Unemployment is a major restriction that becomes the cause of ineligibility while taking a loan. You have always witnessed that the eligibility criteria of different loans say that the borrower must have a source of income. Without an authentic source of income, all the loan providers hesitate to provide loans.
You would be happy to know that there is also an option for the ones who are unemployed and still need a loan to make up the expenses. You are not required to restrict yourself as we have a solution for you through which you can get a loan even if you are unemployed.
There is an unemployment benefits loan for the ones who are unemployed and still need money on an immediate basis. Let’s learn about a type of loan that is specifically available for unemployed people including its procedure, criteria, and other details.
Why Do Unemployed People Need Money?
When a person is unemployed he or she needs to pay a lot of expenses. Some of the expenses need the immediate transfer of money otherwise the circumstances are worst. Lucia Jensen, CEO of WeLoans explains the situations in which an unemployed person needed money are explained below:
- For Rent: Sometimes a person needs to pay the rent of a place on an immediate basis. If you are unemployed and the house owner is asking for the rent immediately otherwise the house would be gone then it is the worst situation.
- For Medical Expenses: For medical emergencies never ask a person. If an unemployed person is facing a serious medical situation then the best way is to get a loan to cope with it.
- For House Maintenance: Most unemployed people live in a house that needs continuous maintenance. In this situation, if serious maintenance is needed then a person needs to take help from a loan provider.
- For Automobile Repair: Accident happens without invitation hence it is a misery for an unemployed person. An automobile repair needs a large amount of money if the problem is a major one.
WeLoans – Get Help To Find Loan Providers For Unemployed Persons
WeLoans is an amazing platform that works to connect different borrowers with lenders. It is a platform to get connected with a large number of options for lenders and then find the best option for you. The broker services of this platform are completely free so you never need to give a single penny for the help.
You can get a $50-$5000 loan amount through the platform of WeLoans. If you are having a bad credit score even though WeLoans has nothing to do with it. All the broker services are provided to you without any distinction of good or bad credit score if you need money now unemployed situation.
The platform does not restrict its borrowers to a hard credit check rather a soft credit check is done as a safety measure. The soft credit check does not cause any effect on the credit score of the borrower. It contains such features that make it prominent among its competitors. All the guidelines are provided to the borrowers 24/7 without any hindrance.
This platform has a connection with a large number of lenders. All the lenders in its list are reliable so that there are minimum chances of getting indulged in a scam. You just need to follow a simple procedure and WeLoans will directly transfer the money to your account after the approval from the lender.
Procedures To Get A Payday Loan
Payday is a short-term loan that a borrower always seeks from a loan provider to fill up simple expenses. The time duration of such loans is also short so the procedure varies for different providers. WeLoans offer the most simple procedure to the borrowers for their ease. (classicsofttrim.com) The process is written here:
Step 1: Submit An Application Form
You need to fill in your official and financial information in the online application form. The information will be provided to the lender for loan approval.
Step 2: Get Offers From Lenders
The application form will be sent to all the lenders present in the database and they will verify your information. Different lenders give you offers with their terms and conditions.
Step 3: Sign An Agreement
A borrower needs to confirm the desired terms and conditions with the lender that benefits both. When both parties are agreed, it’s time to sign a digital agreement for safety.
Step 4: Get Funded
When the agreement is signed between the borrower and a lender the money would be funded to the borrower’s account. The money would only be provided when the lender approves it.
It is always encouraged for the borrower to have a keen look at the terms and conditions before signing the agreement. The agreement may contain the loan amount, duration, interest rate, and other details.
Eligibility Criteria For Unemployed Persons To Get Loans
When a loan provider hears that the borrower is unemployed then they immediately started making excuses to approve the loan. In this situation, you would understand that guidelines are always needed for getting unemployment benefits loans.
If you want to get an unemployment benefits loan with the specification that you are unemployed then you need to have a specific eligibility criterion. The criteria that you need to follow are described here:
- It is important for a borrower to be above 18 or 18 years old to get a loan.
- You need to provide your official ID card as proof of Identity to the lender.
- It is important for a borrower to confirm that he or she is a resident of the United States of America.
- The official address of the borrower is also needed by some of the lenders as a piece of security information.
- It is important for a borrower to provide an online bank statement to prove unemployment benefits, veteran benefits, pension funds, or any other income source.
If you fulfill the above-mentioned eligibility criteria then you would be allowed to get the unemployment benefits loan. If a person does not meet the criteria then borrowing becomes difficult.
Sum Up
Sometimes unemployment is a major “No” to the borrowers as they have no source of income to repay the loan. You don’t need to worry as we have explained an option through which you can easily get a loan even if you are unemployed. WeLoans is a marvelous broker service that helps you to get in touch with loan providers that do not restrict unemployed borrowers. The details are provided just to give a helping hand.
