The global outbreak of the Coronavirus has left millions of people without a job and if you found yourself in this situation, you may be thinking about borrowing some money in order to cover your essentials. Yet, as you already know, most lending companies will demand that you have a regular income in order to get approved.

This is why you may now be wondering – can I still receive a payday loan even though I’m unemployed? Simply said, you could, and this is exactly what we’ll discuss in the article below. Let’s take a closer look at everything that you should know about receiving a payday credit without a steady salary:

What do I Need For Qualifying?


There are various things a lender will consider when it comes to asking for a loan, however, you’ll have to suit specific minimum qualifications to apply and get approved. This, in most cases, needs to include that you reside in the same state as the company, you must be 18, and you must possess a Social Security number.

Besides this, the lending company will definitely look at the credit report you have, the score, as well as previous earnings and bills that you had. Now, you should know their requirements could easily vary from one company to the next, meaning that, for instance, one company might only approve people with good credit, while others the ones with bad credit.

You should remember, if you don’t satisfy one or all of the aforementioned criteria and requirements, the application you sent will probably be denied. This is something that could happen, even if you have good credit, hence, ensure that you understand what you’ll need for the application.

What Do The Lenders Accept as Revenue?


The lender will have to check whether or not you’re actually able to repay the amount you borrowed, which is why they’ll look for a wide range of income types and they’ll ask for some verification papers like your tax returns or statements from your bank. If you have been getting unemployment perks, you probably won’t have any earnings such as fees and wages.

But, according to a wide range of experts from different lending companies, although you may be currently unemployed, there are still other revenue types and sources that might allow you to meet the qualifications a particular company has, and it includes things such as:

  1. Pension, trust, or retirement benefits,
  2. SS or disability benefits,
  3. Rental or investment returns,
  4. Self-employment wages,
  5. Alimony or separation maintenance.

Again, the non-employment income sources will depend on the organization you choose to send an application to. This means that some organizations may only include the unemployment benefits if you’re working as an annual employee who frequently receives the benefits, others may always look at unemployment perks as a salary.

So, How Could I Obtain a Loan?


A payday loan may be a good option for you – especially if you found yourself in an emergency situation – mostly because there are various online lenders like SpeedyCash that allow people to quickly and easily apply and secure a loan. Nonetheless, there are still a few things that you have to do in order to prepare your application, including:

  1. Review The Credit Score – if your income is limited, your score might be quite important. There are various online platforms that you could use for obtaining your credit report, which will allow you to examine what your score is, and how you could improve it before applying. If the score is higher, you might get a lower interest rate that’ll save you some cash during the repayment stage.
  2. Learn And Examine The Requirements – you should do some digging online or you could choose to call the lending organizations in order to learn which types of revenue they’re willing to consider. Additionally, you should check and see if they have a minimum yearly salary requirement.
  3. You Could Choose to Get Prequalified – the company you’re thinking about choosing might offer you to be prequalified, and if so you may want to choose it mostly because it won’t damage the credit score you have. Again, there are various online platforms that’ll allow you to view and compare several organizations in one go.
  4. A Joint Paper is a Thing – if you’re unable to apply for the credit by yourself, you may have to ask a family member, buddy, or partner who has earnings to be a cosigner. Now, keep in mind, the person who signs it for you will be liable for repayment, which means that if you miss one payment, it’ll damage your and the cosigner’s credit score.

What Can I do if The Benefits End?


Before we conclude this article, it’s worth mentioning a few things that you could do if your unemployment benefits end or if they get lower over time. By doing some of the things mentioned below, you’ll be able to learn what you can do in order to continue covering all of the expenses you have. The things you might want to do include:

  1. Contacting The Lender – if you started worrying about the next payment, you might want to contact the lender and ask about what you can do. Even though they’re not required to assist you and offer some type of relief, they might be willing to work with you and try to make everything manageable for you.
  2. Ask For Expert Advice – there is a wide range of organization that can assist you with finding a licensed creditor that work with people who have a low salary. The counselor you speak to might be capable of advising you on different financial issues including budgeting and housing.
  3. Find a New Income Source – even if you manage to find a part-time job, having some extra salary will help you with paying for all the essential things you need, including the repayment bill. This is something that could also help you with obtaining other loan types later on.


Depending on the lending organization you opt for, as well as whether or not you meet the specific requirements they have, you might still be able to obtain a payday loan, even if you’re currently unemployed. Keep in mind, you must always check all the criteria for each company and then choose one that is suitable for you.

So, now that you’re aware of all the things you’ll have to do in order to secure a loan, you might not want to lose any more of your time. Instead, you should open up your browser, and start searching for an organization that will suit your needs, requirements, and more importantly, that can provide you with a loan.