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Fast and Secure Payday Loans for the Unemployed

Payday Loans for Unemployed
Facing financial hardships during unemployment can be stressful. Our guide on Payday Loans for the Unemployed provides a lifeline to quick cash with easy approval. Explore trusted lenders, understand the application process, and learn how to make the best choice that fits your needs, all without stringent credit checks.
Offers: 10
Updated:
27.02.2024
14:24
Best Quick Loan Today 27.02.2024*
Finanso
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 2000.00 $
Rate
i

Effective interest rate on the product

0.05 – 2.50 %
Term
i

Loan term for the financial product

5 days – 3 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.09
(20 Ratings)
Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

from 4.00 %
Term
i

Loan term for the financial product

to 1 months
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Check Into Cash
Payday Loan
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.06
(20 Ratings)
Recommended FinScore™
0
300
650
1000
$50-$1,500
Rate
i

Effective interest rate on the product

APR 390%
Term
i

Loan term for the financial product

up to 30 days
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Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Moneytree
Payday loan
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3.138
(13 Ratings)
Recommended FinScore™
0
300
650
1000
$100-$500
Rate
i

Effective interest rate on the product

up to 482.32%
Term
i

Loan term for the financial product

up to 14 days
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CashNetUSA
Payday Loan
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3.68
(25 Ratings)
Recommended FinScore™
0
300
650
1000
$50 -$500
Rate
i

Effective interest rate on the product

up to 805.28%
Term
i

Loan term for the financial product

up to 30 days
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Approved Cash
Payday Loans
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2.956
(14 Ratings)
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0
300
650
1000
100.00 – 15000.00 $
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Effective interest rate on the product

2.00 – 2.00 %
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Money Mart
Payday Loan
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300
650
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50.00 – 500.00 $
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Effective interest rate on the product

0.50 – 0.75 %
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Cash Central
Payday loan
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

2.81
(20 Ratings)
Recommended FinScore™
0
300
650
1000
$300-$5,000
Rate
i

Effective interest rate on the product

up to 703.93%
Term
i

Loan term for the financial product

14-31 days
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FaaastCash
Payday loan
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

2.3
Recommended FinScore™
0
300
650
1000
$100-$1,000
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i

Effective interest rate on the product

up to 2% per day
Term
i

Loan term for the financial product

up to 30 days
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Net Pay Advance
Payday loan
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4.28
(20 Ratings)
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300
650
1000
$100-$1,500
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i

Effective interest rate on the product

up to 664.29%
Term
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Loan term for the financial product

up to 31 days
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Payday Loans Calculator For Unemployed

Utilize our Payday Loans Calculator for precise estimates on potential loan amounts, interest rates, and repayment plans in the U.S. An indispensable tool for your short-term borrowing needs.

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The Legal Status of Payday Loans in the USA

A payday loan is an expensive short-term financial solution. Some lenders call it cash advance. Typically, a borrower repays it on their next payday. We recommend getting payday loans only to cover unexpected expenses and emergencies. Each state regulates payday lending to protect its residents from predatory lending. Payday loans amount, interest, and fees must not exceed the value under your state law. More

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
Fast and Secure Payday Loans for the Unemployed

What is a Payday Loan?

A payday loan in the USA is a short-term, high-interest loan that is typically due on the borrower's next payday. This type of emergency loan is designed to provide borrowers with access to cash when they need it most, with minimal requirements and no credit check. Payday loans are often marketed as a solution to temporary cash flow problems, such as unexpected bills, car repairs, or medical expenses.

To apply for a payday loan in the USA, borrowers typically need to provide proof of income, a valid ID, and a checking account. In some cases, payday loan lenders may require collateral or a co-signer to guarantee the loan. Once approved, borrowers receive the funds in their checking account within one to two business days.

The interest rates on payday loans in the USA can be extremely high, often surpassing 400% APR. This means that for every $100 borrowed, the borrower may be required to pay back $400 or more in fees and interest. This high cost of borrowing can lead to a debt trap, which is when borrowers get stuck in a cycle of taking out new loans to pay off old ones, ultimately accruing more debt and fees.

While payday loans are legal in most US states, some have implemented restrictions on the amount of interest and fees that lenders can charge. Additionally, some states require lenders to offer extended payment plans, which allow borrowers to repay the loan in installments over time.

Features

Payday loans provide a quick and easy solution when one needs cash to handle urgent expenses. However, the features of payday loans for the unemployed make it a potentially hazardous form of borrowing.

  1. High-interest rates charged on the borrowed amount. In most cases, the annual percentage rate (APR) can be as high as 800%, which is significantly higher than other types of credit. This high-interest rate is attributed to the short repayment term of payday loans, which typically ranges from two weeks to a month. The lenders charge high rates to compensate for the short repayment period, making it a costlier option for borrowers.

  2. Relaxed requirements for approval. Unlike traditional types of credit, payday lenders don't require a credit check, collateral, or a good credit score. All one needs is a checking account and proof of income. This makes the process easier and quicker for borrowers. However, the lack of proper scrutiny and safeguards to verify one's creditworthiness makes it a riskier option for both borrowers and lenders.

  3. Smaller loan amount compared to other types of credit. This limits a borrower's borrowing capacity, which can be a challenge in cases of larger expenses.

  4. Short repayment term. Lenders typically require the borrower to repay the loan on the next payday, creating a cycle of debt. If the borrower cannot repay the loan in full on the due date, they can roll it over by paying only the interest and fees, leading to a never-ending cycle of debt that can trap borrowers in a cycle of financial instability.

Pros and Cons

Pros

Quick access to cash. Payday loans are often approved and dispersed to borrowers quickly, sometimes within hours.

No credit check required. Unlike traditional loans, payday lenders typically do not require a credit score check, making it easier for people with bad credit score to be approved.

No collateral needed. Payday loans are unsecured loans, meaning borrowers do not have to sign up any collateral to obtain them.

Flexible repayment options. Most payday lenders give borrowers various repayment options.

Cons

Debt trap. Payday loans can easily become a debt trap for borrowers who cannot afford to pay them back on time and end up rolling over the loan multiple times, incurring more interest and fees.

Predatory lending practices. Payday lenders have been accused of using predatory lending practices, such as misleading marketing tactics, aggressive debt collection practices, and targeting vulnerable individuals who are financially distressed.

Alternative options may be better. Borrowers should consider other options before turning to payday loans, such as borrowing from friends and family, negotiating with creditors, or obtaining a credit card with a lower interest rate.

How to Get a Payday Loan for Unemployed?

Apply for a Loan

Getting a payday loan as an unemployed can be challenging as most lenders prefer to lend to employed individuals with regular income. However, if you are in urgent need of a payday loan, there are a few options available to you.

  1. Look for lenders who accept alternate income sources. Some lenders will accept alternate sources of income such as disability benefits, retirement benefits, or self-employment income. Look for lenders that accept these income sources and provide payday loans.

  2. Find a co-signer. A co-signer is someone who is employed and has good credit. This person will guarantee the loan repayment and help you get a payday loan. If you fail to repay the loan, your co-signer will be responsible for the repayment.

  3. Explore government assistance programs. In the USA, there are government assistance programs such as unemployment benefits that can help you in times of financial need. You could consider applying for these programs as an alternative to payday loans.

  4. Consider online payday loans. Online lenders are more likely to approve a payday loan for you even if you are unemployed. Make sure you do research and choose a reputable online payday lender who has a history of lending to unemployed individuals.

  5. Use collateral to secure a loan. If you have any valuable assets, such as a car or jewelry, you could use them as collateral to secure a payday loan. However, keep in mind that if you fail to repay the loan, the lender may repossess your collateral.

Requirements and Conditions

Getting a payday loan can be difficult if you are unemployed, as most payday lenders require you to have a steady source of income. However, if you are currently out of work but need a short-term loan, there may be some options available to you.

  1. Have a source of income. Although you are unemployed, if you receive any government benefits such as unemployment, disability, or social security, some lenders may consider this a form of income and approve your payday loan application.

  2. Have a bank account. Most payday lenders require that you have a valid checking account, as this allows them to deposit the loan amount and withdraw the repayment when it is due.

  3. Have identification. To apply for a payday loan, you must provide a government-issued ID such as a driver's license or passport. This helps lenders to verify your identity and ensure your identity matches the documents.

  4. Meet the age requirements. To legally apply for a payday loan, you must be at least 18 years old.

  5. Have a good credit score. Some payday lenders may consider your credit score when reviewing your application, even if you are unemployed. If you have a good credit history, you may be more likely to get approved for a payday loan.

Best Places to Get Payday Loans for Unemployed Today 27.02.2024

CashNetUSA

Apply For a Loan

CashNetUSA is a leading online lender, committed to helping you handle your financial needs. We offer payday loans, installment loans, and lines of credit to eligible customers, providing a lifeline for those in need of short-term cash. With a user-friendly interface, rapid approval process, and transparent terms, CashNetUSA simplifies the lending process. We are recognized for our exceptional customer service and commitment to providing reliable, quick, and convenient financial solutions. Navigate your financial journey with the confidence and support of CashNetUSA.

CashNetUSA

Check Into Cash

Apply For a Loan

Check Into Cash is a reliable and trustworthy financial service provider, offering a broad range of lending options to meet your immediate cash needs. We specialize in payday loans, title loans, installment loans, and lines of credit. With an easy-to-use online platform and dedicated customer service, we ensure a fast and hassle-free borrowing experience. Our commitment to transparency guarantees clear terms and no hidden fees. Whether you're facing unexpected expenses or managing short-term financial gaps, Check Into Cash is here to support your financial journey.

Check into Cash

Advance America

Apply For a Loan

Advance America is a well-established lender that offers payday loans, installment loans, and title loans. However, they will typically require proof of income, so unemployed individuals may have difficulty obtaining a payday loan without another source of income.

Advance America

Speedy Cash

Apply For a Loan

Speedy Cash is your go-to platform for fast, reliable, and transparent lending services. We offer various loan types including payday loans, installment loans, title loans, and lines of credit. Our streamlined application process, quick approvals, and excellent customer service have made us a trusted name in short-term lending. Whether you're managing unexpected expenses or looking for a quick financial boost, Speedy Cash provides a hassle-free solution. Committed to customer empowerment, we offer clear terms and flexible repayment options. Get the financial support you need, exactly when you need it, with Speedy Cash.

Speedycash

Ace Cash Express

Apply For a Loan

Ace Cash Express is a premier financial services provider, offering payday loans, installment loans, title loans, and lines of credit to help meet your short-term financial needs. With a simple and quick application process, excellent customer service, and transparent terms, we aim to make your borrowing experience as smooth as possible. Our commitment to customer empowerment sets us apart, providing you with the necessary tools and support to manage your finances confidently. Whether facing an unexpected expense or in need of a financial boost, turn to Ace Cash Express for a reliable and efficient solution.

Ace Cash Express

OppLoans

Apply For a Loan

OppLoans is a reputable online lender, providing personal loans that offer a more affordable alternative to payday loans. We pride ourselves on delivering fast funding, exceptional customer service, and transparent loan terms. With an easy online application process, we are committed to helping borrowers with less-than-perfect credit. At OppLoans, we don't just provide a loan; we offer a commitment to care for your financial health, delivering resources and guidance to help you make informed financial decisions. Trust OppLoans for accessible, trustworthy, and compassionate lending services.

Opploans

Moneytree

Apply For a Loan

Moneytree is a trusted financial services provider offering a range of solutions like payday loans, installment loans, and check cashing services. Our mission is to provide immediate financial assistance while prioritizing customer satisfaction and transparency. With an easy application process, clear terms, and exceptional customer service, we strive to make your borrowing experience straightforward and stress-free. Whether you're dealing with an unexpected expense or need short-term financial support, Moneytree is here to assist. Choose Moneytree for a reliable and customer-centric approach to your financial needs.

Moneytree

While these lenders may offer payday loans to unemployed individuals, it is not advisable to take out such loans if you have no means of paying them back in time. Moreover, payday loans come with high-interest rates and fees that can trap borrowers into debt cycles. It is essential to explore other options before opting for a payday loan.

Ways to Get the Money

A payday loan is designed to provide funds to individuals in need of immediate financial assistance. The methods for money disbursement on a payday loan for unemployed individuals usually include in-person disbursement, direct deposit, and prepaid debit card.

  1. In-person disbursement. This method involves the borrower going to the lender's physical location to collect the loan amount in cash. This option is convenient for individuals who do not have a bank account or prefer to have cash in hand to meet their immediate financial needs.

  2. Direct deposit. This method is the most common way to disburse payday loans in the USA. In this method, the loan amount is directly deposited into the borrower's bank account. This option is convenient for individuals who have a checking account and need quick access to the funds.

  3. Prepaid debit card. This method involves the lender providing the borrower with a prepaid debit card, which has the loan amount loaded onto it. The borrower can use the card to make purchases or withdraw cash from an ATM. This option is suitable for individuals who do not have a bank account or do not want to link the loan amount to their bank account.

Things to Pay Attention To

  1. Understand the cost. When seeking out a payday loan, it's important to understand the cost of the loan. This includes the interest rate, fees, and other charges associated with taking out a loan.

  2. Check the lender's reputation. Before committing to a lender, it's important to check the lender's reputation. This includes reading reviews, checking the lender's website, and checking with the Better Business Bureau.

  3. Check for hidden fees. It's important to check for hidden fees such as prepayment penalties, late fees, and other charges that may be associated with a particular payday loan.

  4. Consider alternatives. Payday loans should be considered as a last resort. Some alternatives you can consider include borrowing from friends or family, negotiating with creditors, or seeking assistance from government programs.

  5. Understand the loan terms. When applying for a payday loan, you need to understand the loan terms, including when the loan is due, what the interest rate is, and what fees are associated with the loan.

  6. Read the fine print. Before signing any loan documents or agreements, it's important to read the fine print to ensure that you understand all the terms and conditions associated with the loan.

How to Repay the Loan?

If you have taken out a payday loan and you are currently unemployed, you may be wondering how you can repay the loan. Here are the steps you can take to repay a payday loan as an unemployed individual in the USA.

  1. Contact the lender. If you cannot repay the loan on time, it is important to contact the lender and explain your situation. Most lenders are willing to work with you to create a repayment plan that suits your financial situation.

  2. Consider debt consolidation. If you have multiple payday loans that you are struggling to repay, consolidating them into a single loan that offers lower interest rates can help you save money and reduce your monthly payments.

  3. Reduce your expenses. To increase your ability to repay the loan, you may need to make lifestyle adjustments. For instance, you can cut back on non-essential expenses like eating out, shopping, or entertainment.

  4. Increase your income. Consider getting a part-time job or gig to supplement your income. You can also explore options like freelancing, working online, or offering services like tutoring or pet sitting.

Repaying a payday loan as an unemployed individual in the USA can be challenging, but it's important to communicate and work with lenders to understand your options and create a plan that suits your needs. Additionally, exploring alternative sources of income and cutting down expenses can help to increase your ability to repay the loan.

Alternatives

Apply For a Loan

For people who are unemployed in the United States, finding alternatives to payday loans is very important. Here are some of them:

  1. Personal loans. Personal loans can be a viable alternative to payday loans for people who are unemployed. Personal loans are typically installment loans that are repaid over a longer term, usually ranging from one to five years. Personal loans can be obtained from a bank or credit union and online lenders. While it may be more difficult to obtain a personal loan if you are unemployed, some lenders are willing to work with borrowers who have alternative sources of income.

  2. Credit cards. Credit cards can be another alternative to payday loans, especially for small expenses. Some credit card companies offer cards that are specifically designed for people with little or no credit history. These cards may have higher interest rates than traditional credit cards, but they can be a good way to establish or rebuild credit.

  3. Peer-to-peer lending. It is a relatively new form of lending that connects borrowers with individual investors who are willing to lend money. This can be a good option for people who are unemployed, as the lending criteria are often more flexible than traditional lending institutions.

  4. Cash advance. Cash advances are short-term loans that are available from credit card companies. While they can be expensive, they may be a better alternative than payday loans since they offer longer repayment terms and lower interest rates.

  5. Government assistance programs. There are government assistance programs that can provide financial assistance to people who are unemployed. These programs include unemployment benefits, food assistance, and energy assistance. While these programs may not provide enough funding to cover all expenses, they can help to ease the burden of living without a steady income.

  6. Crowdfunding. Crowdfunding is a new way of raising money online. It is a way for people to raise money from a large number of people, often through social media. While it may not be a reliable source of funding, it can be a good way to raise money for specific projects or expenses.

Editorial Opinion

Payday loans are often marketed as a quick fix to financial hardships, but they come at a very high price. The high-interest rates and fees attached to payday loans can make it very difficult for borrowers to pay back the loan on time and can lead to a debt cycle that is difficult to break. When it comes to unemployment payday loans, the situation can be even more dire. Without a steady source of income, it can be almost impossible for unemployed people to repay a payday loan in full, let alone afford the high-interest rates and fees that come with them. This can lead to debt that can last for years, making it even harder for the borrower to get back on their feet. While payday loans may seem like a quick fix, they come with a very high cost that can cause financial hardship for years to come. Unemployed people should explore other options, such as government aid or community resources, before considering a payday loan.

Important

It is crucial to keep your Debt-to-Income (DTI) ratio below 30-40% of your monthly income. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
  3. Carefully review all the terms and conditions of your payday loan contract.
  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional resources

To learn more about Online Payday Loans and best practices, check out some of the following resources:

Sources

FAQ

Can I borrow money if I am unemployed?

It may be difficult to borrow money if you are unemployed, as lenders often require a source of income or collateral to secure the loan. However, there may be some lenders who specialize in offering loans to unemployed individuals, such as personal loans or payday loans. However, these types of loans often come with very high interest rates and fees.

How can I borrow money with no job?

It can be difficult to borrow money with no job, as most lenders will require proof of income and employment before approving a loan. However, there are some options you can explore:

  • Borrow from family or friends. If you have a close friend or family member who is willing to lend you money, this can be a good option. Be sure to agree on repayment terms and put everything in writing to avoid any confusion or misunderstandings.

  • Get a co-signer. If you have a family member or friend who has good credit and is willing to co-sign on a loan with you, this can increase your chances of getting approved for a loan.

  • Consider a secured loan. A secured loan is one where you put up collateral, such as a car or other valuable asset, as a guarantee for the loan.

  • Look into government assistance programs. Depending on your situation, you may be eligible for government assistance programs that provide financial support.

Can I borrow money without proof of income?

It may be difficult to borrow money from traditional direct lenders without proof of income, as lenders typically use income as a key factor in determining a borrower's ability to repay the loan. However, there are alternative options, such as payday loans, title loans, and peer-to-peer lending platforms, that may be more lenient with income requirements. Keep in mind that these options often come with high interest rates and fees, so it's important to carefully consider the terms before borrowing any money.

Can I get rejected for a payday loan if I don't have a job?

Yes, it is very likely that you will be rejected for a payday loan if you do not have a job. Payday loans are typically given to individuals who have a steady source of income, such as a job or a regular government benefit. This is because the loan needs to be paid back on the borrower's next payday, so the payday loan lender needs to be reasonably certain that the borrower will have the funds to repay the loan. Without a job or some form of regular income, it would be difficult for a borrower to demonstrate this ability to repay.