If you're unemployed and need cash fast, you may be wondering whether you can get a loan. Luckily, there are many fast cash loans that may be at your disposal. Knowing how a fast cash loan works and what options you have to choose from can help you find the right loan for you in no time, no matter what your current employment status is, as long as you have a source of funds.
How do fast cash loans work?
Fast cash loans are essentially small loans with a short repayment period. Once you apply for the loan, you can receive the amount in cash and pay it back all at once or over time. Fast cash loans often come with instant approval decisions and quick funding. So, you may be able to receive the funds as soon as the same day you apply. Many fast cash lenders also have less strict credit score requirements, so you may be able to qualify with poor or fair credit.
What alternative sources of income can I use to qualify for a fast cash loan?
Unemployed borrowers can use alternative sources of income to qualify for a fast cash loan, such as:
- Social security payments
- Disability payments
- Child support
If you have any form of income besides a salary, these can help you qualify for a fast cash loan. Make sure to consult your lender to see what other income sources apply.
What are some fast cash loan options?
Lenders often offer a few different types of fast cash loans, such as:
Cash advances are small dollar loans that can help you cover expenses when you're short on funds. You can typically receive a few hundred dollars, and repay the loan plus interest in two to four weeks.
Installment loans are short-term loans that give you a lump sum of money all at once. You can then repay this loan over a few months or years, depending on the loan terms. These loans usually allow the borrower to receive a larger amount of money.
A title loan is a short-term, secured loan that requires you to use your car as collateral. With these loans, you can receive funds worth a percentage of your vehicle's appraised value. Repayment periods can last a few months, and you can keep driving your car as you repay the loan.
The bottom line
Even if you're unemployed, there are still ways you can obtain a fast cash loan. By using alternative sources of income and picking the right loan for your situation, you'll be able to obtain the money you need and give yourself more financial flexibility.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
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