- Yes, it is possible to be granted a loan even if you are unemployed. In spite of this, in order to gain access to a loan you must be able to show proof that you have some form of regular income.
- For those who do not have a job, lenders are usually willing to consider alternative forms of income, such as benefits.
- In order to get a payday loan from Dollar Hand, the consumer is required to have an income of at least $800 each month.
- The lender will also be taking into account whether the consumer’s income is high enough to repay the requested loan in the agreed timeframe.
If I Am On Benefits, Can I Receive A Payday Loan?
It is possible to apply for a payday loan on benefits because receiving benefits is actually classed as a source of regular income. It is not possible for unemployment to prevent a consumer from accessing a payday loan with Dollar Hand whilst they are receiving benefits worth more than $800 a month, are over the age of 18, and have a bank account so that the loan can be paid directly to the consumer. There are no differences between the loans paid to those who are employed and those who are unemployed.
Is A Guarantor Required To Get A Payday Loan?
When a consumer completes a form as an application for a payday loan, Dollar Hand does not ask them to provide a guarantor or co-signer in order to be approved. The only specification is that the consumer has a regular income of over $800 each month.
Can A Loan Be Guaranteed Even If A Consumer Is Unemployed?
Being unemployed should not impact a consumer’s application for a payday loan whatsoever. All payday lenders are require to perform a range of background checks on a potential consumer before granting them a loan regardless of whether or not they are currently employed. One of these checks will involve ensuring that the consumer has a regular income of over $800 a month, whether that be through employment or benefits. These checks ensure that all borrowers will be able to pay back their loans and therefore avoid ridiculously high interest rates.
Being unemployed but in receipt of benefits worth more than $800 each month ensures that a consumers application for a loan will be treated the same as a consumer who is employed. The lender will ensure that the alternative source of income for the consumer will allow them to make all scheduled repayments on time, as is required from a borrower who is employed.
Is It Right For Me To Apply For A Payday Loan If I Am Unemployed?
There are many factors to take into consideration when applying for a payday loan. It is important to always bare alternative options in mind when applying for an emergency cash loan, such as borrowing money from family or friends. It is also important to only borrow money if you desperately need to do so and are confident that you will be able to repay it when you receive your monthly income.
Payday loans such as those provided by Dollar Hand are only designed to support consumers through unforeseen circumstances and are supposed to be a short term fix. They should not be used for unnecessary purchases or to repay alternative loans. It is also crucial to consider how you plan to repay the loan and not to enter into any agreements if there is any doubt you will be unable to make the repayments in order to avoid high interest rates building up.
How To Know If You Are Eligible For A Payday Loan With Dollar Hand
In order to be eligible for a payday loan with Dollar Hand, there are four basic requirements:
1. To be a US citizen
2. To be over the age of 18
3. To have a regular income of at least $800 a month, through benefits, employment or an alternative source of income
4. To have a bank account
Payday loan enquiries typically take only a few minutes and the consumer will receive an instant decision on-screen after their application. On the day of approval, the loan will be paid directly into the consumer’s account in one payment.
Daniel Tannenbaum has worked in the payday loan and consumer credit space for over 15 years across the USA. His posts share useful insights into the financial world, money advice and opinions.