The truth of the matter is that when it comes to taking out an easy cash advance loan or any other type of emergency cash advance you generally need to be able to fulfill the following three requirements:
- Be over the age of 18
- Have a valid checking account in good standing
- Have a job where you make over $1000 per month
As you can tell, requirement number three kind of puts those looking for cash loans for unemployed persons out of luck. Unfortunately, this is the case with just about every cash loan network that I have ever contacted or website where I’ve been able to read the fine print (which is not just the FAQ section – it’s the little, tiny print that most lenders don’t want you to be able to read).
So what can you do if you need to take out loans for the unemployed with bad credit (or good credit for that matter)? Here are a few quick and easy steps that you can take if you find yourself in this situation.
- First, try to find any kind of short-term employment. Remember, you don’t have to make that much money to qualify for the loan. Usually you can borrow up to 25% of your gross monthly income.
- Turn your unsecured loans for the unemployed into a secured loan for unemployed people. While most payday lenders and other cash advance networks won’t take into consideration an asset that you pledge, other lenders might. Check with a bank or brokerage firm if you have securities such as stocks and bonds; and check with a title lender if you have equity in your car that you would like to borrow against. Just remember, with secured loans YOU are the one taking more risk – risk of losing that asset you are pledging. As such, make sure you pay off the loan on time so you don’t lose the asset.
- Wait and see if you can get by on what you have saved, or cut out all non-necessities from your budget (you should probably do this anyways if you have lost your job).
- Find a friend or family member who can lend you the money to help you get yourself back on your feet.
Remember, no matter what route you decide to take, be sure to sit down and make sure you are taking out a smart loan. Most times such short-term cash loans are extremely expensive (see our article/guide on immediate cash loans which will give you some great detail), and as such should be avoided if at all possible.