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Unemployed payday loans: information and a guide to apply for a quick cash loan.
A lot have been asking if payday loan lenders let the unemployed people borrow. The answer would be yes. However, this only apply to people with a steady source of income despite of being unemployed. If you are a person that is unemployed and doesn’t have any income resources it is most likely that the lenders wouldn’t approve your request.
There are some people that will considered as eligible for the loan and can avail the requested cash that they are asking for despite of not having a regular day-to-day occupation, only that the requirements for availing the service are different to those who are employed. Below are the people who can access a payday loan even when unemployed
List of unemployed people who can avail the service
People who receive fix pays. If you are receiving fix pays such as retirement fees, disability fees or any kind of pension, you are eligible to avail the loan.
People who have investments. Those who earn from their assets such as apartment structures or business centre buildings can be eligible for the said loan.
People who receive remittances. For those who are unemployed but is receiving an income in a form of remittance can be eligible to apply for a loan.
Sponsored occupational training individuals. These are types of people that will undergo training in a certain occupation, and is needed for extra funds. Usually in this case the employer of the trainee would be the one to pay the loan.
For unemployed applicants, lenders have a stricter basis in terms of approving one. The lenders will demand for more requirements to determine their credibility and their criteria is much more prominent than those who are regularly employed and receiving fix pay checks every month. This is to make sure if the applicant for the said loan is credible in repaying the amount that will be borrowed.
Common requirements to determine applicant’s eligibility
Proof of income. For employed people, lenders only determine the occupation and salary of the applicant, but they don’t question its authenticity. For unemployed, authenticity of income matters to the lenders. Lenders will demand for proofs like pension payslip forms and proof of payments of profit.
Bank account. Lenders may mainly ask for your bank account to see if you have a certified bank account that has a good history of transactions.
Income source authenticity. These are for those who receive fix payments coming from different social welfare programs. The lenders may ask for a certificate coming from the source of your pension incomes to check for reliability and proof of income.
Credit rating history. For unemployed people, credit history matters for lenders. This is to see if he/she can be credible to repay the requested amount by looking on his/her credit rating history. If the applicant has a record of a previously unrepaid loan, it is likely that his/her application may be denied.
Income-asset(s) documentation (investment documents). For those who earn from their investments and assets, lenders may ask for proof by submitting documentations of your income asset(s). This doesn’t act as a form of collateral, it is demand for verifying the validation of the asset under your name.
Employer/company letter of request. If you are going to take an on the job training for a certain employer or company and ask you to avail a quick cash loan that will be sponsored by them. The lenders will ask you to submit a letter of request coming to the name and address of the employer that contains their contact information and business identifications such as business permit numbers.
Steps of application for a payday loan
Regarding to the application, the process of applying for a loan is no different than the usual employed applicant, though they may instruct you a different steps in applying. However, not all lending companies avails their service to unemployed people, so you better do some searching first and gather information of lenders who avail their services to the unemployed. If you are searching online you may first try to check if they are a legit lender or not, to avoid fraud lenders and make sure that you will not get scammed. Check for offers that is best for you, a lot of lending companies offer great compensations and some others comes along with freebies if you avail their service. Also, check their service quality by reading customer feedbacks, check the satisfaction rate of current borrowers and their comments regarding to the service of the lenders.
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