Most payday loan lenders have requirements when it comes to approving payday loans, and a common requirement is the person must have a job. If you do not currently have a job and really need a loan, there might still be a way for you to get approved for a payday loan. You may have to spend a little more time working on the loan, but this extra time could pay off. Here are four tips that may help you get approved when you apply for a payday loan.
Figure Out if You Can Repay it
Before you rush out and begin looking for a lender that will approve your loan, you may want to think through this decision more carefully. If you take a payday loan, you will have to repay it within a short amount of time. This could be one or two weeks, or it could be slightly longer than this. Will you have money to repay it when it is due? If not, taking a payday loan might be a bad idea.
When a borrower cannot repay a payday loan when it is due, the lender will gladly roll the loan over. Each time this happens, the interest continues accruing and a fee is added for the rollover. The interest rates on payday loans are often around 400%, but they can be even higher than this.
If you do not think you will be able to pay back the money by the due date, you might want to think of another way to get the cash you need.
Look for a Lender that Does Not Run Employment Verifications
While most payday loan lenders perform employment verifications, there are some that do not. These lenders will often approve loans for anyone, even for people that do not currently have a job. If you do not have a job, you will have to apply for a payday loan with a lender that offers no employment verification. This will be the best bet you have for getting the loan you need.
When lenders offer no employment verifications, they will usually have a different requirement. This requirement is that an applicant must have a checking account.
When a person has a checking account, it can be slightly easier for the lender to get repaid. The lender can automatically deduct the money on the due date, and borrowers will have an incentive to make sure the money is in the account. If the money is not in the account, the payday lender may charge a fee, as well as the fees the bank may charge.
Think of All Your Income Sources
Another tip that may help you get approved for a payday loan is thinking about money you are expecting in the future. This could be money you are expecting from child support or alimony, or it could be money expected from a
If you are expecting any type of money in the future, you could talk to the lender about this. You could let them know that you may not currently have a job, but you are expecting to receive cash soon. If you were hired for a job and are starting soon, you could also use this as leverage to get the approval for the loan you need.
Getting a payday loan without a job might be slightly harder, but you can do it if you try. To learn more about this or to apply for a loan, visit online resources like http://www.paydayexpresscashadvance.com.
Share24 August 2015
One thing I have always been good with is money. Even in high school, I always had a savings from my allowance and from working for the neighbors. I created this blog to help other young people understand the importance of financial responsibility even at a young age. If we start our adult lives knowing about financial responsibility, we can make it further in our lives before we suffer from the devastation of financial mistakes that can take years and years to pay back. Hopefully, what you learn here will help you avoid those financial mistakes and maybe help you recover from the ones you've already made.