If youre looking for a quick cash loan for people on unemployment benefits then you may have more choice than you think. If you need a quick emergency loan same day with little or no fees then there are a few places you can explore. Unfortunately quick cash or cash advances have a really high rates of interest and you might end up paying twice as much as you borrowed. This article has some options that you can explore when it comes to quick cash loans for people on unemployment benefits, there are some good videos that you can view to get a better understanding.
Do I Really Need a Quick Cash Loans for People While On Unemployment Benefits? Can I Get A Cash Advance Without A Credit Check?
Quick cash loans for people on unemployment benefits have high rates of interest Apr; this is because unemployed people who want an instant loan are seen as high risk by banks and building societies. Before you take an instant loan cash advance ask yourself do I really need this and whether it is a real emergency. If it can wait then why not use this time to improve your credit score by effectively budgeting? Spend less than you earn, save at least 30% every month and divert any excess income to pay off any debt that has been consolidated. By taking these measures the banks will see that you are taking steps to improve your finance and your credit score and credit history will improve.
What If the Interest is High on Cash Loan For People on Unemployment Benefits! What Shall I Do?
Reading the contract properly when taking out a cash loan is important especially for people on unemployment benefits. Know exactly how much you are borrowing and how much you will have to payback. Think about the repayment level and the Apr on the cash loan and consider whether you can really make this payment comfortably and whether youre happy doing this for the next however many years. If after careful consideration you decide you do want to take it then at least youve considered the risk on the quick cash loan.
What Options Do I Have For Quick cash loans for people on Unemployment benefits Credit Unions
Credit unions are a great if you want a quick cash loan for people who are on unemployment benefits. Credit unions are run by members for members so you can rest assured that you will be treated fairly. As long as your need is genuine you can get a small loan even if youre on unemployment benefits. I have included some sites that you can check do explore this further.
Websites: Creditunions.co.uk; Americafirst.com; Americascu.org
Other Alternatives To Quick Cash Loans For People on Unemployment Benefits What is Peer-to-Peer Lending? P2P Lending/Investing
Peer-to-peer lending also known as P2P lending is a great way to borrow! It connects investors who want a good return with borrowers who want to borrow money at relatively low levels on interest Apr. When you join a peer to peer lending site they give you a credit rating or grade and use this to set a fair interest rate on the loan, the better your credit score the more competitively you can borrow. If you dont need the quick cash loan while your unemployed then you could take time to improve your credit score and then apply for P2P lending at more competitive rates.
Websites: Prosper.com Lendingclub.com
Why You Should Think Twice Before Taking Out Payday Loan, Logbook Loan or Pawn Loans As Quick Cash Advances While On Unemployment Benefits
If youre on unemployment benefits and want to take a quick loan then payday loans, logbook loans and even pawn shop borrowings might seem a good option. Actually these companies thrive on peoples misfortunes and cash in by charging rates of interest that are close to 4000%, if you cant repay the money you will lose your asset or valuable and your credit history will take a very severe battering.
If you have no other option left and you need the money desperately then I would recommend these companies. As always remember to read the small print on these instant cash loan advances and question yourself on whether you are comfortable making the repayments over a set period of time. Is it affordable and whats the likelihood your income or benefits will be stopped. Sleep on loan agreement and then sign on the dotted line when it comes to quick cash loans for unemployed people on benefits.
Quick cash loans while on unemployment benefits should be used as a last resort because of the high level of interest. If your need is genuine then I would suggest you make enquires in the following order:
1. Savings & investments
2. Ask friends & families for an interest free loan
3. Look for government crisis loans
4. Credit union
5. Peer-to-peer lending
6. Payday loans
7. Logbook Advances
8. Pawn shop Advances