more than 100 direct lenders waiting to review your loan request, you have a great chance to be approved and get your needed cash fast. Online loans are a common way to handle small, urgent money needs.
