Do you need a personal loan for people with no job? Or wondering if it is possible to get a loan when you are without a job? While having a monthly salary is often a prerequisite to get approval for most signature payday loans, getting short term installment loans for the unemployed is not a problem anymore. With many lenders easing lending guidelines due to their growing business, some companies with easy credit requirements are expanding their clientele list by offering short term unemployment loans for people with no job but are on benefits given by their state government.
All this is good news to people who are jobless and need to borrow money against unemployment or have bad credit records. Unlike in the past, where one would have to put up collateral in exchange for a personal loan with low income requirements, the introduction of short term unemployed loans with installment plans make it more convenient for people with no income to get a cash loan to tide over their financial predicament.
However, it is best to remember that a cash advance on your unemployment benefits is only a temporary stop-gap measure and you need to consider carefully whether you can afford to repay comfortably the borrowed money in view of the fact that you are not working nor earning any wages.
Try to avoid borrowing money when you are on long term unemployment and unless there is really an emergency use, if anything, at least keep to a minimum debt and say, maybe get a 500 dollar loan for 30 days at the most. Remember to compare a few payday shops with unemployed loans on benefits and check out the various rates before you commit yourself to a personal loan with several installments.