Do You Accept Unemployment as Proof of Income to Get Title Cash?
A lot of people believe that they are not able to obtain title cash if they are currently receiving unemployment. We suppose this makes sense. This would apply to most types of loans. However, a title pawn is different. You can receive title cash while you are on unemployment. In fact, all you need is some sort of income.
What Is a Title Pawn?
This is a type of secured loan. When you receive title cash, you are essentially securing that loan against the value of your vehicle title. The value of your vehicle depends on the condition of the vehicle and it’s market value. This means that more expensive vehicles with less mileage and better condition can get you more title cash than the older ones in bad shape.
As long as your vehicle is in reasonably good condition, then you are able to obtain a title pawn against it. The one caveat is that you have full ownership of that vehicle. It must be completely paid off. You must have no liens on it, etc.
Using Unemployment as Proof of Income to Get Title Cash
Can You Apply for Title Cash with Unemployment?
Yes, you can. This is because title pawns are a secured type of loan.
What lenders are more interested in is that you are able to pay the title cash back in time. If your unemployment benefits can cover the borrowed amount, then they will be completely fine to use for your repayments.
The amount of cash that you can borrow depends on the value of your vehicle as opposed to the amount of income that you have. Most title cash is expected to be paid back over several months i.e. in installments. So, don't worry too much if your unemployment doesn't cover the entirety of the money that you have borrowed.
If you are unsure whether you qualify, the lender will be more than happy to help you out. In fact, once you have applied for title cash, a representative will walk you through the process. They will be the ones who determine whether you actually qualify.
In most cases, they may not even require you to bring along any proof of your income. You just need to be able to show them your ID, that you have legal ownership of the vehicle, plus your vehicle for a quick inspection.
Will Bad or No Credit Impact Title Cash Availability?
A lot of unemployed people struggle to make payments on time. Sadly, this is inevitable. In many cases, unemployment is barely enough to meet life's daily expenses let alone bills. As a result, a lot of people on unemployment resort to alternative loans provided that banks require credit score of 750 and above.
Unlike banks, title pawns are considered bad credit loans, which means you have chances to qualify if your credit score is low. This is one of the greatest things about secured loans. There is more leeway for lenders to provide title cash to those with a bad credit history.
So, again, don't worry about seeking out a title pawn if unemployment has resulted in a missed bill. As long as you own your vehicle, then your chances of receiving title cash are going to be high.
Alabama Title Loans, Inc. Often Accepts Unemployment as Proof of Income
Alabama Title Loans, Inc. is one of the leading providers of title pawns in Alabama. Even if you are on unemployment, you will likely qualify for a title pawn. All you need is the following:
- A state-issued ID or driver's license
- A lien-free title to your vehicle
- Your vehicle for inspection.
That's right. You don't even need to bring along proof of your income. You just need your vehicle and some ID.
The process is incredibly fast. In many cases, it takes as little as 30 minutes to go through the entire process, and the money will be issued to your bank account. Depending on the type of bank you have and how early or late in the day you apply, cash can be available to you either on the same or the next business day.
All you need is to prepare vehicle for inspection, make it nice and neat. One of our representatives will examine it to establish it’s market value and tell you the amount you qualify for. If it sounds reasonable to you, sign a few papers to finalize the process.
Don't worry. You don't have to give up the possession of your vehicle with a title pawn. You can continue driving it as usual as long as you’re making your payments regularly and on time.
Get Started Today!
Being able to qualify for a loan while unemployed may sound unrealistic. Yet, it is possible, with Alabama Title Loans, Inc. Fill out and submit a short application form on our website today to get up to $15,000 cash. It takes just 5 minutes to get the process started, and the funds will become available to you in no time!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.