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For most people, financial challenges are a part of life and come about due to a myriad of events. A weak economy and unemployment are some of the biggest causes of financial challenges among Australians.
Most unemployed people get stranded when emergency bills come up. Emergency expenses such as medical bills, utility bills, or even home repairs can cause a lot of stress.
Luckily, payday loan providers can give you quick loans to sustain yourself until you get back on your feet. There are numerous loans today that the unemployed can access on short notice.
What are Payday Loans?
Payday loans are short-term, high-interest loans. Most of them come unsecured, so you don’t have to surrender any collateral. However, they can be more challenging to acquire than pawnshop loans, which you must exchange.
Most payday loan lenders, unlike high-street lenders, are not interested in the borrower’s credit background. While this may appeal to unemployed individuals, it may lead them into a worse financial position.
How To Qualify For Payday Loans For The Unemployed
Getting an excellent payday loan can be very challenging for most unemployed people. This can make a lot of sense if you consider it from the lender’s perspective. It would only be logical to offer a loan to someone you’re sure will be able to pay you back when it’s due. And that’s a person with employment or an alternative source of income.
Alternative sources of income may include benefits from:
- Child support/alimony
- Rental property
- Social Security
- Long-term disability
- Retirement
- Dividends or interest
- Trust fund
However, some payday services give loans to unemployed individuals. What’s more, these firms have made the loans application and approval process a breeze. Applicants only need to fulfill the following:
- You must be at least 18 years old.
- Have a current bank account
- Possesses government-issued identification
- Prove your source of income
Payday Loans For Unemployed Persons With Bad Credit
1. Viva Payday Loans
Viva Payday Loans is designed to assist borrowers in accessing quick loans during emergencies. They match their clients with reliable quick-cash lenders that can fulfill their cash needs using state-of-the-art technologies. Whether you are searching for a reliable quick-cash creditor to keep you going for the next few weeks or want a loan with a longer payback term, Viva Payday Loans got you covered.
Furthermore, Viva Payday Loans appreciate that time is critical during emergencies; As a result, they take less time to review your application and approve it (within three minutes after application). They strive to match the applicants with loan lenders who can provide what the borrower needs. If you’re self-employed and need a $200 loan today unemployed, please make your loan application via Viva Payday Loans.
2. Gday Loans
Gday Loans provides short-term lending opportunities for any applicant in Australia. It is liaising with quick-cash lenders to provide you with the line of credit you want at any time. In other words, your application process will be quick, and your response time will be short.
Gday Loans can help you with a short-term loan, a personal loan, an unemployed loan, a secured or unsecured loan, and any other personal loan you may want. This lending service puts you in touch with the lenders who are willing to approve, authorize, and execute your loan right away.
3. Jacaranda Personal Loan
Jacaranda Personal Loans can be an excellent option if you’re in financial problems and need quick assistance. Jacaranda staff will strive relentlessly to provide you with the best possible deal once you submit your application.
You can get debt consolidation loans, cash loans, dental loans, secured loans, and even vacation loans. In simple terms, if you need anything loan-related, reach out to Jacaranda personal loans. Their eligibility criteria is more lenient than traditional banks, so it’s worth a try.
There will be no delay, no heaps of documentation, and tension when decisions are made. Gday understands that you require cash immediately. Therefore, the whole system is designed to get you through the procedure as soon as possible with the least amount of work and worry.
4. Sunshine Short-Term Loans
Sunshine Short-Term Loans provides short-term or payday loans ranging from $150 to $2,000. Like other payday loans, it has a setup cost of 20% of the entire borrowed amount and monthly fees of 4%.
As an applicant, you have the privilege to repay the loans over 9 to 14 weeks. Additionally, you can repay the loans early without incurring any penalty. What’s more, Sunshine Loans welcomes requests from those with terrible credit. If you get Centrelink benefits, they should not account for more than half of your entire income.
5. Fair Go Finance Small Loan
Fair Go provides modest loans up to $2,000 and personal loans ranging from $5,000 to $10,000. Both candidates with excellent and bad credit can qualify for loans. You can submit your application even if you have a bad credit rating but should not have declared bankruptcy in the previous year.
Small loans have a 1 to 12 months repayment period, whereas you can repay personal loans in up to 3 years. These loans are very costly, with a 20 percent setup charge and a 4 percent monthly interest. The interest rate on personal loans varies between 15.92 percent and 29.9 percent each year.
Conclusion
Why do unemployed people have a hard time getting loans? It is because any reputable lender would want to ensure you’re working and have a good credit score before approving your application.
If you’re looking for a personal loan but are recently unemployed, secured loans or a secured credit card are your best bets. Although some secured loans, such as title loans, could be quite dangerous, you still have the options above to rely on.
