Payday Loans for Unemployed Borrowers
Being in between jobs is a rough time for any Australian but with the economy in its current state, more people are finding themselves out of work and trying desperately to survive in between unemployment benefit payments. Even when a person is unemployed, there are still medical expenses, family expenses like clothing and school supplies, all while the bills are still coming in. Additionally, as fuel costs continue to rise, traveling back and forth to find new employment can add to the financial hardship.
How a Payday Loan Can Help
When unexpected expenses occur, being unemployed can make it very difficult to make ends meet. Same day cash loans for unemployed Australians can help borrowers get through short term financial difficulties. However, unlike traditional lenders who often decline individuals that are unemployed, a short-term cash advance from a payday lender can help provide a quicker, short-term solution for unemployed Australians who have fallen on hard times and are looking for a short-term loan.
Short-Term Cash Advances for Australian Residents
If you are an unemployed Australian resident, you can apply for a payday loans while unemployed with our advertisers on this page. You can contact a lender about taking a loan from the balance of your unemployment benefits. If you are paid on a biweekly basis, you can pay back the loan two weeks after you receive it. The lender can arrange to deduct the loan payment from your bank account when you get paid.
What You Can Expect in the Application Process
Before you fill out your online payday loan application, make sure that you have the correct income information handy as the will need to know how much money you receive from your unemployment benefits. The first time you borrow money, you may not be able to receive a large amount. Lenders usually start with loans from $100 to $300. This gives you a chance to prove yourself and build trust with the establishment. If the transaction goes smoothly, you can borrow more money next time. Additionally, some lenders offer referral bonuses to people who refer new customers. If you know anyone else who needs to borrow money, you can provide the lender’s name to that person. If he or she takes out a cash advance, the lender may reward you by decreasing your interest rate on the next advance.
If you’re concerned about being harassed about your credit score, you needn’t worry. Many payday lenders are more concerned about your income and other qualifying information than how you have handled other lenders in the past. Bad credit is not always a disqualification in applying for a payday loan while unemployed. If your situation shows that you can repay the advance, you have an excellent chance of being approved. If you are responsible and repay the loan in a timely fashion, you can create a wonderful business relationship. One of the most important factors in your approval is in ensuring that you have a valid Australian bank account in order to qualify. Even if you have a steady income, the lender will not approve your application if you do not have an Australian bank account. The loans are mostly electronic, meaning that all disbursements and withdrawals will go to and from the specified account. As long as you have a valid Australian bank account with no adverse transaction history, you are more likely to get approval. Apply online today to find out if you are eligible.