Caught in between a payday gap? Though it may be a bit embarrassing, going broke before your next payday is a trial we all face every now and then. Most try to struggle without, but if you don't think you can go another day with an empty bank account, a payday loan is an option to consider. Even the unemployed can take advantage of payday loan benefits right here in the state of Tennessee.
If you're living on a fixed income, whether retired or unemployed, you have the option of getting extra cash to fill the void by taking out a payday loan. There are many providers who offer Tennessee residents short-term borrowing products, including title loans and payday loans. Both are relatively easy to obtain and could be a huge help when your ends just won't meet.
There are only a few items you need to provide to get a payday loan and they are your most recent pay stub, a blank check from an active checking account in your name and your driver's license or a state-issued photo I.D. With these items, a qualified individual could get up to $400 in same-day cash - employed or not.
Payday loans are not secured by proof of employment; however, proof of income is necessary for approval. The reason for this is quite simple. The payday loan provider will need to make sure that you have the necessary resources to pay back your payday loan within the agreed upon timeframe.
You might be tempted to think of a payday loan as a traditional bank loan where you need to provide a proof of employment to even be considered for approval. But payday loans work a little differently.
When seeking out a payday loan, be sure to choose only licensed providers. Any legitimate vendor will ask you to provide proof of your income, but this income doesn't necessarily have to come from an employer.
Monthly income can come from a variety of different sources including unemployment, social security, pensions, etc. You might even be making your money by freelancing and not have a fixed employer to work for. Any of these scenarios are fine and are still considered sources of income. Many payday loan customers don't have jobs, but they use this reliable source of emergency cash to help them navigate gaps in their income.
Most banks don't offer loan options to the unemployed. They consider unemployed persons to be a high-risk when determining their eligibility, but where banks fail to help people in need of extra cash, the payday loan industry succeeds.