Payday Loans That Accept Unemployment Benefits Online
Payday Loans That Accept Unemployment Benefits Online
These are payday loans that accept unemployment benefits online as a verifiable and reliable source of income.
This means that you do not need a traditional job or a gig to demonstrate your income.
These benefits can be obtained in a monthly basis or you may receive these benefits weekly, in smaller amounts.
In fact, payday lenders here listed would say that the social security checks and any other form of unemployment benefit is very reliable because it is issued by the government.
Payday and Other Short-Term Loan Options That Accept Benefits
The following companies are loan matching services that can connect you with a direct lender. One loan request form can match you with multiple lenders to help ease the process of finding a willing lender matched to your credit profile. Loan offers may come from payday lenders or other financial service companies that offer short-term loans.
1. MoneyMutual
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- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- Not available in NY or CT
- Click here for official site, terms, and details.
MoneyMutual arranges short-term loans for folks with regular income. The matching service is free, and loan offers carry no obligation. You do not have to be employed to get a payday loan, but the company requires you to have a monthly income of at least $800.
. CashUSA.com
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- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- Click here for official site, terms, and details.
If you collect at least $1,000 a month in benefit payments, you can prequalify for the CashUSA.com lender-matching service. Lack of a job needn’t disqualify you from a payday loan. The reputable lenders on its network will give you an instant loan decision — you may receive loan approval for $500 or more within a few minutes and funding within 24 hours.
BillsHappen®
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- Quick loans up to $5,000
- Submit one form, get multiple options
- All credit ratings welcome
- Requires bank account and SSN
- As seen on CNN, FoxNews, and others
- Click here for official site, terms, and details.
BillsHappen® can help you obtain a fast payday or personal loan. Prequalification doesn’t require a credit check, but you must have a steady source of income, such as unemployment payments. This service matches you to multiple lenders so you can select the best loan offer.
CreditLoan.com
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- Loans from $250 to $5,000
- Cash deposited directly into your account
- Get money as soon as tomorrow
- Bad credit OK
- More than 750,000 customers since 1998
- Click here for official site, terms, and details.
CreditLoan.com can help an unemployed borrower who receives benefit payments and needs $250 or more. Its network of reputable lenders provides unemployment payday loans as soon as the next business day. The company began operating in 1999 and has helped more than 750,000 borrowers obtain loans.
BadCreditLoans.com
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- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as next the business day, if approved
- Click here for official site, terms, and details.
BadCreditLoans.com can prequalify you for a payday or personal loan of $500 or more, even if you are currently not working and have bad credit. If you receive unemployment benefits or other reliable income, the members of its loan network can approve your application in minutes and fund the loan by the next business day. BadCreditLoans.com uses advanced encryption methods to ensure your information remains secure.
PersonalLoans.com
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- Loans from $500 to $35,000
- Large lender network
- Fast loan decision
- Use the loan for any purpose
- Funding as soon as one business day, if approved
- Click here for official site, terms, and details.
PersonalLoans.com can arrange small, bad credit loans to suit the needs of borrowers who receive government benefits. You must collect at least $500 a month to prequalify. As with all the reviewed lending networks, PersonalLoans.com has lenders that approve applicants with poor credit.
Requirements For Payday Loans That Accept Unemployment Benefits
- You must be a citizen or permanent resident of the United States.
- Only folks 18+ years old can apply.
- You need a verifiable source of regular income to repay the loan. The funds usually come from a job, but unemployment benefits and other reliable sources are acceptable.
- You need a valid email address and telephone number.
- You must have an active checking account in your name to collect the loan proceeds and repay the money electronically.
- You will have to provide a Social Security number or similar official identifier.
Unemployment Benefits Usually Accepted For Online Payday Loans
| Type of Unemployment Benefit Eligible For Online Payday Loans | Description | Example | How to Prove |
|---|---|---|---|
| Unemployment Benefits | Provides temporary financial assistance to eligible individuals who have lost their jobs through no fault of their own and who are actively seeking new employment | John has been laid off from his job at a factory and is now receiving weekly unemployment benefits from the state | Payment history and benefit statements from the state’s unemployment office |
| Social Security Benefits | Provides retirement, disability, survivor, and other benefits to eligible individuals who have paid into the Social Security system through payroll taxes | Mary has reached the age of 65 and is now receiving monthly Social Security retirement benefits | Benefit statements from the Social Security Administration |
| Pension Funds/ Retirement Benefits | Provides retirement income to eligible individuals based on their years of service and other factors | Bob worked for a company for 30 years and is now receiving a monthly pension based on his years of service | Benefit statements from the pension plan administrator |
| Disability Income | Provides financial assistance to eligible individuals who are unable to work due to a disability | Jane was injured in a car accident and is now receiving monthly disability income from her insurance company | Benefit statements from the insurance company or disability determination paperwork |
| Government Annuity Payments | Provides retirement income to eligible individuals who have worked for the government | Tom worked for the federal government for 20 years and is now receiving a monthly annuity payment based on his years of service | Benefit statements from the government agency responsible for the annuity |
| Dividend Payments or Recurring Interest (actually not an unemployment benefit) | Provides income to eligible individuals based on their ownership of stocks or other investments | Sarah owns stocks in a company that pays quarterly dividends, and is now receiving regular dividend payments | Investment statements or dividend payment records |
| Alimony or Child Support | Provides financial support to eligible individuals who are divorced or separated | Sue is receiving monthly alimony payments from her ex-husband to help support herself and their children | Court documents or written agreements outlining the support payments |
| Regular Proceeds from a Trust (not exactly an unemployment benefit) | Provides regular income to eligible individuals who are beneficiaries of a trust | Jack is a beneficiary of a trust set up by his grandparents, and is now receiving regular payments from the trust | Trust documents or payment records from the trustee |
| Veteran Benefits | Provides financial and other assistance to eligible veterans and their families | Mike served in the military and is now receiving monthly disability and educational benefits from the Department of Veterans Affairs | Benefit statements from the VA or other military service documents |
| Public Assistance | Provides financial assistance to eligible individuals and families who are in need | Maria is receiving monthly food stamps and cash assistance from her state’s Department of Social Services | Benefit statements or other documentation from the government agency providing the assistance |
| Income from Spouse or Partner | Provides financial support to eligible individuals based on the income of their spouse or partner | John’s wife is employed and he is receiving financial support from her income while he is looking for a job | Bank statements or other financial records showing the income being received |
Apart from those examples above, some can be defined by their legal names. Let´s see the table below.
| UNEMPLOYMENT BENEFITS ACCEPTED FOR PAYDAY LOANS ONLINE | Description | Eligibility Requirements | Availability |
|---|---|---|---|
| State Unemployment Insurance (UI) | Provides temporary financial assistance to eligible individuals who have lost their jobs through no fault of their own and who are actively seeking new employment | Being unemployed through no fault of your own; meeting certain work and wage requirements during a specified base period; being able and available for work; actively seeking new employment | Available in all states |
| Pandemic Unemployment Assistance (PUA) | Provides unemployment benefits to self-employed individuals, gig workers, independent contractors, and others who are not eligible for traditional UI benefits | Being unable to work due to COVID-19 related reasons | Available in all states |
| Federal Pandemic Unemployment Compensation (FPUC) | Provides an additional $300 per week in unemployment benefits to eligible individuals who are receiving UI or PUA benefits | Receiving UI or PUA benefits | Available in all states |
| Extended Benefits (EB) | Provides additional weeks of unemployment benefits to eligible individuals who have exhausted their regular UI benefits | Exhausting regular UI benefits; meeting certain eligibility requirements | Available in some states, depending on the state’s unemployment rate |
| Trade Adjustment Assistance (TAA) | Provides assistance to workers who have lost their jobs as a result of increased imports or shifts in production to foreign countries | Being a worker who has been adversely affected by foreign trade | Available to workers in industries that qualify for TAA |
| Disaster Unemployment Assistance (DUA) | Provides assistance to individuals who have lost their jobs as a result of a major disaster, such as a hurricane, flood, or wildfire | Being unemployed or unable to work due to a major disaster; not being eligible for regular UI benefits | Available in areas that have been declared a major disaster area by the President |
| Short-Time Compensation (STC) | Allows employers to reduce the hours of their employees instead of laying them off, with eligible employees receiving partial unemployment benefits to make up for the reduced hours | Being an eligible employee who has had their hours reduced by their employer | Available in some states, depending on state law |
Are Unemployment Payday Loans In One Hour Possible?
While it is true that some lenders may be able to approve a loan application almost instantly, it is important to note that the actual disbursement of funds can take longer than that and would reach the account of the recipient the next business day.
This is because the process of transferring money from the lender’s account to the borrower’s account involves several steps that can take time to complete.
Firstly, once a loan is approved, what it is true, happens almost instantly, the lender needs to initiate the transfer of funds to the borrower’s bank account.
Depending on the lender’s policies and procedures, this may involve several internal checks and processes to ensure that the transfer is legitimate and that the borrower’s account information is accurate.
Once the transfer is initiated, it then needs to be processed by the banks involved in the transaction. So the transfer order goes from the bank used by the lender to the bank used by the borrower of the payday loan.
Banks typically use batch transfers to process large volumes of transactions at once, rather than processing each transaction individually. This means that even if a lender initiates a transfer immediately after approving a loan, the actual transfer may not be processed by the banks until the next batch transfer window.
In addition, there may be delays caused by weekends, holidays, and other factors that can affect the timing of the transfer. For example, if a loan is approved on a Friday evening, the transfer may not be processed until the following Monday, depending on the bank’s business hours and processing times.
Payday lenders often use batch transfers to process large volumes of transactions efficiently. This involves grouping transactions together and sending them to the bank in a single file, rather than processing each transaction individually. Batch transfers can help to reduce processing times and improve efficiency, which is particularly important for companies that process large volumes of transactions on a regular basis, as all the payday lenders enlisted here.
If you require unemployment payday loans in one hour, simply click here to complete a form. You would receive a call back quickly.
Alternatives To Payday Loans That Accept Unemployment Benefits
You have borrowing alternatives, even if you are currently unemployed. These include:
- Pawnshop loans: These may be the fastest loans on the planet. You bring a personal item (e.g., a camera, watch, musical instrument, jewelry, gold coin, etc.) to a pawnshop, where it is collateral for a loan. You’ll get a pawn ticket to redeem your property by a set date. If you miss the date, the pawnshop will put your property up for sale. Pawnshop loans typically provide less than 50% of your property’s value. These loans charge an astronomical interest rate. But pawnshop loans are easy to obtain — you don’t need a job or good credit.
- Car title loans: Your car’s title secures this type of loan, giving the lender the right to repossess your vehicle if you miss a payment. These loans provide cash in a hurry. They are costly, as their APRs easily exceed 100%, and you can forfeit your car by failing to pay on time.
- Credit card cash advances: These provide fast cash, assuming you already own a credit card. The amount you can withdraw depends on your current balance and credit limit. Credit cards often limit the maximum amount you can receive through a cash advance loan. In addition, cash advance APRs are usually higher than those for purchases, and each transaction carries a fee of 3% to 5%. Cash advances charge daily interest — there’s no grace period — so it’s best to repay them as quickly as possible.
You may also be able to borrow from a family member or friend when you’re not working. Although you may get excellent terms, you may alienate the lender if you fail to repay the loan
What Are Payday Loans?
You may be familiar with payday loan storefronts in your community. Online payday lenders provide the same types of loans without the inconvenience of traveling.
Payday loans advance cash until your next paycheck or benefits check. They are short-term loans that you repay all at once on the due date, typically one or two weeks later.
Lenders offer payday loans to help you through to your next income check, not as recurring sources of extra funds.
You shouldn’t depend on frequent payday loans because they are costly. You’ll pay an APR of several hundred percent for this type of loan.
Unlike high-cost loans from a pawnshop or title loan company, payday loans don’t require collateral. Instead, payday lenders can approve loans by relying on their borrowers’ dependable short-term income.
Online payday lenders send a direct deposit to your bank account, usually by the next business day following loan approval. You repay your loan automatically on the due date when the payday lender draws the funds from your account.
The loan-matching services cost nothing and don’t harm your credit score since they don’t make a hard inquiry when you apply for a loan. The services match prequalified consumers to one or more direct lenders that work with all types of borrowers.
The matching services do not influence the approval decisions that payday lenders make. The matching service drops out of the process after transferring you to the lender’s website.
How Do I Get A Payday Loan?
It’s easy to apply for an unemployment payday loan through an online loan-finding service. A few of the advantages of using these services include:
- They work with networks of lenders, increasing the odds you’ll find a willing loan provider.
- They charge nothing for the work they do.
- You can apply conveniently without traveling to a storefront.
- They work quickly, and you can often collect your money as soon as the next business day.
You may receive your money sooner if you go to a payday loan storefront. But if you can wait one business day to receive your funds, the extra effort hardly seems worthwhile.
As mentioned earlier, the matching services do not lend money. Instead, they find you direct lenders willing to review your loan application. These direct lender networks include banks and other funding sources that work with every type of borrower.
You begin the loan process by completing an online request form. The loan-finding services review your information but do not check your credit.
The online lending services can prequalify you for a loan if you meet a set of requirements:
- You must be a citizen or permanent resident of the United States.
- Only folks 18+ years old can apply.
- You need a verifiable source of regular income to repay the loan. The funds usually come from a job, but unemployment benefits and other reliable sources are acceptable.
- You need a valid email address and telephone number.
- You must have an active checking account in your name to collect the loan proceeds and repay the money electronically.
- You will have to provide a Social Security number or similar official identifier.
In addition, the lending service may collect information about your current debts and your monthly mortgage or rental payments.
Once you prequalify for a loan, the lending service will transfer you to a direct lender, where you’ll fill out a loan application. The payday lender or other short-term loan company may collect additional information about your job or finances and ask for various types of documentary proof.
Alternatively, you may receive a set of links to multiple lenders that you can contact when convenient.
On the direct lender’s website, you may have to provide additional details to apply for a loan. By submitting the required data, you authorize the payday loan lender to do a hard pull of your credit, which remains on your credit report for two years. But many payday lenders neither check credit nor report your payments to the major credit bureaus.
The online lender may offer you a set loan amount and must disclose the loan’s costs and repayment terms. After carefully reviewing the loan offer, you can accept the offer by e-signing the loan agreement. The online lender will electronically transfer the loan proceeds to your bank account within a business day or two.
Situation When A Payday Loan Cannot Be Repaid
If you don’t have enough money in the account on the due date, the lender will roll your payday loan’s due date to the next time you’ll receive benefits. It will add the owed interest to your loan principal and charge you a new round of fees.
Unfortunately, an unemployed borrower may have trouble repaying a payday loan. The Consumer Financial Protection Board estimates that 4 out of 5 payday loans are renewed within 14 days, and 20% of these loans lead to default.
We advise caution when considering payday loans because you risk falling into a debt spiral that may lead to bankruptcy. If possible, you may want to apply for an installment loan to repay your payday loan and receive better financing terms.
The Bottom Line
- Payday lenders now accept unemployment benefits as collateral, providing financial assistance to those who are currently without a source of income
- Social Security Income, unemployment compensation, child support and alimony, earnings of the spouse, pension or retirement income, and accruing interest can all be sources of income for an unemployed person applying for a loan
- Unemployed people can obtain emergency loans from financial organizations or direct lenders who offer quick cash, even to those without a job
- Bad credit score applicants can still be approved for emergency loans if they have a cosigner, reduce the amount owed, get a home equity credit line, or get a car loan
Payday Loans That Accept Unemployment Benefits Near Me
Your location is determined when you write down the zip code in the form. This is because not all states will allow payday loans, or they have setup strict loan limits.
Just complete the zip code in the form and the lender who receives this information will contact you afterwards.
The Unemployed Can Get Cash Advance Loans Without Having a Bank Account?
Unemployed individuals still have access to payday loans without having a bank account. Many cash advance loan lenders offer online loan applications that allow borrowers to apply for a loan without the need for a traditional bank account. Some payday loan lenders offer alternative methods for receiving funds, such as prepaid debit cards or money transfers to a checking account substitute. However, these options have additional fees and limitations, so it is important to fully understand the terms and conditions before accepting the loan.
Applying for Payday Loans for the Unemployed
Borrowers must meet specific credit score requirements to qualify for a personal loan. Individuals with poorer credit scores are still eligible but must pay higher interest rates or fees, depending on the lender.
Employment status is taken into account as well. Lenders often require applicants to have a source of income, such as a job or government assistance.
The loan terms for payday loans are usually short, typically between two and four weeks.
Pros And Cons Of These Payday Loans That Accept Unemployment Benefits
Pros
- Flexible repayment terms: Payday loan lenders understand that unemployed people are not able to pay back the loan in one lump sum. They allow borrowers to repay the loan in installments, which is helpful when they don’t have enough money to pay back the whole amount at once.
- Quick access to funds: Payday loans are approved quickly, and funds are deposited into the borrower’s account within 24 hours. It makes them ideal for those who need quick access to cash.
- No collateral required: Most payday loan lenders do not require any collateral to secure the loan. Borrowers are free to take out money without putting up any of their possessions as collateral.
Cons
Interest is higher than with installment loans. However, you will only keep the loan a couple of days or a few months only.
Credit score is not guaranteed to improve because lenders do not inform anything to the credit score agencies usually.
Frequently Asked Questions
Sometimes, a loan-finding service can’t match you to a direct lender. If that’s the case, the service may send you information about other credit services, such as credit counseling or debt consolidation.
The lending services make money by receiving fees from direct lenders when loans close, so they are highly motivated to find a way to yes.
Probably not from the bank. Emergency loans for the unemployed remain the most popular solution for those who have no proof of permanent employment. Regardless of whether you’re employed or not you can get a payday loan. If you need money now “unemployed” status shouldn’t be an obstacle for you.
Our direct lenders usually perform no hard credit check with the credit bureaus on the borrowers before giving them cash advance. Unemployed borrowers should not worry about having a bad credit score. The most important for the lenders is the ability of the borrower to return the loan amount plus loan fees.
Only multiple possibilities of getting loans while unemployed can protect the borrower from unfair lending practices. So, despite what the credit report says, everyone needs to be able to get cash advances: whether it is with employment income, alternative employment status or benefits.
I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.
