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$1000 Cash Advance Loans For The Unemployed

23
Jun

Getting online cash advance loans for the unemployed when you have bad credit is not easy. When you have money problems in the past, already there are not many online banks who can give personal loans for people with poor FICO, let alone $1000 emergency loans with no full time income. With the slowing U.S economy and high rate of defaults, even getting a bank loan with good credit is harder than before. So, for people who are looking to get an online loan without any income, what chance is there?

Well, other than getting a interest free loan from a friend or family member, there are online lenders with no collateral needed for the unemployed which I’ve covered previously in this article, “How To Get Loans Without A Job” so therefore, we’ll explain a bit about an alternative source for unemployment loans: Online payday loans for people getting unemployment benefits.

There are online payday lenders that have unemployed loans for people who are collecting benefits from the government. These lenders offer fast cash loans for unemployed people just like they do for salaried workers who are interested in their small payday loans of 200 dollars. Here’s how they work.

For example, if I am an unemployed single mother who is receiving alimony for child support or getting unemployment benefits from the government, these weekly or monthly cash assistance can qualify you for a short term $1000 cash advance loan. People who are on social assistance allowance, such as SSI benefits, will also be considered as ultimately, these unemployment loan lenders are not looking at your job status, but rather the type of benefits you are getting, or should I say your alternate income stream.

To qualify for these unemployment loans on benefits, you have to be prepared to provide documents supporting your cause. Other factors may affect your chances at getting approval for these 1000 dollar cash advance loans. If you are reaching the end of your unemployment benefits and you are not able to get an extension, lenders will likely reject you. Some lenders that provide online income verification loans may also insist that your stipends from the government or alimony are being received through direct deposit to your bank account and that you must set up direct deposit facilities giving them the proxy to deduct funds from your account.

Such measures are probably taken to ensure that they have first access to the funds in your bank account when the maturity date on the loans you have taken out with them are due for payment.

When you are unemployed and need a loan desperately, it is easy to get yourself exploited by lenders who give you unemployed cash on the condition that you accept their exorbitant rates. Before going in for online $1000 loans for the unemployed, check out the competition among these Internet lenders and compare their fees. You should also assess your situation if you would be able to avoid getting a personal loan by looking for a part-time job first. When times are bad, try to be prudent with everything and lower your expectations if that can get you a full time job faster.

Getting cash advance loans on unemployment to cope with everyday expenses is never the solution and it is important to remember that these no-income 1000 dollar loans are also highly risky if you fail to pay back on time. If you have credit problems, you can seek professional help from National Foundation for Credit Counseling.