Not too long ago I was laid off from my job. I have a family to support so our family savings were quickly dwindled. Without any money left, we could not pay the rent or the bills. I was getting unemployment checks but it is not enough to pay for everything. I decided the best thing to do was to get payday loans for unemployed people. At first I did not believe that it was possible to get payday loans when you are unemployed because the definition of a payday loan is the lender would get repaid when you get your next paycheck from work. As I did more research however, I found that it is possible to get a payday loan.
I found that as long as you have some sort of income, then lenders would be willing to lend to you. Since I am getting unemployment checks, I would be eligible to apply for a payday loan. However, since the unemployment benefits are not a lot, I would also not be able to get much money in loans. It should be enough to pay a few bills though.
If you are not getting unemployment benefits, then you may want to put something that you own up as collateral. Some people may use their cars as lenders will generally accept it. If you have smaller items like jewelry or electronics, you can go to a pawn shop where they would give you a percentage of the value of the item that you are using as collateral. If you do not have anything of value to pawn off, you might be able to get someone who has a job and good credit to cosign for you. In the event that the lender cannot collect the money from you should you default, they would try to get it from your cosigner.
For us, it was an absolute necessity to borrow money but if you can help it, it would not be wise to borrow money until you get a job. These payday loans carry a high interest rate so it is best used for real emergencies.
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