Finding cash advance payday loans for unemployed is like looking for a needle in a haystack. Chances are you’ve been refused a personal loan from a bank or can’t apply for a credit card with acceptable levels of interest rates (Apr). Although it’s hard to get a fair personal loan it’s not impossible, in this article we discuss how you can improve your credit score and apply for cash advances or payday loans even when you’re unemployed and on benefits.

Why Is It Hard To Find Cash Advance Payday Loans For Unemployed? – High Risk Lending

As you’re unemployed and on benefits the banks and lending companies see you as a risk and therefore don’t want to lend you the money just in case you default. Fortunately there are cash advances and payday loans that can help you get out of a tight spot. The interest Apr on cash advances and payday loans is extremely high and sometimes even exceeds 4000%. In my opinion if you don’t need the emergency loan now you should look for ways to improve your credit and then apply for a personal loan on better terms.

I Want To Improve My Chances of a Cash Advance Payday Loan Even If I Am Unemployed

If your unemployed and want to take out a cash advance or payday loan you really need to sit down and think! Do you really need this loan? Is it for something that’s really necessary or is it a luxury that you will lose interest in? If you can wait or not take out the personal loan on high interest then this will be great for you in the long run. In the meantime you can improve your credit history and boost your credit score by budgeting. Ensure you spend less than what you receive in benefits, use all your excess income to pay off debts and save a little every week. If the banks and building societies see you are taking steps to improve your finance your credit score will keep on going up and you can probably apply for a loan at low interest rates without securing the money.

I Want an Emergency Cash Advance Payday Loan and I’m Unemployed – Where Can I Turn Too?

Previously whenever I needed cash for emergency I turned to my savings; then I turned to my family and friends for a loan, if they refused then I would see if I was eligible for any benefits, grants or even crisis loans from the government. The reason why you should do this is so you can avoid interest payments which will take you longer to pay off. If you can’t borrow money this way then there are a few options you can explore to get a cash advance, payday loans are ok but I will discuss some more options that may be more beneficial to you.

Guarantor Loans Cash Advances For Unemployed People – Amigoloans.com

I love guarantor loans as cash advances for unemployed people on benefits as an alternative to payday loans. Not only can you get a good sized personal loan you can even secure a good rate of interest. As long as you are absolutely certain you won’t default a guarantor loan will benefit all concerned. Guarantor loans work by providing a friend or a family member to guarantee the loan payment should you default. If you can’t pay then your friend or family member will have to step in.

Pawn Shop Cash Advances for Unemployed People – Pawn Star

If you’re unemployed and on benefits then it is hard to apply for a loan. If you have any valuables at home such as gold, silver or ever diamonds then you could unlock the equity by pawing these valuables. The cash advance you get will depend on your valuable and typically you will get up to 50% of the value of your asset. As long as you can make the repayments on your cash advance you’ll get your valuables back at the end of the loan term. Be careful, if you miss any payments the items will be taken and sold and you will lose out.

Logbook Loans for Unemployed People on Benefits – Varooma.com

Another great way to get a cash advance for unemployed people is to release equity in their car in the form of a logbook loan. Logbook loans are simple, you provide your car as security for the loan; the car is valued and you get a personal loan and make repayments, once all the repayments are made on the cash advance you get your car back! As long as you can keep up with the payments of the loan you will get your car back, if you can’t it will be seized and sold or even taken apart to make even more money.

Payday Loans for Unemployed People on Benefits – Wonga.com, Quickquid.co.uk

Cash advance payday loans should be used as a last resort if you are unemployed. You will be given a small loan that you have to pay really quickly at extortionate rates of interest – sometimes surpassing 4000% Apr. The reason for this high interest is because loans for unemployed people on benefits are seen as very high risk and therefore commands higher interest. When you take a payday loan out read the small print and know how much you are borrowing and how much you will pay back. If you default your credit history and credit score will take a big hit and borrowing money again might be impossible.

Peer-to-Peer Cash Advances for Unemployed People on Benefits – Lendingclub.com & Prosper.com

Peer to peer lending is one of my favourites when it comes to cash advances for unemployed people who are on benefits. P2P lending connects people who want to invest money with people who want to borrow money. Sites such as lendingclub.com and prosper.com are growing 100% every year because of the flexibility and popularity. Investors can make 10 to 15 % on their money and unemployed people can borrow at relatively low interest rates. Once you sign up you will be given a grade according to your credit history and credit score, the more better your credit score the better your loan terms will be. Peer to peer lending for unemployed people on benefits is a great way to get a loan.

Trying to get a cash advance while you are unemployed is hard, I hope I have showed you some areas that you can explore and research to get the best possible deal rather than going for a payday loan straightaway. Remember always think! Do you really need this loan or will it serve you better by saving money in your bank account.