You can apply for payday loan if you think that you are really having a difficult time with your finances. This type of loan is essentially a type of cash advance that people can avail of at anytime. Payday loans, as the name implies, are typically offered to individuals who have stable jobs and a regular amount of income going their way at the end of each week or month. However, did you know that even those who do not regularly receive pay checks can also apply for payday loans? Indeed, this is another way for people to obtain much needed cash during difficult times. Here are three common factors that should qualify you to apply for payday loan even if you do not have a steady paycheck.
Believe it or not, there are many payday lenders in the country that extend loans to people who are receiving welfare or unemployment checks. For these lenders, a check that is issued as part of a person's unemployment benefits can be considered as a source of income which, in turn, puts him or her in a position to apply for payday loan.
If you have time in your hands, make sure to search for lenders who do not disfavor people who do not have regular earning jobs. Still, you have to expect that just like any other type of payday borrower, a person with no steady paycheck will be charged with very high interest rates that can easily go anywhere around 400%.
Self-employed individuals earn money, but they do not have regular paychecks like those who work for companies or other organizations. Well, if you are self employed, you would be happy to know that many payday lenders also offer loans that do not require any proof of income, like regular paychecks. Aside from giving self-employed individuals a good financing opportunity, this type of payday loan can spare the applicant from the hassles brought about by tons of paperwork.
If you want to get a fast payday loan even if you do not have a fixed source of income, you can always secure the loan with any personal asset. Many lenders are willing to turn the other cheek when it comes to proof of income or steady paycheck if only you can back your loan with security like your car or even jewelry.
Truly, the best thing that you can get when you apply for payday loan is the feeling of relief from pressing financial constraints. However, always remember, even if payday loans appear to be more lenient in requirements compared to other types of loans, these loans still have a number of conditions that should be met by any applicant. For instance, you must be at least 18 years old to apply for payday loans. Next, you must have a bank account in your name that is more than 6 months old. Finally, you must have lived in your declared address for more than a year.