Best Payday Loans for the Unemployed

Best Payday Loans for the UnemployedYou may be wondering if you can get a payday loan when you’re unemployed, and which lenders are the best ones to get money from. Since it is a payday loan you would expect that you need to have a job in order to have a payday in order to get an advance on it. But these companies don’t really care where the money is coming from, as long as it’s highly likely to come in.

Government benefits are pretty much like clockwork, and many of them are direct deposited. Payday loan companies like when things are direct deposited because it gives them the best chance at collecting the money on the due date. If you are unemployed and find that your most recent check did not cover things, or have hit an emergency financial situation, here are some local companies that are known to loan to those without a job, but with regular unemployment payments coming in.

Advance America
Advance America will loan to those that are collecting unemployment. All they require is that you bring in your unemployed benefits statement which shows how much you receive, and how long you will be receiving it. This statement usually also shows how often you get it, and on which days so they can calculate your repayment date. You will still need all of the other required documents, including a checking account statement, a check so that you can write it out for the amount of the loan, and your government issued photo ID, and Social Security card.

Check N Go
Check N’ Go will also loan to you if you’re receiving unemployment benefits. They require the same sort of documentation as Advance America does, as described above.

How Is It Possible to Get Payday Loans When Unemployed

Payday loan lenders are all about making money, and the only way they can do this is by lending it out. By expanding their offering to those without a job, but with a regular source of income nonetheless, they increase their bottom line, and widen their customer base.

Some payday loan companies will not loan to you if you don’t have a job. That’s why it’s important to call ahead to ask them if they do or not, and what type of documentation they need from you in order to complete the transaction.

Many online loan companies will not loan to you if you only have unemployment checks as your source of income. Some will but it can be a chore trying to find them.

Dangers of Taking Out a Loan Against Your Unemployment
The only caveat about getting an advance on your unemployment benefits is that they will run out at some point, and when they do you’ll really be left high and dry. If you end up getting involved with a payday loan, you’ll most definitely re-loan the money again and again until you can no longer take out a loan because your benefits run out. This will set you up to be at a deficit on your last due date, at which time you will probably opt not to pay your payday loan.

What the end result will be is they will try to cash the check, messing up your checking account, or you will receive several calls from them trying to get their money back. You could also end up messing your credit up if they decide to report you to the credit agencies. In short, you will already be in a bad way because you won’t be receiving unemployment checks, but you’ll have to find another source to borrow money from, and will have burned a bridge at your local payday loan place.

When Your Unemployment Runs Out
Most places that do allow you to take out a loan against your benefits will only do so up until the point when they run out. At this point, maybe you’ll be able to get an extension on your benefits, which will allow you to loan out the money again. Hopefully, you’ll be able to find work and turn things around so you can pay the loan off for good and get things back on track financially.

Add Your Own Source for the Best Payday Loans for the Unemployed Below

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