If you’re currently unemployed and thinking of getting a payday loan, you may wonder if the fact will disqualify you. Payday lenders offer loans to people on unemployment benefits. The main qualification is to have an income of at least $1,000 a month. Unemployment is not a disqualifying factor. You must remember that payday loans are short-term (usually for a week or two) loans, and it’s unlikely that you will land a job during that time. Lenders base their decision on your current income as well as other factors, such as your age and legal status in the USA.
Of course, regardless of your income, lenders may also check your credit record to see your credit worthiness.
What do I type in the employment section?
In the income section select ‘benefits’. In the employer section, type currently unemployed.
What if I receive disability income?
If you are on disability, you still qualify for a payday loan, because you have an income. Every time you are on some kind of support program, you can get a payday loan.
If I’m retired and not longer in the work force?
SSI, pension, and any other money or benefits you receive is considered an income.