When you’re looking for a loan, it might seem as though you’re out of luck if you’re unemployed. But while some lenders may not be willing to lend you money if you’re not receiving a regular paycheck, that doesn’t mean there aren’t still options.
If you’re wondering “Can I Get a Title Loan While Unemployed?” you’ve come to the right place!
What is an Auto Title Loan and How Can It Help Me While Unemployed?
If you’re currently unemployed or out of work and in need of money, it can often seem difficult to find a lender who’s willing to help. A traditional lender may not approve you because you’re not in a regular, paying job. You might consider a pawnbroker or a payday loan, but while they may be willing to loan you the money, you might not get the amount you need – and you could find yourself having to repay the loan within just a few short weeks.
Fortunately, an auto title loan can overcome these obstacles:
- Multiple forms of income considered.
- More money in your pocket.1
- Longer to repay the loan.1
Unlike a traditional lender, an auto title loan lender will typically accept many different forms of income. For example, unemployment benefits, social security income and even retirement benefits may all be considered.
To prove this, the lender might ask you for bank statements showing payments, government award letters or a benefit verification letter. Many lenders are only concerned that you’re able to make the payments, and as long as you’re able to prove this, they could be willing to help you out.
The reason for the greater flexibility is because you’re using your vehicle as collateral for the loan, so there’s less risk to the lender. The lender will value your vehicle and offer you a loan based upon how much he or she feels it is worth. As a result, you can sometimes borrow far more than you could with a payday or pawn loan.
You’ll also have much longer to repay the loan, with many lenders offering loan terms that typically range from 12 to 48 months. This greatly reduces your payments and gives you the opportunity to plan ahead and better manage your monthly budget.1 2
As an added bonus, although the lender will need to check your credit, your score is not a major factor in the decision-making process. This means you could still be approved, even if your credit is not the greatest. (A credit check is primarily used to determine if you’re in an active bankruptcy, as the lender will not be able to loan you more money in that situation.)
How is a ChoiceCash Auto Title Loan a Better Option?
Many auto title loan lenders work the same way; they’ll offer you a loan amount based upon the value of your vehicle and then you make monthly payments until the loan is repaid in full. It’s not too much different than a regular, unsecured loan, except that you’re using your car as collateral.
However, once the short-term benefit of having the money is gone, you’re left with the repayments, with little or no new benefits to look forward to.
A ChoiceCash Auto Title Loan, serviced by LoanMart, is different in that it can continue to provide you with benefits, even as you’re repaying the loan. When you make your monthly payments on-time, your interest rate can be reduced, which can then reduce your next monthly payment.2 With each on-time payment, your interest rate can go down a little more and you can put a little more back into your pocket. 2Keep up the excellent payment history and you could see your payments nearly halved over the lifetime of the loan.2
What if you need to borrow more in the future? That’s not a problem, as a ChoiceCash Auto Title Loan can potentially lend you more – and at the same low interest rate you’ve worked hard for on your existing loan.1
Lastly, if you find yourself in a position to pay off the loan early, you’re more than welcome to do so! There are no prepayment penalties or fees, giving you the freedom to pay off the loan any time you choose!
Can I Get a ChoiceCash Auto Title Loan if I’m Out of Work?
Yes, you can! Simply go to www.choicecash.com or call 855-277-4847 toll-free to get started. After answering a few basic questions about you and your vehicle, you could find out in minutes if you’ve been pre-approved and how much you could potentially borrow.
You’ll then speak to a loan specialist who’ll outline the documents you’ll need to submit. There aren’t a lot, and the chances are you’ll have these available at home:
- Proof of income – for example, bank statements or government award letters
- Proof of residency – almost any mail dated within the past 30 days
- Proof of ownership – your vehicle title must show you as the owner
- Vehicle pictures – all four sides, plus the odometer and VIN
- References – either personal or professional
Just as with many other auto title loans, you only need to show that you receive a regular income, so even if you’re out of work and receiving unemployment benefits, you could still qualify. Similarly, if you’re receiving any other kind of social security income that could also be taken into account.
The whole process is relatively quick and easy and can be completed without ever needing to leave the comfort of your own home. You could have your funds deposited directly into your checking account, or you could conveniently pick up your funds at a participating money transfer location near you.
Don’t waste another moment worrying about getting approved for a title loan while unemployed. Visit www.choicecash.com or call 855-277-4847 now – you could get the approval you need in minutes and be holding your money in your hand in hours!1