Banks That Offer Low Cost Loans For Unemployed, Not Payday Loans
Jobless today, how to find the easiest way to get money? Can I get unemployed personal loans with no collateral from the bank or use my car to get cash? If you are unable to get financial support from your family and friends and you have to get emergency cash quickly, inevitable you will need to get the fastest approval from private installment loans for bad credit. Although immediate decision loans for self-employed people are a quick way to get cash in the bank account overnight, they are not your average HSBC online personal loans with low interest rate and can be very expensive with APR quotes from lending websites as high as 400%. In light of your jobless status, these high risk personal line of credit are definitely not suitable and therefore, it is better for you to find a list of banks that offer loans for unemployed, not private payday loans from direct cash lending firms.
Longer Term Payday Loans For Unemployed
But you may wonder whether can you get a affordable loan without a job or who gives unemployment payday cash advance for low income earners.
Under the FDIC’s Model Safe program, (Federal Deposit Insurance Corporation) there are 9 federally-insured banks that provide loans for the unemployed and other low cost pay back lenders willing to help undeserved communities with limited access to mainstream facilities.
The kind of financial products and services offered will include a host of free check-cashing services such as bank accounts opening with no overdraft or NFL (Non-sufficient funds) fees, money orders with no charges, and more pertinently, consumer loans for people with no bank account or are generally underbanked.
According to statistics, around 25% of U.S. households equivalent to 60 million people are unbanked or underbanked. People who are underbanked typically have checking or savings accounts, but do not utilize much of the financial services from their banks. Instead, they rely on alternative financial providers such as payday shops or private cash lending lenders for their credit needs. The reason for this could be the stringent requirements in lending criteria as this group of people are likely to have poor FICO scores, which reflect a bad credit standings that most banks frown upon when reviewing borrowers for unsecured personal loans.
Personal Loans For People With No Bank Account
Whereas people who are unbanked do not have any relationships with a bank and to serve this particular group of people who need personal loans for people with no bank account, the FDIC’s Model Safe initiative will get these nine banks to provide basic banking facilities and give affordable money loans under $2500 with low interest to borrowers who need fast cash today. Under the new program, these banks agree to charge no more than 36% interest annually on bank loans for unemployed people and you are able to borrow money with easy repayment terms.
If you often rely on private low income loans with a 30 day term and are frustrated by the inability to get one hour approval payday loans that you can pay back in monthly installments, the FDIC Small Dollar Loan program will offer borrowers the chance to get a guaranteed legit cash advance that you can pay back in at least 90 days’ time. This means that if you need to borrow $1000 today for 60 days or more, you do not have to pay high roll-over finance charges for a 3 month payday loan lender and there is no monthly installment payment to pay until the end of the 90-day loan deadline.
FDIC Long Term Installment Loans, No Payday Loans
Therefore, if you need to search banks that give long term personal loans for unemployed people, not payday loans, the FDIC Small Dollar Program is the ideal solution. The 9 banks involved in the FDIC Model Safe Accounts Pilot program are Bath Savings Institution, Citibank, First State Bank, ING DIRECT, Liberty Bank and Trust Co, Pinnacle Bank and Webster Five Cents Savings Bank.
You can visit their websites for banks that do personal loans for people who are unemployed to find out the participating branches or you can visit FDIC.gov directly for more information.