Can I Get A Loan While Unemployed?
While the pandemic is slowly letting up, the economy will take some time to recover – and that means plenty of people with no income are struggling to get quick financial assistance when hit by emergencies.
It might even feel like searching for something like “can I get a loan while unemployed” would just be a waste of time. Everyone knows that chances of getting approved for a personal loan at a bank (and other traditional financial institutions) are minuscule if you don’t have an income.
Luckily, the answer to your “can I get a loan while unemployed” question is YES. You can apply for a title loan and get cash for title online, even if you’re unemployed. So, if you’re in urgent need of quick cash, it’s an option you should explore.
How Can I Get A Loan While Unemployed?
Unlike banks, private lenders want to put money in potential borrower’s hands – so their qualifying requirements tend to be quite flexible.
While providing them with proof of income generally simplifies the process by a lot, you can get approved even if you’re not employed due to a few specific circumstances.
First, title loans are a secured type of loan. To get a secure loan, a borrower needs to provide the lender with a guarantor or collateral, ensuring that the lender will be getting their money’s worth back one way or another.
In the case of title loans, your car title will be acting as collateral. You will hand your title over to the lender and they’ll keep it while the loan is being paid off.
Second, banks don’t usually consider unemployed borrowers trustworthy or stable enough to be worth the risk. Private lenders, on the other hand, accept alternative payoff methods – especially when it comes to secure loans, like title loans.
Ways To Pay Off Loan While Unemployed
The big question for an unemployed potential borrower is, of course, how to pay off the loan. The loan representative will do their best to come up with a comfortable payoff schedule for you – but you will need to start paying the loan off soon enough.
There are a few options you could utilize:
1. Unemployment Benefits
If you’ve been unemployed long enough to be getting benefits, you can utilize them for loan payoff. Unlike banks, private lenders consider unemployment benefits stable enough a source to approve you for the loan if other qualifying requirements are satisfied.
2. Worker’s Compensation
Just like unemployment, worker’s compensation is another line of income banks won’t consider “trustworthy” enough to approve the potential borrower for a loan.
Missouri Title Loans, however, will do their best to accommodate your needs – so if worker’s compensation is all you’ve got, it will be taken into consideration, and the loan representative will do their best to get you eligible for the loan.
3. Welfare Benefits
Welfare benefits are a surprisingly popular payoff option when it comes to short-term fast loans – title loans among them.
As with previous options, if you’re unable to work – are sick or disabled – and benefits are all you’ve got, the bank isn’t likely to consider you a trustworthy borrower. Private lenders like Missouri Title Loans are.
This is why short-term fast loans are popular among the disabled – often they’re the only loans available to them.
4. Savings
If you’ve recently lost a job, it’s understandable if you don’t want to deplete the savings all at once – even if it’s to handle a major emergency.
You can, however, get cash for title online – and use the savings over a prolonged period to pay them off, while searching for a job.
TIP: Inform the loan representative you’ll be working with about your employment situation!
They’re there to help you get the loan and will have a much easier time assisting you and providing alternative solutions if they’re informed about the problem beforehand.
Can I Get A Loan While Unemployed Near Me?
You can easily get cash for title online, without having to visit the Missouri Title Loans store.
Just go to the website, find the online form for title loans, fill it out and submit it. The form will get processed and soon enough you’ll be contacted by a loan representative who’ll provide further information about the procedure and set up an appointment with you. (Now would be a good time to inform them about your unemployment!)
Take the required items – a state-issued photo ID, your car, and the car’s lien-free title in your name – to the appointment. The representative will have to assess everything to determine if you qualify for the loan – and how much cash you should get.
If you’re approved, you’ll complete the easy paperwork right then and there – and get the money.
Getting cash for title online usually takes less than an hour.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.