Yes, You Can Get A Loan While Unemployed. Here’s How!
We’ve all been taught that having regular income and good credit are the two “musts” of getting a loan. And that may be true when it comes to classic bank loans.
Luckily, banks aren’t the only option if you’re unemployed and in need of a loan. You can use alternative loans for unemployed, called title pawns.
Top 5 FAQs about Loans for Unemployed Workers
1. How Does a Loan for Unemployed Work?
Being a secured type of loan, a title pawn doesn’t require full-time employment. Instead, it needs a guarantee or collateral, and that’s exactly what your title is meant for – it guarantees that lenders will get their money back one way or another.
Since it’s a secured type of loan, your income doesn’t play a primary part in qualifying you to get your cash. As long as you guarantee to pay off the loan and have alternative ways of making your monthly payments, you can qualify and get your loan for unemployed.
2. What Will I Need to Get a Loan for Unemployed?
The qualifying requirements for title pawns are pretty flexible due to the above-mentioned nature of these loans as well as their accessibility. There is, though, a set list of required items that is compulsory for everyone. It includes:
- A state-issued photo ID or a driver’s license – according to the regulations, no applicant younger than 18 can qualify for the title pawn. And since no lender is allowed to take you on your word that you’re really of legal age, you’ll need to provide them with a valid state-issued document verifying your identity and age.
- Your vehicle – the vehicle will act as collateral, and its value will determine the loan amount you can qualify for (could be up to $15,000).
- The vehicle’s title – it must be completely lien-free (meaning without any outstanding loans against it), and in your name. Unfortunately, even if you’re the de-facto owner of the car, you won’t be able to use the title if it’s in another person’s name (even with their permission). Title pawns require you to outright own the car. You will need to have the title transferred to your name before you apply if this is the case.
3. How Do I Pay It off?
The biggest benefit of the title pawn is that you can use all types of unconventional income to pay it off. Unlike banks, private lenders accommodate all types of income – they don’t care if your income isn’t “stable enough”.
So, if you’re unemployed or your income is irregular, you can use any other type of income to pay off the loan.
Unemployment/welfare benefits and worker’s compensation, alimony, pension, even savings can be an alternative way to pay off your loan for unemployed.
4. Can I Get a Loan for Unemployed If My Credit Is Bad?
Yes, you can!
All credit types are welcome to apply for a title pawn at Alabama Title Loans, Inc., no matter what employment status you possess. Be your credit good, bad, or altogether nonexistent – you’re eligible for the loan, as long as you meet the main requirements (i.e. being of legal age and outright owning your car).
While the loan representative might run a quick credit check during the application process, you can get a loan for unemployed irrespective of the result, as long as you’ve got all the required items in a suitable condition.
5. Will Getting a Title Pawn Lower My Credit Score?
Alabama Title Loans, Inc. doesn’t report your personal credit information to any credit agencies, so getting a title pawn won’t have any impact on your credit.
How to Get a Loan for Unemployed with Alabama Title Loans, Inc.
Are all of the required items – the state-issued ID/driver’s license, your vehicle, the vehicle’s lien-free title in your name – ready to go?
If so, getting a title pawn should be easy. You can apply online to save time. All you’ll need are a phone or a laptop and a decent internet connection.
Here’s how it should go:
- Go to the main title pawns page of our website, find the online form for title pawns, fill it out and submit;
- When the form gets processed (it shouldn’t take long at all), you’ll get a call from the loan representative with further instructions;
- The loan representative will schedule a meeting with a verification agent – either at the nearest store location or another convenient location if you don’t wish to visit the store;
- You’ll take the required items to that meeting for the agent to inspect everything and determine if you qualify for the loan as well as how much you qualify for.
- If you’re satisfied with the amount and the repayment plan, you’ll be offered to sign a few more papers. After that, you can get your cash.
This entire procedure typically takes less than an hour and you could receive up to $15,000 the very same day you apply.
Submit Your Inquiry Form Today!
You can get cash for your title today if you submit a short inquiry form for title loan online now. Shortly after the form has been submitted, you’ll get a chance to speak to one of our representatives and learn how you can benefit from a title pawn if you’re unemployed. So, don’t lose your time and get started now – after all, time is of primary importance when you’re unemployed and need to pay your bills.
To learn more about handling emergency expenses, read our other financial emergency articles.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.