If you need extra cash but do not have a job, you might be curious about how payday loans work. While payday loans, according to their name, relate to having a job and a payday, this doesn’t mean that they don’t welcome alternative income sources when you don’t have a job.

You can learn how payday loans work, both in a normal scenario and in a scenario where you are unemployed here. We will fully explain the process of payday loans and what you should expect when applying.

How Payday Loans Work

Before we discuss how payday loans work if you don’t have a job, let’s first look at how they work traditionally. This will help you to better understand the effect of unemployment on the payday loan process.

Payday loans are short-term loans that are normally paid back by your next payday, hence the name. As a result, Fast Payday Loans, Inc. lends you the money you need and requires some proof of income before you are approved.

Payday loans are often quick. Fast Payday Loans, Inc. offer Florida payday loans on the same day you are approved or the next business day.

Once you get the loan, you will be able to spend your money how you see fit, but it is recommended that you spend the money wisely and only for emergencies. You will then pay back the loan based on the loan term. Generally, payday loans are due around the time of your next paycheck.

How Payday Loans Work If You Are Unemployed

If you are unemployed, payday loans don’t exactly work as described above. After all, payday loans are dependent on income. Consequently, it will take different documents to get payday loans if you are unemployed.

That being said, Fast Payday Loans, Inc. welcomes other forms of income, even if you are unemployed. For example, we welcome proof of income in the form of disability benefits, alimony, and other similar forms of income. You can simply discuss your situation with one of our loan representatives beforehand to find out if your specific situation and income type are accepted at our branches.

If your income source is accepted, the rest of the process will work the same, only with your unique form of income.

How To Get A Payday Loan In Florida?

If you are still interested in acquiring a payday loan, working with Fast Payday Loans, Inc. of Florida is an option available through one of our many locations. We offer payday loans worth anywhere from $100 to $1,000.

In order to apply, you must be 18 years or older and have a driver’s license, your most recent pay stub (or alternative proof of income), and a blank check from an active checking account in your name.

You can apply for a payday loan from one of our locations even if you have bad credit. We welcome all credit types, including bad credit and no credit. Your credit is not the main factor when deciding whether or not you qualify for one of our payday loans.

Our Payday Loan Process

Our payday loan process is straightforward and easy. It begins with filling out and submitting our payday loan online form. This form is used to connect you to the closest storefront location. After you click submit, a representative will give you a call.

During this phone call, the representative will walk you through the rest of this process and set up an appointment so that you can continue the process.

At the time of the appointment, bring all of your required items and sit down with a representative. The representative will review your documents, and if approved, they will also help you fill out simple paperwork. This in-person process can take as little as 30 minutes. If approved, you will get your money the same day or the next business day.

Get Started Today

We hope this guide has helped you better understand how payday loans work. Just remember that these loans are typically paid back around the time of your next payday, hence explaining the name of this loan type.

However, even if you don’t have a job, it doesn’t have to be difficult to get approved for a payday loan. Other forms of income can be used to apply for a payday loan at Fast Payday Loans, Inc. of Florida. Simply speak with one of our loan representatives to confirm if we accept your proof of income.

To get your payday loan today, get in touch with Fast Payday Loans, Inc. of Florida. You can give us a call at 800-514-2274 or fill out the online form and wait for us to call you and guide you through the entire process!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.