A person could become unemployed for a number of reasons, some of which had nothing to do with their work ethic. A business could decide to downsize or you may have experienced a prolonged illness. No matter the reason for being unemployed, you may be looking for quick emergency cash.
Are there car title loans for unemployed individuals? If you need fast money to handle rent, repairs, or any other emergency while unemployed, consider car title loans for affordable funding and amazing perks!
Are Car Title Loans for Unemployed Individuals?
Car title loans are a form of secured funding. A qualified borrower uses their car title as collateral to obtain quick emergency funding which is repaid in monthly installments. The loan amount a borrower may get is based on a percentage of the current value of the car.
Unlike traditional bank loans, car title loans typically have flexible qualification requirements. Potential borrower’s usually only need to meet two requirements: have a qualifying car title in their name and a valid source of income. If you meet both of these requirements–even with low credit–you may have a good chance of eligibility!1
If you are currently unemployed, don’t fear! You may still be able to qualify for car title loans. If you still receive reliable income or have access to savings, you could be deemed eligible!
What Can I Use as Proof of Income for Car Title Loans if Unemployed?
If you are currently unemployed but still have access to funds, you may qualify for car title loans. Car title loans typically accept various forms of alternative income, so if you are unemployed but still have the ability to repay a loan, you could qualify.1
Here are a couple of documents you could provide as proof of income for car title loans when unemployed1:
If you have enough money saved up in the bank, you could use statements as proof of income for car title loans. If you have enough money to comfortably repay the car title loan each month, you may qualify.
If you were injured on the job, you may not be working right now. If you receive workers compensation but need a little more to handle upcoming bills, you could be eligible for car title loans. You can choose to show a car title loan agent the compensation letter or some paycheck stubs as proof of income.
If your primary mode of income is not listed here, talk to an agent about car title loans for unemployed individuals by calling (855) 277-4847.
Benefits that Come with Car Title Loans for Unemployed Individuals
Not every loan is the same, and you may find that you could get a lot more benefits with car title loans. Take a look at some perks you could take advantage of if you qualify for car title loans:
- Fast Emergency Funding: If you are currently unemployed and need money quickly for an upcoming bill, know that car title loans could possibly offer you money the same day you are approved!3
- Competitive Interest Rates: Car title loans usually use up to date market analysis to offer eligible borrowers competitive rates! Don’t get stuck with excessive rates that make repayment a hassle when you could just turn to car title loans.
- Affordable Payments: If you don’t want to use your entire paycheck to pay your loan, stick with car title loans! Your monthly payments may be more affordable for your budget!
- More Time for Repayment: Many loans offer short repayment terms which can be overwhelming. If you want more time to repay your loans and potentially smaller monthly payments, turn to car title loans!
- Simple Process: Many traditional bank loans are considered a hassle to get because of the longwinded approval process. If you don’t want to spend extensive time waiting for approval, then consider inquiring for car title loans!
Steps to Inquire for Car Title Loans when Unemployed
If car title loans seem like an advantageous option for you when you need emergency money, know that the inquiry process can be simple and quick! When unemployed, you may not have a lot of time to wait for the cash you need, so turn to car title loans.
Luckily, car title loans are a popular loan option that features flexible qualification requirements! To start the streamlined inquiry process, all you have to do is answer a few questions about your car using the online title loan calculator. Or if you prefer to speak with a live representative, you could call (855) 277-4847 toll-free.
Title loans serviced by LoanMart are one of the best loan options out there due to affordable terms, quality service, and unmatched benefits. Learn more about the approval process today!