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Payday loans are unsecured personal loans or cash advances. In its strictest sense, got its name from the time within which the loans are payable, often times coinciding with paydays on the fifteenth or every month. This presupposes that the borrower is in fact gainfully employed as of the moment. This is also the reason why payday loans forego the usual security or collateral arrangement required by other establishments; in that gainful employment minimizes the risk of default.

Unemployed Payday Loans

The words unemployed and payday may seem like an example of an oxymoron but it is not. This is because one can just as easily refer to the same as unemployed personal loans. This is a type of payday loan that does not require the borrower to show proof of gainful employment. As a substitute, a bank account, credit card account, checking account, etc. is required. This way, the lender secures payment via automatic debits or post dated checks.

Unemployed Payday Loan vs. Jurisdiction

Different jurisdictions regulate payday loans differently. Some provide basic guidelines (i.e. full disclosure of costs, interest rates, other charges). Some regulate the same (i.e. usury laws, Truth in Lending Act, Equal Credit Opportunities Act, etc.). And some jurisdictions absolutely bar payday loans, regardless of the terms, conditions, or nomenclature of the same. Of course one way to LEGALLY go around this inconvenience is to apply and take out payday loans via internet lenders who work within the jurisdiction of their main office.

Fast Tracked Unemployed Payday Loan

Payday lenders are considered forward thinkers that put convenience and fast access to cash over and above any other consideration. This is the reason why nowadays payday loans no longer require you to fax documents, email documents, photocopy documents, etc. Everything can be verified on the lender’s end provided you give out personal information (i.e. SSN, TIN, credit card accounts number, current/savings account information. Bear in mind that lenders have very strict confidentiality clauses that prohibit them from using the information other than for verification. The same is never stored longer than necessary and deleted in the most secure manner possible.