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Payday loans have often been associated as income-based lending, which is a sort of cash advance taken against your future earnings. To most legitimate payday loan companies and private direct lenders, an important criteria to meet when applying for paycheck loans is to be employed, with a minimum salary figure. Therefore, if you are currently jobless and need money quickly, you may wonder whether you can get a cheap payday loan when unemployed. What may be less obvious to people is that there are actually many payday finance companies who are willing to give unsecured one month payday loan to people who are on unemployment.
In order for you to get a fast payday cash advance when you are without a job, an important factor is to establish whether you are able to prove your repayment ability to these online loans till payday lenders. In short, even though you have no job and want to borrow money fast, you will be able to pre-qualify if you can show proof of an alternate income.
This means that for those people who want to know if they can get a loan with unemployment benefits, the short answer is yes. For example, if you are receiving Supplemental Security Income or SSI benefits through direct deposit, this government allowance will count as a source of income to unemployment payday lenders who are reviewing your application for a short term no income loan. Although you may not be able to borrow large sum of money payable by monthly installment through this kind of fiscal agreement, any amount of credit available to unemployed people will present a huge relief when they are in need of emergency cash.
That said, you will be able to get a long term payday loan pay back in monthly installment if you can offer collateral to secure against it. Asset-backed financing are common with business owners who need a large startup loan of ten thousands and above and similarly, if you can pledge any valuable assets, say, use my car to get a home improvement loan, it is possible to get a high cash advance of $5000 without a job.
Therefore, even when you are on unemployment, you can always search for cash advance companies for no credit check and no income verification money loans. Be realistic about the amount of money you wish to borrow and present yourself honestly to their representatives so that you will stand the better chance of borrowing quick money when unemployed.