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Payday Loans For The Unemployed

by Jim ONeil on September 9, 2010

in Finance For Unemployed

Post image for Payday Loans For The Unemployed

If you were on a fixed income basis and currently unemployed, it is highly probable that you are facing the worst financial dilemma ever.And your predicament gets worse if you are a family man. And the unemployment comes at a time when you are in dire need of financial assistance.

Now, one would think, who would be willing to shell out cash to people who do not have the ability to pay because they have no jobs. But believe me, there are financial institutions that do.

In fact, in some loans, you do not even need to provide collateral. And to top it all of, these institutions do not do backtracking, which means they do not investigate whether you had bad loans before. Seems like a dream loan, doesn’t it? But of course, you need to pass some minor requirements to be able to avail of these payday loans for the unemployed. Loans that are short term, does not require too much background checking, and are approved really fast and is based on your last pay are called payday loans for the unemployed.

Of course it is understandable that since the risk of not getting paid on time or not getting paid at all is ultimately higher that giving loans to gainfully employed people, the interests are also higher than the normal loan rates.

But you can research and choose amongst the many financial companies that offer payday loans for the unemployed.

And he process is speedy. Once approved, the financial institution can just debit the loan to your bank account and you do not need to show yourself to their offices. This is very helpful in loan emergencies. But there are min or requirements in applying for payday loans for the unemployed.

First off, you need to prove that you have been a citizen and a resident of a specific place and that you have no intention of leaving. Of course, the loaner would want some assurance that once you find a way of earning again, they would be able to locate you for payments.

Second, you should be of legal age, meaning 18 years old or above and that you are capable of repaying the loan, say for example, you are a college graduate and that in the near future you can secure a job.

There is also another type of instant cash loan for the unemployed – the secured unemployed loans. In this type of loan, the interest rates are lower and the monthly installments are smaller, but a fitting collateral is needed.

So set your goals in acquiring another job as soon as possible and let the instant cash loans for the unemployed take care of your current financial obligations like food, bills, education, and other miscellaneous stuff.

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