It’s frustrating when you need money in a hurry but you’re not getting a regular paycheck. The good news is that if you have a working vehicle, you could still obtain the cash you need while unemployed with a car title loan.
Are Payday Loans a Good Choice If Unemployed?
You could find it difficult to obtain the emergency cash you need if you don’t have a full-time job. A payday loan could help you out, but you are required to repay the money within a month.
There’s also a limitation on how much you can borrow with a payday loan and how frequently. The state of Florida has capped payday loans at $500, and you can only have one loan at a time. On top of that, there’s also a 24 hour “cooling off” period between loans.
In other words, if you borrowed $500 from a lender on the 1st, you can’t borrow another $500 from a different lender the next day. You’d need to completely pay off the first lender and then wait a full day to borrow again.
Payday loans can also be expensive. If you need $500, the lender could charge you a 10% fee to borrow the money. They can also apply a $5 verification fee, bringing your total payback up to $555. That’s how much you’ll need to pay at the end of the 30 days. Depending on how much you’re borrowing and how long you have to repay the loan, the annual percentage rate (APR) could be over 400%.
Can I Get a Car Title Loan While Unemployed in Hollywood, Florida?
It’s definitely possible, because car title loans work a little differently than a bank or payday loan. Since the loan is secured using your car as collateral, lenders are more likely to extend approval because their risk is minimized. If your vehicle has value and you have a reliable source of income, you could potentially get approved with very little hassle.
You could also get more money with a car title loan – for pretty much the same reason. The amount you can borrow in Hollywood, Florida will largely depend upon the value of your vehicle, so loans typically start at $500 and can go into the thousands1.
A title loan serviced by LoanMart could give you all the benefits of a car title loan – and more – with none of the hassle.
Take a look at the perks customers receive:
- Eligibility requirements are extremely flexible
- Same day cash in your hand if you qualify1
- Keep your car, so there’s no disruption to your daily routine
- Years to pay back the loan
- No prepayment penalties if you decide to pay off the loan early
A title loan serviced by LoanMart gives you all this, plus the flexibility of using alternative forms of income for your title loan. So even if you are unemployed, it’s still possible to obtain money in a hurry1.
What Are the Income Requirements for a Title Loan in Hollywood, Florida?
Not every loan is the same, but the income requirements for a title loan serviced by LoanMart are very accommodating.
For example, you could qualify with any of the following common sources of income1:
You’d simply need to provide proof that you’re receiving income on a regular basis. For example, many customers choose to submit bank statements or government award letters.
An award letter should state the reason for the award, how much you’re getting, and when you’ll be receiving the money. And if you’re submitting bank statements, you needn’t worry about privacy—your information is kept confidential and secure.
When submitting your bank statements, a loan officer will quickly review them and verify the payment you’re receiving on a regular basis. As long as it’s enough to meet the criteria for the loan, it shouldn’t present a problem1It’s as simple as that.
What Are the Other Benefits of a Title Loan Serviced by LoanMart?
Besides being able to acquire cash the same day1, keeping your car, and having years to repay, there are other huge advantages that a title loan serviced by LoanMart has.
With a title loan serviced by LoanMart, you could get benefits throughout the entire lifetime of the loan.
How Can I Apply for a Title Loan Serviced by LoanMart in Florida?
The inquiry process itself is pretty quick and simple. You could either call and speak to a live representative or visit the informational page online. Once you’re pre-approved, a loan officer will explain the next steps and discuss which proof of income to submit.
The entire process, from inquiry to funding, could be completed from the comfort of your own home.
Being unemployed may not be a problem with title loans serviced by LoanMart. Eligible borrowers in Hollywood, Florida receive more cash in hand1, long repayment terms, and competitive rates. What are you waiting for?