By Cathy Henry | August 06, 2020 How To Get A Loan Without A Job And Bad Credit In Canada?- Payday Mart

Living without a regular source of income is very tough, so it is very important to manage your money carefully and to ensure that all your daily expense will be fulfilled. However, sometimes there are many circumstances when expected expenses become a problem and we need extra cash to cope with it.

It can be harder to get cash loans for unemployed, but not impossible.

If you’re unable to show your income proof, lenders will be less likely to give their loan decision in your favor. Though you don’t have employment, there are many good options available for you, just you must have an alternate source of income (like Government benefits).

The best loan term and interest rates are reserved for people with regular income and a good credit score. Usually, traditional banks rejected the loan application of those individuals who don’t have a steady source of income because there are lots of chances with them of late and miss payments. No worries, you still have chances of getting a loan by applying at payday loans for unemployed on benefits Canada.

Getting a cash loans for unemployed, if you a have bad credit

If you’re a bad credit score or a low credit history, you may have very fewer chances of being approved by the lenders. But with, people with bad credit history can apply for our bad credit loans for unemployed and qualify for a loan.

Can I qualify for unemployed loans with alternative income?

Yes, you can qualify for payday loans, if you have alternative sources of income or other types of income which can convince the lender that you can make payments on the due date. You’re jobless, and the lender would like to check your financial records for the verification of your income source. Other forms of income that can be accepted by our lenders are:

  • Salary payments from an employer
  • Self-employed income
  • Benefits
  • Pensions
  • Other sources of income such as regular payments you may receive from your partner or ex-partner.
  • Child tax benefit

What if I don’t qualify for a loan?

If you are not qualifying for unemployed loans after trying everything, you could be considering the following option below:

  • Car Title Loans: If you have your own car, it can be used as security on your cash loans.
  • Find a Co-Signer: A Co-Signer can help you to qualify for a loan, but this person must be agreed to accept the responsibility of your loan repayments if you can’t able payback loan on the due date.
  • Cash Advance: Lots of credit cards offer cash advances, but there is a high-interest rate associated with it.
  • Debt Consolidation Loans: Debt consolidation can reduce your monthly payments of the loan to reduce the debt pressure while you’re unemployed.
  • Short Term Loans: One of the most famous forms of short term lending is Payday Loans. This loan doesn’t require income proof and no credit checks are done.

Being out of work might create chaos in finances because you need money to take care of your expenses. Having a good money management plan might be reducing the financial strain.