Urgent Cash Loans for Unemployed
If you need cash loans for the unemployed, getting one is simple. You can submit your information online and receive multiple loan offers from lenders in as fast as 10 minutes. You can then compare rates and fees before selecting your preferred quote. You'll receive the funds directly to your bank account within a short time.
Differences Between Emergency Cash Loans for Unemployed and Traditional Loans
When deciding to get an 1-hour payday loan or a traditional loan, it's essential to look at the difference in interest rates. A 1-hour payday loan typically has a much higher interest rate than a conventional loan. Keep in mind that this type of loan is for quick cash to pay for unexpected bills, so it’s advisable not to borrow more than what you need.
A traditional loan might take weeks or months. In contrast, a 1-hour payday loan can be approved within hours. Your money will be deposited into your bank account the soonest.
Another requirement to consider is if there are any other requirements beyond proof of income that can be a hassle to gather up. Traditional loans often require additional paperwork, which can be time-consuming.
Payday Loans for Unemployed: Advantages & Disadvantages
Lender of unemployment loans do not verify employment or income, so people who have lost their job or otherwise experienced financial hardship can still qualify for this loan.
Pros:
- Soft check allows lenders to verify your details without harming your credit score.
- If you have a bad credit score, paying back 1-hour payday loans on time can help you improve it.
- There are no monthly payments with a 1-hour unemployment payday loan.
- These loans are fast-tracked loans that can be approved quickly.
- You can discuss a repayment method that suits your needs.
- There are no hidden fees or charges when using this type of loan.
Cons:
- These loans come with high-interest rates due to their short-term nature.
Alternative Loans Options For Your Unemployment
At iPaydayLoans, you can get all sorts of loan services through our trustable online lender network. Here are some alternatives to payday loans that can help you save money and time.
Installment Loans
A loan with a set number of payments, installment loans are used for large purchases, like appliances or furniture, or to pay for repairs in your home. Installment loans can have differing interest rates and fees, so it’s important to compare offers from various lenders before choosing one.
Short-Term Loans
Short-term loans are used for a wide range of purposes, but they’re typically not intended to provide long-term debt relief. These loans typically have repayment periods that range from a few weeks to several months.
Personal loans
Personal loans are a great way to get your hands on some extra cash. The borrower provides the lender with proof of income along with other information. If approved, you can receive a personal loan within minutes.
Title loans
Title loans are a type of short-term, high-interest loan that uses the borrower’s vehicle as collateral. The borrower must have clear title or legal ownership of the car in order to qualify for a title loan.
Cash advances
Cash advances are short-term loans that can help you bridge a financial gap until your next paycheck or other income is received. Cash advances can be taken from various sources including a credit card.
 | Why Us | |
|---|---|---|
| How much can I borrow? | $50-$35,000 | No hidden fees or charges |
| I have bad credit. Can I apply? | Yes | Bad credit is considered |
| Over how long can I spread the repayments? | 1-36 months | Fast decisions |
| Are credit checks involved? | Yes | Soft credit checks only |
| Chances of getting approvals | Good | 256-bit encryption protocol |
| How to apply? | Apply online | Easy application |
Payday Loans for Unemployed: Qualifying Sources of Income
The following list outlines some of the most common sources of income that applicants might use to qualify for an unemployment payday loan.
- You are currently receiving unemployment benefits;
- Alimony and child support are both eligible income sources;
- Your spouse's income;
- Pension or retirement income;
- Rental property income;
- Interest and dividends are considered earned income for unemployment purposes.
Guidelines for Getting an Emergency Loan for Unemployment
At iPaydayLoans, the steps involved in getting an emergency loan for unemployment is quite simple:
Step one: Fill out the online submission form. You will need to provide basic details. Once you have completed the form, your information will be reviewed by multiple lenders from our network.
Step two: You will receive quick decisions from our lenders. The amount is based on multiple criteria depending on the lenders and your ability to repay.
Step three: If you agree with the terms offered by the lenders, accept their offer, and you will be able to get cash in your account as soon as the same day.
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FAQs:
Factors to Consider While Applying Urgent Cash Loans for Unemployed
If you are unemployed and need urgent cash, you could look for an emergency loan. However, before applying for a loan, you need to be aware of the factors that can help you get approved quickly.
- Interest rates vary from one lender to another. Try to choose a lender who offers lower interest rates.
- Read through all documents carefully before signing up to avoid hidden charges.
- Check the set of rules regarding eligibility criteria.
What Are the Other Eligibility Criteria to Apply for Payday Loans for Unemployed
To apply for urgent cash loans for the unemployed at iPaydayLoans, you need to be above 18 years old and have a valid bank account and ID proof. You should have a contact number and address proof. If required, you must also provide other supporting documents as additional proof of identity and residence address (e.g., bank statement).