Best Payday Loans for Homemakers

Best Payday Loans for HomemakersIf you’re a work at home mom you may find things get a little tight and you may look for payday loans for homemakers. The only problem is that you don’t have a documented income, unless you are running your own business from home. Payday loans, as the name implies, usually require that you have a set payday, either every week, every two weeks, or every month.

No one denies that you work hard, and earn your living, but for a lender they want some assurance that on a specific day they will get their money back plus interest and fees. If you can’t prove this to them, they’re going to make it pretty hard to get any money.

You might think that if you have a joint checking account you can use this to write the check out to the payday lender, but they still need to collect your pay stub, and they can’t accept someone else’s pay stub and give the loan out to you, it has to be the same name on both. This can be very frustrating if you share all of the money that comes in, but it’s the laws and regulations that they’re following.

Are There Any Payday Loans for Homemakers?

Unfortunately, you might have to have your husband go in to get the payday loan. This can create a problem if you’re responsible for managing the money and he finds out that there isn’t any left. You might find that he is able to figure out a better way than getting a payday loan if you just make him aware of the problem. Perhaps he has a savings account you don’t know about, or can borrow the money from one of his buddies to cover things until his next payday. Either way he can’t solve a problem he doesn’t know about so just be honest so you can both help solve this together.

Self Employed Housewives
If you’re running a business from home and are self employed you may be able to get a payday loan. You’ll need to bring in last year’s tax forms so that the lender can calculate what your average monthly revenue was so they can use that information to determine how much you’re eligible for. If you’ve just started your business or it hasn’t been operational for over a year, then you will have trouble getting out a loan.

Are Online Loans Available?
You may find it beneficial to go with an online loan instead of a payday loan. They will typically have more relaxed rules about who they lend to, and you can use other forms of collateral instead of a job in order to get money. They may require you to fax documents and provide bank account information, but if you can jump through their hoops that might be your best bet.

The Work That You Do
It’s often a thankless job keeping up the home, especially with children in it. Getting them to school, keeping things clean, and handling anything else that comes up during the day can be taxing. But it doesn’t get recorded anywhere, and no money changes hands usually, so it’s a big gray area as far as lenders are concerned, and they usually won’t get involved with these sorts of situations at all.

Perhaps if they did issue pay stubs for homemakers, it would be possible to get a payday loan. But until then you’ll have to come up with a better way to get the money you are in need of. Talking things over with your husband is priority one, and see what two minds can come up with, rather than this option, which is really a last resort.

Working from Home
After this financial crisis has passed, you may want to look into ways of making some extra pocket money from home. You can do this in the form of working online, either performing simple tasks, writing, or being a virtual assistant. You could work just a few hours a week and have a few hundred dollars a month for a rainy day. All without leaving the house, and without having to pay the silly fees that payday lenders charge.

Add Your Own Tips on the Best Payday Loans for Homemakers Below

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