Corona Virus and Payday Loans: Can I Apply if I’m Unemployed?
Corona Virus (COVID-19) and Payday Loans
The novel corona virus has been taking the world by storm, affecting business and employees severely. With record numbers of unemployment applications flooding the US and UK, more people are without a job than ever before, with little to no notice. This has put millions of people in a tough situation with very limited options to support families and households. Entire industries have been shut down or suspended to cater to the important medical recommendations necessary to combat COVID-19, with social distancing being one of the most vital factors to reducing the spread of the virus.
Has The Corona Virus Affected My Ability to Get a Payday Loan?
With so many changes happening throughout the world and financial markets, you might be wondering if this has affected your ability to get a payday loan. Let’s look at some of the major changes with loans markets and citizens from the corona virus.
No In-Person Loans and Stores
One of the biggest differences for those applying is that there are few to no stores still accepting in-person transactions and loans. As the corona virus has affected businesses ability to have a store-front, few stores are open to the public. This means that you won’t be able to show up to your lender and apply in-person and will have to resort to online payday loan applications. The good thing is that applying for a payday loan online is easier than ever and is one of the quickest ways to apply!
With online lenders, applying is easy and can be done from the safety of your own home. No need to see or speak with lenders and touch and sign forms anymore! This makes applying online the safest way to get your payday advance.
Uncertainty About Future Work and Employment
With the corona virus affecting nearly every industry, from restaurants to bars, game stores to golf shops, there may be uncertainty about work in the near-term.
Whether the company you work for has struggled with less customers since the outbreak, or is gearing up for seasonal business, many companies are struggling to plan for the upcoming months. This makes it more difficult to plan and apply for a loan when finances are fluctuating more than usual. As you are applying for a cash advance, you will have to provide recent pay stubs and show a history of employment. While you may still be within the necessary bounds of your last paycheck history, uncertainty about future work can cause problems with finances, loans, and paying bills.
Many US and UK Citizens are Now Unemployed
Whether your employer is closed temporarily, or for the foreseeable future, many are now suddenly unemployed. With unemployment rates in the US reaching record highs, everyone is a little unsure of how the next few months will go. In order to apply for a payday loan, you must have a verifiable income so the lender can be sure that you will pay on-time when the loan is do. Being unemployed means there is no guaranteed income for you in the payment cycle and will result in the inability to receive regular cash advances.
Can I Still Get a Payday Loan If I’m Now Unemployed?
Unfortunately, without a verifiable income you cannot get a payday loan. However, our lenders provide alternative options for unemployed users that are different from payday loans.
Using the same forms as our application, you can see what options are available to you with no employment! Just fill out the form as normal, and we will provide you with other financing options that may even work better for you!
It’s easy to fill out the application and see what options you have for receiving a loan. With our simple form and quick application process, you can be connected to the perfect loan for your situation and apply online from the comfort of your home.