Tuesday 15 July 2014

Loans for Unemployed People on Benefits - Pay Day Loans (Part 6 of 20)

This is Part 6 of a 20 Part Mini Series on Loans for unemployed people on benefits. One question which I get asked a lot on the Millionaires Giving Money Blog is Do Loans for unemployed people on benefits really exist. After responding to a handful of these emails I decided to think of and share 20 loan ideas for people on benefits. These loan options are relevant for people on benefits, they are also relevant for people who are unemployed and on benefits as well as disabled people. Before you take out any loan its important to consider the loan amount you are applying for and how much you will have to pay back. You should always try to negotiate a low APR interest rate so you will pay back less in interest payments. I always advise the readers of the Millionaires Giving Money Blog to fill out an income and expenses statement to see if the monthly loan repayments are manageable. So without further ado here is IDEA 6 of 20.

Loans for Unemployed People on Benefits: Take out Pay Day Loan

Some Pay Day loan companies accept unemployed people who are on benefits. Welfare payments are considered to be the pay. Some Pay Day loan companies go so far as stating that these welfare payments are secure forms of income because you will continue to receive it unless you get a job. This situation is a win-win for the pay day lender because they will get paid one way or the other.

Unemployment benefits are also rising, for example in Wyoming where the unemployment rate is 4.5%, the maximum weekly unemployment benefit is $415 per week and the average weekly benefit is $328.34 per week. The Wyoming benefit recipient rate is a staggering 30%. Also the weekly maximum unemployment benefits in Washington DC is $359.00 and the average weekly benefit is $289.88. The unemployment rate is Washington DC is 9.9% and the benefits recipients rate is 24%. With such high unemployment benefits Pay Day Loans are prepared to lend out money as long as the borrowers financial affairs are in order and they live within their means. 

To get started make a list of all the Pay Day loan companies on the internet and in your area. Ask whether they accept people on benefits, most faxless pay day loans accept people on unemployment benefits. Before you sign up to any loan you need to consider the amount borrowed and the amount you will have to pay. Think very hard and determine whether you have the means to make the payments. If you cannot afford the loan and default on any payments hefty charges will be added making it harder to pay off the loan. Once you've considered the loan amount, repayment, interest APR and charges you should be able to make a fully informed decision. 

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