Last updated on October 24th, 2023 at 02:59 pm
You are able to receive a payday loan even if you are unemployed. However, you are required to have a regular form of income. For those who don’t have a job, lenders will consider other types of income, including benefits. To get a payday loan with Pheabs, you will need a steady minimum income of at least $800 a month. A lender will also consider whether your income is enough to repay the loan you have requested. Remember, you do not need to have a job, but your income must be regular.
Can I Receive A Payday Loan If I Am On Benefits?
Yes, benefits are a regular source of income. If you are receiving $800 a month or more per month, you are eligible for a payday loan. Unemployment will not prevent you from getting your a payday loan with Pheabs. There is no difference between the loans provided for those on benefits and those who are currently in employment.
Do I Need A Cosigner To Get A Payday Loan When Unemployed?
No, Pheabs does not ask you to provide a cosigner when you submit a form for a payday loan. If you have evidence of a steady income source totaling $800 per month or more, you will be considered equally for a payday loan.
Can I Get a Guaranteed Payday Loan When Unemployed?
While you are not guaranteed a loan if you are unemployed, you will be considered by lenders in the same way as those in employment. All responsible lenders perform checks on loan requests to see if a customer can afford a loan. This protects customers from facing the difficulties of failing to repay the loan and landing in debt. If you are unemployed, your request will be considered equally, and a lender will make sure your alternative income will allow you to meet repayments on time.
Is A Payday Loan The Right Choice If I Am Unemployed?
Anyone considering a payday loan should also consider other options. Before requesting a payday loan, consider alternative ways of finding the funds you need to cover your emergency. This may include borrowing money from family or friends. You should also make sure you are borrowing for the right reasons.
Payday loans are designed to be used in the short-term to cover one-off costs. This may be an emergency home repair, auto repair, or a hospital bill. They should not be used for frivolous spending or to repay other loans. You should also think about how you plan to repay the loan when considering if it is the right choice. Do not enter into a payday loan if you are not sure how you will repay.
Am I Eligible For A Payday Loan With Pheabs?
Pheabs helps you find a loan in just minutes. There are only a few simple requirements to be eligible.
- You must be a US citizen
- You must be over the age of 18
- You must have a minimum regular income of $800 a month (through employment, benefits or another steady income source)
- You must have a checking account
Your payday loan enquiry will take just a few minutes, and you will receive an instant on-screen decision. The money will be paid into your account in one lump-sum on the same day you are approved.
How Long Will It Take To Receive My Payday Loan?
Pheabs makes receiving your payday loan very quick! You could receive the funds into your account within 1 business day. Once you have filled out the online form, you’ll receive an instant decision and could receive the money in just one hour. This is a convenient way to get your finances back on track as quickly as possible.