Accessing Payday Loans for Unemployed

"Accessing Payday Loans for Unemployed"

Jacaranda NZ – your local lender-finder

Is unemployment holding you back from accessing personal finance? Well, it doesn’t have to! NZ payday loans for unemployed are an option when you need some quick cash for a few days but are without a job. Your paycheque is no more a deciding factor and you can get funds fast regardless of your employment status.

How does this work? What makes unemployed people qualify for payday loans? By its terminology, these loans are for people who receive a consistent income. This includes government benefits! Unemployed people can apply NZ payday loans for unemployed on the basis of their unemployment, disability or social security benefits. NZ lenders consider these allowances as a source of regular income and are ready to grant loans when you urgently need money before the next due date of benefits credited into your account. 

Pretty handy right? it gets even better! Jacaranda NZ is a lender finding service committed to saving you the hassle of finding a reputable lender. Simply fill out an application in minutes, and we’ll do our best to match with a lender based on your personal circumstances and preferences. Apply for up to $10,000 today! 

What are payday loans?

A payday loan is an immediate credit line you can obtain to meet any need for funds before your next paycheck arrives. It is a small, short-term loan that constitutes a part of what you receive on your payday. You can repay the loan as soon as you have your paycheck. Thus, payday loans are granted when you submit your income as collateral.

Payday loans have the following key features:

  • Quick cash
  • Short-term credits
  • High-interest loans 
  • Subject to earning of a borrower
  • Approved based on your paystub
  • Easy to apply

Payday loans for unemployed don’t differ much from these loans for those in the job. Whether you are receiving a monthly salary from your job or financial assistance in the form of unemployment, pension, disability or social security benefits. This is known as the payday. Cash advances from lenders to meet any urgency between two paydays are known as payday loans. 

Though granted for a very short term, the repayment condition may or may not be linked to your payday. It varies from lender to lender with a repayment period from 2 to 4 weeks. Apply with Jacaranda NZ’s lender finding service and get the cash you need today! 

These loans don’t take long to assess and you can get cash in your account quickly. However, to apply for payday loans for unemployed, you need to provide details of monthly benefits, allowances or social security you receive. You also need to submit a signed cheque or agreement allowing electronic repayment of the loan amount from your bank account. 

With lenders adopting online and instant-banking facilities, you may apply for payday loans online and get funds in a speedy manner. Search for the most reliable and suitable lenders offering payday loans for unemployed people using Jacaranda NZ’s free service.

What’s the difference between payday loans and personal loans?

Definition

Payday loans are unsecured loans subject to your regular income and the day of receiving such an income. You may not get a loan if you have no salary, social security or unemployment benefits. However, a personal loan can be obtained both as secured and unsecured credit lines. 

Term

Payday loans are very short-term loans and the usual duration extends up to your next payday. It mostly varies from 2 to 4 weeks. On the other hand, personal loans offer longer duration ranging from 1 to 24 months and even longer, and sometimes even longer depending on your lender. Check on different lending terms and conditions for NZ personal loans on Jacaranda Finance.

Size

Be it payday loans for unemployed or those in a job, these credit lines are only available in small loans. You are restricted to get only a part of what you earn on your payday. With personal loans, you have the option to select small, medium or large loans based on your need and repayment capacity. 

Interest rates

Payday loans command a high rate of interest compared to personal loans. Though the exact figures vary depending on lenders, the rate of interest is set at the higher side than what you are required to pay for personal loans. The unsecured nature of payday loans for unemployed may increase the costs further.

Repayment

When you have a payday loan, you need to repay it fully as soon as you receive your pay or benefits. There are no instalments and you have to repay the amount in a lump sum, the way you received the loan amount. The repayment duration is also shorter – between a week and a month.

On the other hand, a personal loan is more flexible with its repayment terms. You have the option to pay it through equated weekly, fortnightly or monthly instalments. The repayment duration is longer, extending up to 24 months.

Amount

Jacaranda Finance NZ connects you to lenders offering small, medium or large personal loans ranging from $300 to $10,000. However, payday loans are very small and restricted to a part of your income/benefits. You may not get beyond a few hundred bucks. 

Collateral

Payday loans are unsecured credit lines and you don’t need collateral in most cases. Your income becomes security assurance. Personal loans are both secured and unsecured. For a small amount, you don’t need any collateral. But for amounts exceeding $2,000, you may be required to have a vehicle or some asset in your name. Get in touch with multiple lenders through Jacaranda Finance NZ without necessitating a credit check.

Utilization

There are no restrictions on how you use both types of loans.

Income 

It is the main factor in a payday loan. Lenders accept any form of income be it job salary or disability benefits only when you get it regularly. This allows payday loans for unemployed living on social security or financial assistance, such as unemployment benefits. For a personal loan, income is one of several things taken up for consideration along with credit score, expense pattern, assets, etc. 

Credit Report

Since based entirely on your income, payday loans have not much to do with your credit score. However, lenders may perform credit checks when considering requests for personal loans. 

Risks

Payday loans from unscrupulous lenders carry greater risk with hidden fees and high-interest rates. They may try to exploit, as you need urgent funds. Personal loans are relatively safer for the most part. They also tend to be less expensive and are just as quick. Apply through Jacaranda Finance NZ’s lender finding service and we’ll do our best to match you with a lender willing to give you the cash you need quickly! 

Can I borrow money if I am unemployed?

You can be approved for a loan by some lenders even if you don’t have a job. All that you need is to show your ability to repay the loan within the selected timeline.

One without a job has the option of both payday and personal loans. Payday loans for unemployed require you to submit the proof of having a regular income. It may include disability benefits, unemployment allowance or social security payments. Lenders consider these as regular income when you don’t have a job or salary slip and approve your loan request based on these.

Similarly, Jacaranda NZ can find lenders willing to provide loans to people receiving government benefits. Simply, scroll up to the top of this page and apply now! 

Where can I find payday loans for unemployed applicants?

You may apply online to have payday loans for unemployed. Lender finding services, such as Jacaranda NZ, can help applicants connect with a lender willing to consider your application for a personal loan. There is no need to run here and there, as everything is online and you are likely to get quick results. This will save you time and effort from having to search for lenders online or even going to a bank to apply! 

Are payday loans a safe option for me?

Whether a loan is a safe option for you depends on a number of factors, such as loan type, lender, individual needs, your specific conditions and considerations. It holds to the same regardless of the fact if you are applying for a payday or personal loan. The urgency associated with payday loans may make you vulnerable to higher interest rates.

If you are looking for payday loans for unemployment, always pay attention to the following issues.

  • Ensure the lender is registered and licensed.
  • Get a lender who follows New Zealand’s code of responsible lending.
  • The minimum need for credit score hard check.
  • A comparative analysis of different lenders.

Want to learn more about payday loans? Head over to MoneySmart!

How can Jacaranda Finance NZ help?

Jacaranda Finance NZ offers to help you connect with reliable and trusted lenders based on your circumstances and preferences. Our services are 100% online and the best part? It’s completely free! This fast-tracks the loan request and ensures you get funds in the quickest possible time.

Jacaranda Finance NZ also offers you better options in the form of personal loans if you feel the payday loans for unemployed are too pricey. It allows for a better rate of interest and longer repayment duration. You can apply for personal loans up to $10,000 depending on your needs and the ability to pay it back.

Who is eligible to apply?

You may apply for payday loans for unemployed, you should 

  • Be above 18 years of age
  • Have an active contact number and an email
  • Have a bank account and internet banking
  • Be a New Zealand citizen or permanent resident
  • Receiving a regular income payment for more than 90 days is prefered but not mandatory

What documents will I need?

As part of your application for payday loans for unemployed, you need to submit the following.

  • Documents required to show your personal details, such as DoB, age and address.
  • Bank account and internet banking details.
  • Government benefits details (if you receive benefits)
  • Income details

For those working or receiving a salary, they need to provide employment and employer details.

Why choose us?

  • Jacaranda Finance NZ helps you connect with reliable lenders that practice responsible lending. This protects you from exploitation in the hour of need.
  • You get access to the widest range of lenders without having to bear the brunt of multiple credit checks, which can lower your credit rating.
  • It finds out the most suitable lender willing to provide you a loan regardless of your credit score, income and employment status. You have a higher chance to get a fast and positive outcome.
  • The application process is 100% online
  • An outcome is possible within 60 minutes (If you apply during business hours).
  • You can find lenders for all types of loan needs based on your specific economic situation. It includes many offering loans with bad credit. 
  • Transparency and excellent customer service.

Apply with us today!

Looking for a safe payday loan for unemployed on the best possible terms? Apply through Jacaranda Finance NZ. As a lender finding services, we can match with a suitable lender willing to provide you with a personal loan up to $10,000. With wider access, you have a good chance of finding a lender willing to offer you a loan. Our lenders offer quick cash loans with an outcome time of 60-minutes (if you apply during regular business hours).