Unemployed Payday Loans

To be successful in making an application for a payday loan when unemployed you will first need to know some insider secrets that payday loan financiers will use in determining a successful application.

Before we start you need to know the difference of an unemployed loan and an employed loan. Obviously if you are employed you have many lenders to choose from when applying for finance. Lenders will make outrageous offers to secure business to an employed person knowing they have the ability and finances to repay a loan.

Now being unemployed, you do not have that luxury.В  You will have some form of unemployment benefit paid to you each week or fortnight, so your finances will be tight for the time your unemployed. Lenders often find approving loans to unemployed people to be too risky as they fear the money will not be repaid.

Enter the payday loan lenders who have devised a way to ensure they will get their money back. A payday lender will look at your financial situation such as your debt, weekly living expenses and the amount of money you have received for that week.

Based upon the amount of money left over after all your outgoings are taken into account you will be left with a figure on what you can afford to repay.

A payday lender will look at the percentages. An example is seventy per cent outgoings on debts and living expenses leaves thirty per cent in credit. Taking the in credit percentage and putting it against their chart, will determine the amount of money they can lend to you.

The requirement of applying for a loan from a payday lender is to ensure you can meet your repayments with the money you have left over, that is, the in credit percentage.

As you can see from the example, the more credit percentage you have the more money you can borrow or the quicker you can make repayments. A good tip is to reduce your debt or outgoings to boost the in credit percentage.

It will be in your interest to repay the money borrowed from a payday lender within the time given to you by the lender to reduce charges such as interest and fees. If you borrow two hundred dollars, make sure it is repaid within the agreed time frame.

By making repayments on time every time you will be building up a good relationship with your lender. The lender will trust you knowing that you will repay to them their money. With a good relationship the lender will in time, offer you more money, less interest rates, reduced fees and a longer repayment schedule.

The best way to source unemployed payday loans is to search online where you can compare fees, interest rates and conditions placed upon lending you the money. By performing a few hours of solid research comparing each lender you will finally come up with two or three lenders that meet your requirements and circumstances.

August 19, 2011 В· Terry В· 8 Comments
Tags: , , , , , , ,  В· Posted in: PayDay Loans

8 Responses

  1. Daniel murti - August 9, 2010

    Hi i need this loan because i need to pay my fines also school items i just need $3000 dollars every week ill be paying $50 dollars. I get payed by Centerlink thanks.

  2. michelle - August 24, 2010

    hi, i really need this loan of $2500 so i can continue to study.

  3. Shauna Roy - October 3, 2010

    Please all i ask for is $600 for car repairs i need to have it working again asap! Thanks

  4. Terry - October 3, 2010

    Hi Shauna,

    Have you approached loan lenders in your area to see if they will provide you the funds?

  5. Illara Clyde - October 17, 2010

    Hi, I really need a loan to help pay for my study. I need
    $3000 Thank you Illara

  6. hannalee - August 11, 2011

    Hi i need $700 im not working and have to move and need it urgently to pay for my stuff to be moved plz help thanks

  7. carrie h - August 12, 2011

    I need this loan in a big way. I’m on the verge of eviction if I can’t pay off my late fees and past due rent. Can you please help?

  8. Terry - August 12, 2011

    Hello Carrie,

    We sympathise with your position. We at unemploy loans strive to provide helpful information for those needing funds and the correct way to go about them. May we suggest you look in your local area for those willing to help you in a timely manner. Good luck..
    Terry

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