No matter whether you have left the job by choice or by force, harsh economic conditions are ought to incur on you. Hundreds and thousands of individuals are losing their jobs on this economic situation and therefore, running out of cash. They are not only unable to manage the monthly finances but are also delinquent on paying off the dues such as credit card bills, grocery bills, utility bills, medical expenses and many others. In such dreadful situations, it is advisable to obtain payday loans, meant for meeting immediate needs. Payday loans are short-term loans that are easy to apply can be received within 24 hours after you apply. However, following are some of the eligibility criteria for getting the loan –
- The applicant must be 18 years old (minimum).
- The applicant should be a resident of the particular state.
- He/she should have a stable source of income and should have earning of at least £1000 per month.
- He/she should have a valid checking account and a debit card as well.
Because of these eligibility criteria, many people who have no employment wonder whether they would be allowed to get payday loan or not. Of course, getting a payday loan without unemployment would be a little difficult task, but not absolutely impossible. There are few simple ways following which you would be able to obtain payday loan, in spite of not having a job or any other source of income.
- If you wish to apply for payday loan with a very low or no credit at all, apply for no credit payday loan. A payday loan or cash advance loan is a kind of short-term loan that is geared towards those who have bad or little credit. This means that no credit check is run when applying for the loan. On the other hand, although payday loan companies want their customers to have employment and steady flow of income each month, some accept sources other than employment. If you receive unemployment, disability, social security, or child support payments, you may be able to use this as an income requirement to get a loan.
- Another great way to obtain payday loan without an employment is asking friends and family members for a loan until you get a new job. You may be able to negotiate a small amount of loan, if you have someone who trusts your words. However, when getting a loan from friends or family members, get everything in writing so as to how much they lent you, when you will pay it back, and also the interest rate to make it a little more professional.
- An unemployed person can also apply for a car title provided that he/she owns a vehicle outright and possess the title to it. A car title loan can be applied online, and works much the same like a payday loan. While some companies require you having liability insurance on the vehicle and a checking account, some ask for proof of unemployment. However, there are many companies as well such as comparepaydayloans.co.uk who do not ask for employment, as long as you turn over the title for the loan.
- Another great way is to offer a form of collateral if you neither have good credit nor job. Collateral can be in the form of vehicle, home, and property in case you should not be able to pay the loan back. However, think twice before turning an unsecured loan into a secured one.