How Payday Loans Help Unemployment Citizens


Unemployment is a social phenomenon that any of us can fall prey to, unfortunately. In the United States, with its unstable economic situation, according to published statistics, the official unemployment rate is on a downward trend: in 2018 it dropped to 8.8%, while in 2017 we had 9.5% unemployed among the economically active population and 78 % of workers live from paycheck to paycheck.

Nevertheless, the figures of these statistics mean that about 8-10% of the working-age population of the United States has no official income or has no income at all.

Still, money is needed, isn’t it? Who will help in such a situation: wealthy relatives, rich acquaintances, or will it still be a loan from a bank? Or is anyone else willing to provide a lucrative payday loan?

Where to Get an Online Payday Loan For The Unemployed?

What about those who do not have a job or work without registration or need to compare travel money exchange rates? Indeed, even if there are even unofficial earnings in life, there are situations when additional financial assistance is needed for treatment, education, utilities, and the purchase of necessary consumer goods. In this case, payday loans to the unemployed will help because any financial situation can be solved with some effort.

If we are talking about the lack of official income, then this means that a person cannot take out a payday loan for the unemployed if necessary, you can use MoneyZap for it. If there is no income as such and the status of an official unemployed means a complete lack of employment, then, in this case, one does not have to rely on a subsidy from the bank in the form of such a loan necessary for life as a payday loan.

A payday loan to unemployed people with a passport and identification code will not be issued in any bank. According to their rules, a payday loan cannot be provided without a certificate of official employment and the presence of permanent income which is a guarantee that you will be able to repay the debt to the bank after obtaining a payday loan.

There are also a lot of unemployed among the clients of pawnshops. The need for money pushes people to give valuable things to the pawnshop or even without the right to redemption: family heirlooms, jewelry, professional tools, photo, and video equipment. But it is much better to issue a payday loan to an unemployed person on a card by contacting credit companies that provide instant payday loans online. You can contact any company verified by the MFI where you do not need a certificate of official income for a payday loan. It is enough only to provide the correct passport data, TIN, number of a valid bank card from any bank. It will take only a few minutes to check your profile. You will receive a loan agreement, read it and accept its terms and the money you need for life is already on your card! Choose an MFI where the minimum risk of being denied a payday loan for the unemployed.

How to Get An Unemployed Payday Loan Online?

Unemployment often affects people unexpectedly seriously disrupting their financial situation. Sudden spending can surprise you even more by attacking with a vengeance. In such situations, sometimes the only salvation may be a payday loan from a verified online MFI.

The main conditions of the company that the borrower must meet:

  • the presence of a valid identity card: a passport of a US citizen;
  •  the minimum age is 18 years;
  • active mobile phone number and personal card account in the bank.

Payday loans on the Internet for the unemployed are an ideal solution for both unemployed and those who do not want or cannot present a certificate from the employer.

Opportunity to Get a Loan Before Payday Quickly

Thanks to an online loan for the unemployed it is very easy to apply for a payday loan for the unemployed online and does not take much time. You only need to provide the most important information. Your personal data, place of residence, telephone number, email address and bank account number are enough.

Fill out the online application and after submitting it, creditors will verify your identity and analyze your application. They will announce their decision within 20 minutes. MFIs issue payday loans to unemployed people with little or no rejection. 

Applying for loans for unemployed people online gives you the opportunity to get extra funds on the same day you submit your application. This way you avoid unnecessary formalities that accompany traditional bank loan applications. It will take you only a few minutes to fill out the form. Due to the lack of face-to-face meetings with the lender, the whole process is much faster. You do not need to send unnecessary formalities since your basic data is enough.

Job Loss and Payday Loans – What to Do with the Payoff?

One of the principles of smart borrowing is foresight. Even before signing the contract, you must be sure that you can easily pay off the obligation on time. The job market can be surprising. However, even successful companies can file for bankruptcy and you lose your job. Even if your savings allow you to support your family until you find a new job, paying off your financial obligations can be a challenge.

What can be done? A special solution would be to extend the loan maturity. This will give you time to raise the necessary funds and avoid entries in the debtor database. The status of an unemployed person is not only a person who does not have a permanent place of work but also an unofficially employed person. There are many of them in the country. Even large companies want to save on taxes, handymen are rarely hired, plus a lot of people who work as projects make money as freelancers. Statistics give only an approximate figure – from 2.5 to 2.8 million people.

To issue payday loans without guarantors, banks are guided by the portrait of an ideal client:

  • officially employed person 30-50 years old;
  • “white” wages are higher than the average in the city;
  • a person has been working for at least a year at the last job;
  • married;
  • brings up children;
  • has a house and a car preferably purchased in the last 5-7 years.

Such a client can pay regularly and if problems arise, he or she has someone to turn to. A financial institution will prefer it instead of a student, a pensioner, a woman on maternity leave.

The bank can give a loan to the unemployed but there are nuances: 

  • it is better to provide a surety or bail;
  • have a good credit history;
  • take a bank statement confirming operations on cards/accounts;
  •  confirm the fact of additional income.

Many banks also offer a loan for pensioners: you only need to confirm the fact of receiving a pension.