Special Report Finds Most Lenders Give Cash With No Paycheck

It seems that a payday loan can be without one important aspect, a payday. That’s right! A payday loan, which are short term loans given to people without any credit check, also gives people loans based on unemployment checks, social security, or just about any check that comes in on a regular basis.

The special report, conducted by the Action News from KEPR in Washington, showed that the national chain lenders would provide a payday loan based on a unemployment check. Typically, people who are collecting unemployment are without a job, thus the reason it’s called unemployment. However, this means that a person doesn’t have to have a job in order to get a payday loan.

This is quite odd since these loans are called payday loans, but a person doesn’t even have to have a payday to get one. In fact, the report showed that just about any income that is steady can be used to get a payday loan.

The special report was conducted in light of new regulations that Washington state is about to enforce. They are trying to limited the number of payday loans that a person can take out over a one year period, as well as the total amount of loans that they can take out at one time. Starting next year, payday loans will be limited to $700 or 30% of a person’s income, and they are going to cap the number of loans to 8 per year.

1 Comment to 'Special Report Finds Most Lenders Give Cash With No Paycheck'

Industrial Pumps
November 25, 2009

Interesting, I didn’t know you could get a payday loan without even having a job! On the other hand, I guess the day you get your unemployment check is a payday too, so it kind of works out.

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