A Payday loan is a fast financial solution for those struggling to stretch their salaries for the month, requiring emergency funds or some extra cash till the next pay date. These quick cash options are easy and convenient providing relief when you need it the most. We look at the flexibility and the ways to seek secure payday loans if you are working casually, on-contract or unemployed.
Representative Example: Amount of credit: £500 for 3 months. Total amount repayable of £823.26. Interest: £323.26. Interest rate: 292% (fixed). Representative 1192% APR (variable).
Payday loans are short term funds lent to an approved borrower by an accredited financial provider. It cannot be sought from conventional lenders such as a bank but specialist providers of payday loans. The repayment terms for the loan are best described by its name. It is a loan that must be repaid on your next payday. When your salary is deposited into your account, this is when the loan will be settled. It does include a higher interest compared to regular loans but must also be paid within a shorter period. There is also a limit on the sum you can borrow determined by your payday loan provider.
Payday loans are available for working individuals with proof of salary, an active banking account and credit history. If you are employed on a contractual basis or unemployed, the question is whether you are still eligible to apply and receive approval for a payday loan? We determine the options for casual loan seekers in search of short-term loans and fast emergency funds.
How to Find a Loan When Working on Contract or Casually
Part-time workers, freelance services, self-employed persons or contractually employed individuals are restricted when seeking loans. A lender wishes to protect against the risk such persons carry owing to a lack of employable stability and a fixed salary. Unfortunately, such hard working persons may seek a loan until their next paycheck. Obtaining borrowed funds from a regular lender is impossible. Payday loans are sought as a flexible solution to address a need for fast cash. Pressing debts and medical emergencies to the purchase of the essentials till your next pay date are addressed with the availability of payday loans.
For the part-time or casual worker, the process of seeking a payday loan may seem arduous. Fortunately, individuals who work flexible hours can apply to select payday loan providers to receive approval for borrowed funds.
To receive payday loan approval, lenders distinguish between the part-time, casual and the unemployed applicant. A part-time or contracted employee will have a specific number of hours required to work each week. Compared to a casual worker, there are no set times and work is entirely flexible. Part-time employees receive some form of employee acknowledgement and benefits whereas casual workers may earn more but do not receive any professional financial contributions.
Loan Approval for Part-Time Workers
Payday loans for contractual workers are available based on meeting specified loan criteria:
- The contract employee must earn a minimum salary as indicated by the loan provider, per annum.
- Submission of proof of income and bank statements.
- Proof of part-time employment for a period of 3 months or more.
- Consult with your payday loan provider to learn of eligibility for payday loans for temporary workers.
- If you work flexible hours, you must provide proof of those hours to the lender.
- Applicants should be at least 18 years and older.
- Explain the reason for requiring the loan.
- Submit proof of income through bank statements.
- Payday Loans for Unemployed or Self-Employed Persons
A trusted payday loan lender offers loans for unemployed or self-employed persons. Payday loans for non-workers will be approved with proof of some form of income and financial assets or savings available to pay for the outstanding funds. Applicants will have to submit bank statements and proof of the ability to repay the loan within the stipulated period. To receive approval for a payday loan, you must provide proof of an alternative source of income and the ability to repay the borrowed funds. Consult with your loan provider’s support services to learn of the specific requirements needed to obtain approval.
Payday Loans for Postal Workers
The payday loans for postal workers are available from an all credit financial provider. A trusted fast cash provider offers a smaller loan sum to postal workers. Proof of income must be submitted including the number of hours worked. You can receive approval in less than 24 hours when seeking cash to borrow for all types of expenses. If you need quick cash, simply complete an available online application form. An efficient review process will determine postal worker eligibility for a payday loan.
Where to Find a Flexible Payday Loan for Unique Employment Needs
Paydayiom makes it easier to obtain loan approval when you need cash fast. The quick cash options available for contractual and unemployed or postal workers make it easier to receive the necessary monetary solutions in a hurry. We deliver comprehensive financial solutions to ensure applicants receive fast cash access when it is needed the most.
Various payday loan options are made available for casual employees or part-time workers. Find a list of our requirements on our website to determine how to receive quick approval for a payday loan. Proof of income, employment period, proof of alternative income and age requirements are commonly requested to obtain successful payday loan approval. It ensures you are provided the funds you need efficiently from a secure and authorized provider.
It is important to remember that a payday loan incurs high interest and severe penalties are issued for late payers. According to the terms of a payday loan, the borrowed funds should be settled with your next paycheck. You cannot borrow large sums of money from a payday loan provider.
Visit Paydayiom and learn of payday loans for temporary workers. We provide flexible loan terms for applicants that meet our minimum requirements. Find cash fast and pay your short-term loan with your next paycheck.