Applying for a payday loan when you are unemployed and on benefit is extremely difficult but not impossible. We have helped kiwis in the past who were unemployed and were on benefit with simple but effective guides and tips. Lets look at what we can do to help you get a payday advance while on benefit.
Getting payday loans while on benefit
Beneficiaries have hard time getting payday loans in New Zealand as there is a lot of risk for the lenders. The payday loan companies are very cautious when giving out payday advances to beneficiaries so we have to pay extra attention when applying for it. If you follow simple rules and avoid any red flags you will have a better chance of getting approved. It is not guaranteed but you will have a better chance.
Increasing Your Chances
There are few simple steps that we can take to increase our chances of getting a playday loans where benefits are accepted. Lets check out some of the things that has increased the approval rates in the past.
Best payday loan companies : First and foremost is finding a reputable payday lender that is close to you.
Apply in person : This is what will set you apart as applying in person has a better chance compared to applying online.
Document in order : Make sure to have all your documentations in order before applying as incomplete applications not get very far.
Letter from your support worker : Persuade your support worker to give you a support document to back your loan application. A well written letter will give you a better chance of getting your payday loan applications approved even if you have bad credit.
Guarantor : Have someone from your family who has good credit rating to be your guarantor for the loan application. This will significantly increase your chances of getting a payday loans even if you are unemployed and on benefits
What you need to know
There are few things you will need to know when getting a payday advance in New Zealand. Some of the things are not nice but you will have to overcome it in order to get any chance of approval for payday loans for people on benefits. Lets look at some of the most import things :
- Interest rates : Interest rates for payday advances are extremely high, it ranges from 18% and can go upto 49% per year and sometimes much more.
- Loan Fees : Be prepared to pay hefty fees when it comes to payday advances. Fees can range from $120 to $500 depending on loan size and terms.
- Rejections : Be prepaid for rejections as payday loans for unemployed and on benefits has high risk of default so lenders will be very cautious to who they lend to.
- Privacy : Applications can get very personal with all the questions about your finance and your personal circumstances. This could be daunting in normal times let alone stressful ones.
- Stress : Any loan applications will be stressful so make sure to have someone with you to help you with the whole process.
Payday Loan Companies in New Zealand
There are a growing number of payday loan providers in New Zealand, and this number looks like it is only going to increase. This should come as no surprise, as payday loans are an attractive option for those who need quick access to cash. Lets look at some of the best payday loan companies in New Zealand
Need cash today
Need Help with Payday Loans ?
Let us help you get payday loans in New Zealand. Be our next success story !