In the past decade, more and more Americans have faced extreme hardship and are unable to cover expenses on their own. The situation became even worse during the coronavirus pandemic, when people lost their jobs and could not pay debts, mortgages, loans and so on. That is why there was a need to create a loan product that would help solve their problems, and Payday Loan is exactly what they need. If you are experiencing the same difficulties, then you can apply for and receive a Payday Loan directly into your bank account. However, what if you don’t currently have a traditional source of income?
Payday lenders understand that the situation can be tricky, which is why they work with borrowers even without a traditional income. Keep reading to find out what a Payday Loan is, how to get one without income, what eligibility criteria you need to meet, and more.
Payday Loan with No Income Verification: What You Should Know
First of all, it is important to note that a Payday Loan is a simple short-term type of financing that is aimed at helping borrowers in a difficult life situation. The peculiarity of this loan is that you must pay off the debt within 14 to 21 days, that is, on the day of your next paycheck. If you cannot do this, you will face additional fees and charges, so it is important to make sure you have enough money in advance to pay off your debt on time. Also, this loan is secured, so you do not have to risk your property in order to receive financing.
A huge number of people choose Payday Loans because they are easy enough to get. You don’t have to meet a huge number of eligibility criteria, have good credit, or wait weeks. Payday Loan is simple, fast and affordable. If you find yourself in a difficult life situation, apply and get a Payday Loan within one day.
Can You Get a Payday Loan Without Proof of Income?
Most likely you think that if you do not have a source of income, then you cannot get a loan, and this is partly true. Banks and credit unions don’t really work with borrowers who can’t prove their income, but you still have a chance with payday lenders.
If you want to get financing from an online lender, then you don’t need to have a traditional job, all you need to do is provide the lender with a guarantee that you can pay off the debt, and receive some kind of regular monthly payments, for example:
- Unemployment benefit
- Disability payments
- Alimony
- Inheritance
- Under the table income
Thus, the lender will receive a kind of guarantee that you really have the finances to cope with the debt.
No Income Verification Payday Loan Eligibility Criteria
A No Income Verification Payday Loans is a loan that is fairly easy to get. You need to meet minimum eligibility criteria. Although they may vary depending on the state and the selected lender, the main ones remain the same. You can explore them below:
- Age at least 18 years or older
- US citizenship
- Any source of income
- Active bank account for deposit
- Government issued ID
- Social Security number
- Contact details such as phone and email
Thus, if you meet all of the above requirements, the chance that you can receive funding is quite high.
Bad Credit Payday Loan with No Income Verification
Many borrowers know that they cannot get a Payday Loan from a bank or credit union. First of all, banks do not work with borrowers with bad credit, and secondly, they do not offer small loans. However, you can still get money through online payday lenders.
They understand that any borrower can find themselves in a difficult life situation and need financing. So even if you’ve missed loan payments, you can still apply and receive a No Income Verification Payday Loan within one business day.
No Income Verification Payday Loan Pros And Cons
Before applying for any type of funding, it is important to study its advantages and disadvantages. Below you can compare them to decide if the No Income Verification Payday Loan is right for you.
Advantages:
Simple and convenient online application
Fast funding
Money directly to a bank account
Ability to spend money as you wish
No income verification
Bad credit is not a problem
Disadvantages:
Short terms of debt repayment
Loan only up to $1000
Possibility to face additional commissions and payments
How Can I Get a No Income Verification Payday Loan
- 1. Fill the form. In order to get a No Income Verification Payday Loan, you need to visit the website of the selected lender and fill out a simple and convenient online application, which will take you no more than 10 minutes.
- 2. Wait for approval. After the lender examines your details, he will contact you to discuss the terms of the loan.
- 3. Get funding. After you sign the contract, you will be able to receive funding directly to your bank account. However, remember that you will need to pay off the debt on the day of your next paycheck.
How Much Can I Get With No Income Verification Payday Loan?
Most often, Payday Loans are short term and small, so you can get anywhere from $100 to $1,000. This is often enough to meet your emergency needs, but if you need a larger amount, you can apply for a Title Loan, Personal Loan or Pawnshop Loan.