When you decide to apply for a payday loan, you’re employment is likely to be verified. There are lenders who forego the employment verification. This has usually to do with a loan amount. If you want to get a $100 payday loan just to pay your urgent bill, a lender may opt for not checking your employment due to a lower risk of losing a lot of money. Small loan amounts are the best way to secure a loan. In addition, a payday loan is one of the most expensive funding out there, the less you borrow, the better. This will save you money in the long run.
Payday loans on fixed income
In payday lending an income is a must. If there is no income, there is a little chance the loan will be repaid. If you’re on a fixed income, you can receive a loan as long as payday loans are legal in your state or province (USA, Canada). In every loan application, you will be asked for a net monthly income. Your income can not be lower than $1000.
Payday loans on benefits
If you receive SSI or any kind of benefits, you still qualify for a payday loan. Be reasonable and cautious! Payday loans are very expensive loans, which can push you toward a debt spiral. If you need a $300 loan, take out only what you need, don’t go for larger amounts! Every $100 borrowed will cost you at least $15. If you decide to extend that loan over another payday period, the loan may become more than you can handle financially.