You can receive a payday loan even if you are on state benefits. You are required to have a regular form of income to be eligible for a loan. For those who don’t have a job, lenders will consider other income types, including benefits.
Can I Receive A Payday Loan If I Am On Benefits?
Yes, benefits are a regular source of income, and you are eligible for a payday loan. Unemployment will not prevent you from getting a payday loan with Pheabs. There is no difference between the loans provided for those on benefits and those who have a job.
Is My Income Eligible?
To get a payday loan with Pheabs, you will need a steady minimum income of $800 a month. A lender will also consider whether this is enough to repay the loan you have requested. Remember, monthly benefits are considered a stable income.
Do I Need A Guarantor?
No, Pheabs does not ask you to provide a guarantor 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.
Is A Payday Loan The Right Choice If I Am Unemployed?
The best advice to anyone considering a payday loan is always to consider other options first. Before requesting a payday loan, check if there are any alternative ways of finding the funds you need to cover your emergency. You may consider 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, new boiler, or hospital bill. Don’t use a payday loan for frivolous spending or to repay other loans. You should also plan how you will 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 meet repayments.
Am I Guaranteed A Loan If I’m Unemployed?
You are not guaranteed a loan if you are unemployed, but lenders will consider you in the same way as those in employment. All responsible lenders will perform checks on loan requests to understand 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 on benefits, your request will be considered equally, and a lender will see if your alternative income will let you meet repayments on time.
Am I Eligible For A Payday Loan With Pheabs?
Pheabs helps you find a loan in just minutes. There are only four simple requirements to qualify.
- You must be a US resident
- 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 an active checking account
Your payday loan inquiry will take just a few minutes, and you will get an instant on-screen decision from a lender. Once accepted, the money will be paid into your account in one lump-sum on the same day, even within one hour!