Most loan brokers and lenders often offer loans to loanees who can show proof of employment or present a cosigner to stand in as a sort of guarantee. This unequivocally eliminates the possibility of meeting loan requirements for most unemployed individuals.
Thankfully, there’s a new type of loan growing in popularity called an unemployment loan. This loan is offered to unemployed individuals based on other parameters which will be explicitly discussed in this article.
Getting a loan with a steady income to meet unforeseen needs is difficult enough, now imagine trying to get a loan as an unemployed individual in Canada. The challenges to getting approval for such loans are extremely dire in most parts of the world.
Unemployed loans from WeLoans is a loan package, which is specifically designed to help unemployed individuals in Canada to access credit facilities based solely on unemployment income sources such as ODSP or social assistance.
WeLoans also offers a range of lending options including installment loans, payday loans, bad credit loans, and no credit check loans, providing Canadians with exceptional offers.
Unemployment loans are a new concept in the industry as it requires solid government institutions and top-notch record-keeping capabilities as the loans are expected to be paid back through channels associated with government social funding.
Unemployment loans differ from traditional loans in that the loans are available to prospective loanees who can provide verifiable proof of expected social assistance. This way, the lenders can be certain to get repaid. Traditional loans on the other hand require more stringent conditions such as an acceptable credit score, collateral in some cases, and even a verifiable source of paid employment.
Unemployment loans are an extremely helpful financial aid facility as they help to cover up gaps created by emergency expenses and other similar expenses which are quite prevalent among unemployed individuals. It’s safe to say that these loans offer more of an advance payment-type situation where loanees can get cash from the next month’s income to solve immediate problems.
Applying for an unemployment loan from WeLoans is relatively easy. All that’s required is to fill out an online application with the requested details, ensuring that every detail is correct. After filling out the application, the prospective loanees may now receive offers through the loan broker from the lenders.
To access loan disbursements, the loanee must accept an offer and submit the accepted offer.
The eligibility requirements for unemployment loans from WeLoans are similar to the requirements for other WeLoans loans. You can find more info of the requirements of different payday loans here. Some of these eligibility requirements include:
For unemployment loans, proof of an acceptable form of unemployment funding is required to show the ability to repay the loan. Such funding may include pension payouts, child tax benefits, and employment insurance.
Here are some advantages of WeLoans unemployment loans.
No Credit Checks: One of WeLoans’ more attractive features is its ability to provide loans for potential borrowers who can persuade lenders of their ability to repay the loan solely based on a reliable source of income and not credit scores.
Quick Approval: Prospective loan recipients can get loan disbursements through WeLoans a few hours after applying. To achieve quicker disbursements, loan applicants are recommended to submit their applications earlier in the day.
Numerous Offers: WeLoans boasts a long list of lenders, suggesting that there is frequently greater rivalry among lenders to offer loans. As more loan offers and more favorable terms are possible in this situation, loanees are frequently in a stronger position. However, it is important to note that factors such as credit scores are instrumental in getting more offers with unemployment loans.
Accessibility: WeLoans offers a selection of loans that are intended to meet the needs of the vast majority of prospective borrowers. Borrowers have a variety of lending options to select from, including payday loans, installment loans, and loans with no credit checks, and unemployment loans. This often means that while one loan type may not be available to one person, there may be many other options available, hence, there’s a loan offering for everyone.
Despite having a somewhat higher APR and occasionally higher interest rates, WeLoans is still one of Canada’s top lenders for people with terrible credit. These do not apply to all borrowers because they frequently depend on the borrower’s ability to repay debts at any particular time. This is especially the case with unemployed borrowers.
This merely suggests that borrowers must make sure they have sufficient documentation of a reliable source of income to solicit bids from additional affiliate lenders. Individuals with a reliable source of income who can substantiate it are given preference by WeLoans.
Unemployed individuals who have to deal with emergency financial challenges can access loans through WeLoans with welcome interest rates and conditions.
It’s important to note that loans should be a last resort and must be utilized responsibly.