Some cash advance lenders provide funds to individuals who are unemployed but there must be a verifiable income source in order to get a loan. Various types of funding exist but overall the ultimate goal of all cash advance lenders is the same – to provide money to needy borrowers with the anticipation that the money will be repaid. The lender will automatically look for a way to prove that they are likely to have their money returned to them before approving any loan, no matter what type of loan you get be it a mortgage, a car loan, a cash advance loan or any other type of loan.
Cash Advance Loans for the Unemployed
If you are unemployed then you may still be able to get a cash advance if you can prove that you have some type of income. For instance, if you receive an unemployment benefit check you may be able to get approved for an online cash loan but not all lenders will approve you based on unemployment income. Some lenders will require another source of verifiable income in order to approve you for an online cash loan.
Some other types of income that you may have despite being unemployed include Social Security Disability benefits, Survivor’s Benefits, or child support. If any of these incomes apply to you and you are unemployed most lenders will allow you to use the benefits that you receive as a proof of income and means to pay back the cash advance. Think about the different types of income that you DO have and discuss these incomes with your lender when applying for a cash advance to see if the income qualifies you for a loan despite your unemployed status.
When You Can’t Get a Cash Advance
If you are unemployed and you have attempted to qualify for a cash advance but cannot seem to get approved you must begin to seek out other avenues of help or cash assistance. The local department of labor may be able to help you speed the process of receiving unemployment benefits and compensation. You can file for unemployment compensation online the same day that you lose your job and this will assure that your claim is processed as quickly as possible.
If you cannot get any type of unemployment benefits or compensation from the state or if you were receiving unemployment compensation but your benefits have expired there are some other ways that you may be able to borrow some money to get by until you find a job. You may pawn something and get a loan on items that you seldom use or you may have a yard sale to get rid of items that you don’t use at all. You’d be amazed at all the items at your house that you actually do not need or do not use…try selling some of those items to get by.