Payday Loans May Accept Unemployment Benefits

With COVID still lingering, the job market has changed dramatically from a year ago. Now the labour market is flooded with job seekers. We probably won’t see anything like this again for generations.

Despite that, many people are still out seeking the right job for them. In the interim, a short-term loan may be available to assist them with emergency expenses. Having a consistent source of income is the number one criterion for getting an online payday loan. These loans may assist people who are still unemployed. Unemployed individuals can apply for emergency online payday loans.

Several possible income options can help you qualify for a payday loan for the unemployed. You may have regular income from one or more of the following sources:

  • Social Security: If you cannot work due to ailment, retirement, or other reasons, Social Security is likely to offer a consecutive income.

  • Unemployment Compensation: If you lose your work, you may be eligible for unemployment benefits by getting the advantage of receiving a weekly payment.

  • Child Support and Alimony:  If you are a parent who gets alimony or child support, you may be eligible for an emergency loan for the jobless.

  • Pension or Retirement Income: Pension or retirement income can also count towards your overall monthly income

  • Earnings of the spouse: If you are unemployed, but your spouse is not, that can add income to your unemployment income to help you qualify for a loan

One of the best places to seek a loan if unemployed is to work with a referral source, sometimes called an aggregator, who can send your loan request to many lenders in seconds. This improves your chance of getting approved significantly as compared to a single storefront. It also saves you time and gas money driving around from one store to another. 

When it comes to emergency payday loans, bad credit is not an issue. More than half of all approved loans are for people with poor or even bad credit.

There are a few alternative sources to be analyzed for a loan. You may consider:

  • A home equity credit line via your bank or savings and loan
  • An auto title loan, that is legal in few states, and you risk losing your car if you do not make your payments. But the payback period is longer than a payday loan
  • A credit card cash advance is another possible way to get some cash quickly
  • Asking friends or family for help should be considered
  • Selling some unused items that can create quick cash is always worth trying

Consider how an emergency loan may affect your future. It would be best always to look to borrow for the lowest possible cost and with the payback terms that best fit your budget. A payday loan may not be your first or best choice. But millions of Americans use them every year to handle sudden expenses when they are short of cash.

CashinaMoment has a large referral network of direct lenders for payday loans online. We are open 24/7 and 365 days a year. When you need urgent, emergency money, consider requesting your online loan with CashinaMoment.

You can get started now with CashinaMoment if you need an online payday loan.

category: Online Loans Services

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Allison Bieghler

Allison Bieghler is a Manager at CashinaMoment, a leading online payday loan referral service, providing convenient, fast, and secure online payday loans to its clients. CashinaMoment connects its clients with its vast network of licensed, direct lenders to get quick cash loans for emergency situations. Allison has extensive experience in the financial sector, specializing in the lending industry and administrative management. She is also well-versed in customer service, client services, and various payday lending industry functions.She has been working tirelessly with the organization to help people with everyday jobs and credit problems get cash when they need it most.

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