Loans for Unemployed
The state of being unemployed is difficult, especially during the current scenario. Due to large scale pandemic situation, millions are already facing the wrath of downgraded economy and thus, lost their job in between. Despite that necessary living expenditures have to meet at all cost and that require fixed monthly income. In such a scenario, loans for unemployed can be your valuable monetary aid to let go off the difficult times.
If you are living in Canada, then you have advantage of receiving Employment Insurance as per the government program. Under this, people having no such employment will get temporary financial aid from the government of Canada in order to meet necessary expenditures.
But what if you find unnecessary expenditure suddenly crop up when EI benefits are going to over soon? In this particular situation, better to apply for same loans for unemployed individuals duly offered to let you grab instant cash.
These are like emergency loans for unemployed people in Canada to sustain their daily life in a hassle-free manner and continue to look for a substantial employment opportunity. This allows you arrange quick cash despite having no income status and benefit of repaying in easy instalments with lower rate of interest.
How Loans for Unemployed People with No Income Works?
There isn't any much difference between other loan offers and loans for unemployed individuals. The only factor to take into consideration is the employment insurance of individuals granted by the government of Canada.
If you are availing the same during the course of unemployment, then you will be deemed eligible for this loan offer.
People having no current source of income can apply for Loans for Unemployed without any hassle and arrange cash one time and pay in easy instalments.
At the time of applying for such loan offers online, first your unemployed status will be taken into consideration. After that lending company will look for the Employment Insurance you are receiving from Canadian government. Based on these two factors loan is offered and approved in no time.
Under this loan offer, you can avail loan amount anywhere between $100 to $1500 as per your repaying ability. Also, interest rate charged on this loan is always on the lower side and cash is directly transferred in your bank account.
Payday Loans for Unemployed on Benefits in Canada
There are certain benefits associated with unemployed payday loans that you need to look after before actually applying online.
- Online application: First and foremost benefit is the easy availability of loan offer online. Here, you will not be asked to leave the very comfort of your home and make several rounds of banks. All you have to do is fill up an online loan application by sparing few minutes and click the submit button. Once approved, you will get cash transferred in the bank account directly.
- Quick monetary aid: Unlike traditional loan offers, unemployed payday loans strive for instant cash availability on the very same day of approval. Such is the benefit of this monetary aid that allows you send online application send in few minutes, lenders approve the same, and transfer the money on the very same day.
- Apply with having bad credit: Applying for loan having an unfavourable credit rating has no such hassle here. In fact, these are loans for unemployed with bad credit no guarantor required for the approval. You need not to first improve the personal credit score and then apply. Make way for the application in any circumstances and receive quick approval.
- No lengthy documentation process: Do not get involved in time-consuming process of documentation. Online application with few personal details are more than enough to receive instant approval in no time. There is no such requirement of pilling up a series of papers, applications, and important documents.
- Guaranteed approval: There is no doubt in the fact that unemployed loans payday features guaranteed approval after meeting necessary prerequisites. If you are receiving employment insurance, having at least 18 years of age, permanent citizenship of Canada, and a valid address, contact, & email address proof, then you will definitely get approval in less time.
- Unsecured loans with no collateral required: Not to forget the fact that unemployed payday loans are unsecured in nature. This means to say that you will not be asked to provide any collateral against the loan amount. No property, vehicle or jewellery will be demanded as security against the loan offer. So, take a sigh of relief while applying for this loan offer without having any substantial asset to declare.
- Liberty to spend money anywhere: Last but not the least is the complete freedom to utilize loan amount anywhere you want. You are not restricted to use cash for personal expenditures only. You can spend the same for paying for car maintenance charges, financing a short trip, paying for monthly bills, pending credit card bill, Emi or anything like that.
What is the Difference Between Payday Loan & Loans for Unemployed?
In order to apply for unemployed payday loans, you first need to understand the real difference between this and normal payday loans.
In loans against the salary, you will get additional funds against the payday you receive every single month. In such particular offers, the loan amount and repayment tenure vary as per your requirement and repaying capacity.
On the other side, loans for unemployed are meant for arranging a small sum of cash anywhere like $100 to $1500. And, these loans offers are meant for people receiving employment insurance benefits directly from the government of Canada.
And, it could be any reason as you are unemployed like the following:
- Having a long gap of unemployment
- Be on maternity leave
- Preparing for upgrading skill in between
- Lost a job due to economic downfall
Or any other reason.
In short, you can apply for unemployed loans while also receiving Employment Insurance advantage from the Canadian government.
Get Loans for Unemployed with Bad Credit & Fast Approval
Now, you must be wondering as to why credit scores of a borrower will not be taken into consideration here. Well, there is a reason behind this.
These loans are already meant for unemployed individuals who might have unsettled expenditures due to no source of income. Therefore, poor credit score does not bother the loan application process. And you will get guaranteed approval no matter.
On the other side, once availed the loan amount, you have an opportunity to improve your credit ratings by paying pending expenditures in a hassle-free manner.
1. Is unemployed payday loans available in Canada?
Yes, loans for unemployed loans are available in Canada helping people with no income source to arrange cash during emergency circumstances. The one crucial thing considered under the loan offer is your employment insurance benefit received from the Canadian government.
2. What are the preconditions of the loan offer?
There are few pre-conditions that borrowers need to meet. It is like having an at least 18 years of age, permanent citizenship of Canada, a valid address proof, contact number, and an email id. Based on these prerequisites you will be considered eligible for this loan offer.
3. What is the maximum loan amount to offer?
Under this loan offer you can avail maximum up to $1500 as loan amount to meet uncertain expenditures in a hassle-free manner.
4. What is the rate of interest charged here?
The interest rate is generally on the lower side. You will not have to worry about paying additional amount as extra under the loan offer.
5. How would I receive the loan amount?
Unemployed loans help you to get instant approved after meeting the necessary preconditions. Once approved, you will get loan amount directly in the bank account with no hassle at all.