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The Unemployed Person's Alternatives To A Payday Loan

Written By renie kolo on Wednesday, January 30, 2013 | 7:28 PM


With the state of the economy today, unemployment has affected almost everyone. Even those of us who have been fortunate to find some means of income, even by taking out a low-cost payday loan, most likely have a close friend or family member who is still making the daily job check at Monster.com. The rate of unemployment has steadily fallen and is currently at the lowest it has been in three and a half years, at 8.1%. While these numbers inspire some hope, there are still many job hunters out there whose countless job applications have proved unfruitful.

Those who find themselves in this situation may wish to take advantage of a payday loan in order to cover the expenses of day to day life. Unfortunately, such patrons will be met with even more bad news at the payday loan office, since one must have a job and upcoming paycheck in order to withdraw a payday loan. Of course, there are other options out there, and it can pay off to do a little research to find out what they are.

One of the first things you should do when you find yourself unemployed is to file paperwork with the Unemployment Insurance department. You will want to do this immediately, as your payments will begin when you file a claim and no sooner. Most of the paper work can be filed online, although you will be required to have a short interview over the phone discussing the exact circumstances of your dismissal and reason for seeking unemployment benefits.

Once your eligibility for unemployment has been established, you will have a guarantee of benefits for either a year or until you are reemployed, whichever comes first. Although this is only a percentage of what you were making at your job, it is at least some help in trying times when even a payday loan is no longer an option.

For anyone hesitant to turn to these services for fear of taking advantage of the system, remember that this is your money which you have paid to the government for this purpose specifically. No tax payer other than yourself is responsible for the money you receive from unemployment benefits.

A second option that many people will have to consider in times of unemployment is to lower your expectations. The market is currently inundated with job seekers looking to get back on their feet after the mass layoffs that came at the beginning of the recession. What this means, sadly, is that employers are able to be much pickier in who they hire. Your ten years of experience may very likely be out-shined by another applicant's eleven years of experience.

As higher level positions are more sought after, the competition will likewise be greater. You may want to consider putting in applications for lower level jobs that you are more likely to get. You can continue to search for a job that is more in line with your experience and skill level while working, and the financial stress will be alleviated somewhat.

While neither of these options is ideal, they can help ease the stress that comes along with unemployment. Periods of joblessness are tough, and you may have to swallow your pride just a little bit in order to get through them. However, doing so may just be the thing that gets you back into the career path that you desire. In the meantime, if a payday loan is necessary to getting by until your next paycheck, do your research and find the best loan offered.

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