If you are unemployed, dealing with bad credit, and facing an unexpected expense, it can feel like your options are limited.
That is a tough spot to be in.
Many traditional lenders look closely at employment history, credit score, and income before reviewing a loan request. So, if you are between jobs or your credit is not where you want it to be, you may be wondering what else is available.
Missouri Title Loans, Inc. offers title loans and signature installment loans for qualified borrowers. These loan options work differently, and the right one to ask about depends on your situation, your required items, and your ability to repay.
This guide explains how bad credit cash loans may work, how title loans and installment loans are different, and what to know before starting an inquiry.
What Loans Can You Get With Bad Credit Or While Unemployed?
A traditional financial lender like a bank usually have rigid qualifying requirements for potential borrowers who need a loan. This means that being unemployed or having poor credit may stand in your way of getting the loan you need. However, as we said above, we here at Missouri Title Loans, Inc. offer you title loans or installment loans as options.
Title loans are a secured loan that uses your car's lien-free title as collateral for a lump sum of money. Your car title stays with us as a guarantee you will repay the loan, while your car title will act as the collateral. The car itself stays with you and your free to drive it while paying off the loan. Just make sure to make your payments on time.
The second option we offer as emergency loans is a signature installment loan. This loan differs from a title loan because it is known as an unsecured loan - meaning it doesn't require you to use anything as collateral. Instead, we look at your income, credit score, and what you can repay as factors. And with this loan, you will make your payments in smaller installments as opposed to all at once. This makes repaying the loan easier because you can work it into your existing budget.
When it comes to the credit check for these unemployment emergency loans, we will check your credit for installment loans and we might have to check it for certain title loan amounts. However, we do still allow anyone - despite having bad credit - to come in and apply for either loan. We will offer our assistance no matter what your credit may look like.
What Is Required To Be Eligible Our Emergency Loans
So now that you know that it’s possible to get unemployed bad credit cash loans for financial assistance, you need to know how to be eligible for either loan. The good thing is, just like the steps you will have to follow, our required items list for either loan is short. In fact, you might already have these items at arms length. You will need the following:
- For title loans:
- Your driver's license or state-issued photo ID.
- A lien-free car title in your name.
- The car for the inspection.
- For installment loans:
- Your driver's license or state-issued photo ID.
- The most recent pay stub you have for proof of income.
- An active checking account in your name.
How To Pay Off The Unemployment Emergency Loans
So, you’ve decided to apply for the unemployed bad credit cash loans. But how are you supposed to pay off these emergency loans for unemployed? If you are unemployed, you can use any other source of income to repay the loan without worrying. This can include side gig income, disability benefits, Social Security, etc.
With an installment loan on the other hand, you do have to show your most recent pay stub as proof of your income. However, if you cannot produce this because you might be unemployed, you may be able to use other sources of income if you have the correct paperwork to show us proof. So it isn't impossible to get this fast loan even if you don't have a job.
What If You Have Bad Credit?
Bad credit does not automatically mean you cannot start an inquiry.
That said, credit may still be reviewed depending on the loan type and the full situation.
For a title loan, your lien-free vehicle title and vehicle value can play an important role.
For a signature installment loan, your income, checking account information, credit review, and ability to repay may matter more.
The safest way to think about it is this: your credit is not the only part of the review, but approval is not automatic.
Ask Your Loan Representative About Money Options
As we said above, when it comes to needing emergency cash for unemployed, we are the type of lender that doesn't look at your income source for title loans, so you are free to use whatever source you have available. And for installment loans, while we do request proof of income, you don't have to panic if you're unemployed.
We have the following options for you to choose as your source of income for either of our unemployment loans. Just make sure to give us a call beforehand if you are going for installment loans so we can tell you the right form of proof to bring in for any of these income sources.
- Workers’ compensation: If you’re not working because you got injured doing your job and are getting worker's compensation, you can use this money to pay back your title loan or your installment loan with the right paperwork to show as proof.
- Unemployment benefits: If you were let go from your place of employment and are collecting unemployment, that money can help you pay back your loan to us on time to avoid any issues.
- Social Security checks: If you are collecting Social Security currently, the money you get could help you make your title loan repayments or your installment loan as well.
How To Apply For Either Emergency Loan For Bad Credit
Now that you know about our unemployed loans and how you can be eligible for either of them, you can begin the process. The good thing is there aren't many differences when it comes to title loans and installment loans. In fact, the process for either loan begins online. Here is a quick breakdown of the steps you will take to get either loan.
- Go to our website and fill out the loan application for either title loans or installment loans.
- Answer the phone when the loan representative from the nearest Missouri store location calls you. They will go over the rest of the steps, make sure you have the correct required items for the loan you want, and set up a meeting for you.
- Keep in mind that the car inspection can happen anywhere. So you don't have to come into the nearest store if you don't want to.
- You should know that for this installment loan, you will have to finish the steps in the nearest store.
- Once you have the required items for your intended loan, head to your meeting with the loan representative so they can assess your loan.
- Remember we will have to check your credit if you are going for an installment loan.
- If you are approved for your desired loan, they will then go over the loan terms and help you complete easy paperwork. Once finished, you can be on your way and wait to get the money later that day or the next bank business day!
Get The Emergency Cash For Unemployed You Need Today!
Being unemployed or having bad credit can make borrowing feel harder, but it does not always mean you have no options to review.
Missouri Title Loans, Inc. offers title loans and signature installment loans for qualified borrowers.
The best place to start is by understanding which loan type fits your situation, what required items are needed, and whether repayment works with your current income.
As you can see, you can still get bad credit cash loans or cash loans for unemployed easily! It is not impossible for you to get the help you need! And now that you know about our car title loans and installment loans, there should be nothing stopping you from getting started on the emergency loans you need. So don't wait any longer and go to our website to fill out the online application for the emergency loan you want right now.
Frequently Asked Questions
Can I get a loan while unemployed?
You may be able to start an inquiry while unemployed, especially if you have another documented income source. Approval is not guaranteed and depends on the full review.
Can I get bad credit cash loans in Missouri?
Borrowers with different credit backgrounds may be able to start an inquiry. Credit may still be reviewed depending on the loan type and situation.
What is the difference between a title loan and an installment loan?
A title loan uses a lien-free vehicle title as collateral. A signature installment loan does not use vehicle title collateral and is repaid through scheduled payments.
What do I need for a title loan?
You generally need a state-issued photo ID, a lien-free car title in your name, and your vehicle for inspection.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
