Instant Cash Advance

Unemployed and in need of an instant cash advance? How to compare lenders and terms

Cash advances are short-term loans issued by banks or alternative money lenders. Credit card issuers also provide the service to their cardholders to enable them to withdraw a certain amount of money. Cash advance is very attractive to borrowers considering that it features quick funding and a fast approval process. The service is normally issued by special lenders with the loan ranging from $50-$1,000. Rather than considering the credit score of the borrower, the lenders use the loan requestor’s paycheck and state regulations to determine the amount of cash to lend. Once the loan is approved, the money is issued to the borrower in cash. If the transaction is done online, an electronic deposit is made to the savings account of the borrower.

Instant cash advance loans are short-term, which need to be paid back immediately the borrower receives their next income or salary. If the borrower wants to extend the loan payment duration, additional interest will be charged. The instant cash loan request form approval process is also quick. For you to be eligible for the loan, you need to write a postdated check for the cash you intend to borrow. The lender will issue the borrower with the amount immediately, but will only cash the check on the borrower’s next payday. A personal identification card and proof of income are among the requirements for a person to be eligible for the loan.

Bad Credit Payday Loans

Can you get the loan if you are unemployed?

Borrowers who are not on permanent employment are also eligible for a payday advance. However, you still need to have some form of consistent income or have an income-earning asset as proof that you can repay the loan. The can be in the form of self-employment, welfare payments, or regular investment deposits in your account.

Important considerations before borrowing

    • Are you able to repay the loan?
      This is the main consideration that lenders look for before issuing single payday advance. If you borrow a small amount of cash and receive consistent income, then you will be eligible for the loan. If you need a large loan amount, some lenders will require you to have a guarantor before applying for the loan.

 

    • Other requirements should be met
      Before requesting for the loan, you also need to check the lender’s eligibility requirements. Their flexible criteria may not necessarily mean that they are flexible in everything else.

 

    • Do you receive welfare payments?
      This is what makes your loan request form approval process quick and easy when you are unemployed. If welfare payments are part of your income, it will be considered when evaluating your repayment ability.

 

    • Quick repayment plans
      Just like any other loans, instant cash loans have to be repaid, together with interest on the borrower’s next payday. This is the reason why the short-term loan is mainly issued to people on employment. However, an alternative source of income is enough proof for unemployed loan requestors. Advances are not recommended for people who are not in employment and do not receive systematic earnings.

 

Short-term loan requirements

instant cash advanceThe loan requirements normally differ from one lender to another and the amount you want to borrow. However, the following criteria may apply:

    • Earn a specific income
      This is one of the terms and conditions to qualify a borrower for the loan.

 

    • Your credit rating
      Payday advance is typically issued to borrowers who have a good credit rating. Your credit report may indicate a few late payments, which is fair enough, but if your credit score is poor, chances are that you will not be eligible for the loan.

 

  • Your assets
    If you own any property licensed by the state, there are high chances that your loan request form will be approved. This is because these assets will be used as collateral when requesting for the loan.

How to increase your chances of approval

If you are unemployed and in need have instant cash advance, requesting for the loan with another person who is on employment will boost your eligibility. Some lenders will require you to request for the loan with a guarantor if you want a large loan amount.

If you not meet all the required criteria, you can also request for the loan with a person who does. The person can then share the responsibility of repaying the loan with you.

Bottom line
Just because you are not employed does not mean that you have reached the end of your financial goals. If you can repay the loan with other forms of income, there are quite a number of lenders who will consider your loan for a credit advance. All you need to do is have a comparison of all the options available to get the loan you need.

instant cash advance