Where Can I Get a Loan When I'm Laid Off and Need Money?

The circumstances of the world have impacted everyone financially. Jobs have been lost, employees have been furloughed, and many workers have found themselves let go. Many are relying on unemployment and savings to get them through hard times, but not everyone has those aids at their disposal.

If you are one of those workers that have been let go, the first action on your mind may be to search, “where can I get a loan when I’m laid off and need money?”

Borrowing money through a loan can be quite difficult, especially if you do not have a steady job on your side. A title loan may be just the right solution when you need money to cover your expenses after being laid off or furloughed.

How Can I Borrow Money If I am Not Currently Working?

Many Americans that have been furloughed or let go are facing difficult choices. They are maxing out their credit cards to pay for necessities like rent, food, and keeping their lights on. When a credit card has been maxed out, the user’s credit score is likely to take a hit.

When an individual’s credit history drops, it could be difficult for them to apply for a loan through traditional lenders and loan options. Many banks and personal loan lenders require a top-notch credit score to make sure the borrower is not a risk to lend to, as it can ensure the money is repaid.

While traditional loans may not be the right fit for your financial situation, there are other options to consider:

Selling Items Online or Through Pawnshops
Obtaining an Alternative Loan Option like a Title Loan
Getting a Secondary Income or Job on the Side

What are Some Ways I Can Get Extra Cash When I’m Laid Off?

If you have been furloughed or laid off, the first thing on your mind is usually how to get extra cash to help yourself stay afloat. While you may be able to file for unemployment, this can often take a few weeks to process. Unemployment centers have been flooded with applications and the wait time may be too long for your financial needs.

There are a few extra ways to make cash in the meantime:

Cancel Your Subscriptions: This may be a hassle, but it adds up quickly. Cancel your subscriptions and streaming services like Netflix, Hulu, or even Apple Music. You could save an upwards of $50 a month.
Sell Unwanted Items or Valuables: While pawn shops may be the easiest way to get rid of your valuables, there are other sites like Facebook Marketplace and OfferUp that can get you cash for your goods. Things like household items, furniture, or even old toys can sell on those sites.
Cut Back on Your Expenses: Now is the time to be frugal. Create a budget and check out where your spending habits can be slashed. It may be eating out, or even spending money on clothes. Wherever you can, cut your budget back to save some extra money.
Get a Side Job: While finding employment right now may be a challenge, nothing is beneath you. Consider applying for weekend or part time positions at grocery stores or restaurants to make ends meet while you are furloughed.
Drive for a Rideshare Company: These companies can allow you to set your own hours and make some money on the side. In some cases, you may even be able to obtain a signing bonus and extra tips!
Become a Dog Walker: Consider earning some extra money on the side by being a dog walker! Whether you decide to go through an agency or freelance, it can be a quick way to make extra cash and hang out with dogs.

Should I Pawn My Car to Get Cash?

If you are furloughed or laid off and need money, pawning your car may be an option. Pawnshops can allow you to either pawn your vehicle or take out a loan by using your vehicle as collateral. Through a pawn shop, you may also be able to get cash for your valuables, electronics, or jewelry.

While this may be an option to get quick cash, it is not the most optimal one. For most Americans, their vehicle is their main source of transportation. Selling your car can solve your financial problems now, but you will likely not have a vehicle to get you to job interviews in the future. If you decide to go with a pawnshop loan, you will likely not be able to use your vehicle while you are paying off the loan.

Instead of pawning your car to get cash, you could consider other options that are better for your financial future. A title loan can be a fast way to get emergency money when you are out of work. A title loan works similarly to an auto pawn loan, but with more flexibility and benefits.^{1 3 4}

For most borrowers that keep their loan account in good standing, their vehicle can still be driven during the repayment process. Unlike auto pawn loans, many title loan options can offer more competitive interest rates that are easier on your wallet. With loan options like ChoiceCash Title Loans, qualified borrowers can get their cash in as little as one business day.¹

How Can I Get a Loan When I’m Laid Off and Need Money?

If you have been laid off and need money, your best option for financial relief can be found through a title loan. Title loans are a unique type of alternative loan that were created to help borrowers in a financial emergency.

A title loan works by allowing you to access your vehicle’s equity and turn it into cash. For a title loan, your vehicle’s title will be the collateral for the loan. This makes the loan process flexible and allows borrowers from all types of financial backgrounds to apply! Title loans are secured loans through collateral, and borrowers do not need a perfect credit background to qualify.¹

Instead of relying solely on your credit history during the approval process, the title loan agents will focus on:

Your Ability to Repay the Loan
The Value of Your Vehicle

Your eligibility will depend on these two factors, and they will also influence your loan amount. The higher the value of your vehicle and your income, the larger your loan amount can be.¹ If you have been furloughed or laid off, title loans also accept alternative forms of income besides a 9-5. Title loans are known for being flexible during the approval process and can even allow borrowers with social security benefits to apply.

What Documents Will I Need to Apply for a Title Loan?

Applying for a title loan with loan options like ChoiceCash Title Loans does not need to be a hassle. While the approval process can be streamlined and flexible in an emergency, there are some documents that are needed to verify your information.

These documents may change from state to state, but you can typically expect to need these during the approval process:

Proof of Income: While you do not need to have a traditional 9-5 to qualify for a car title loan, some proof that you can afford a loan payment is required. Luckily, ChoiceCash Title Loans can accept alternative forms of income during these uncertain times!¹
Proof of Address: Typically, most borrowers will use their recent utility bills, rental agreements, or even recent credit card statements to prove their address:
Car Title: To qualify, the vehicle’s title being used as collateral must be in your name.
Recent Photos of the Car: While most title loan options will opt for an in-person inspection to determine the value of your car, ChoiceCash Title Loans can allow for a simpler option. Simply submit a few photos of your vehicle and odometer to bypass an in-person inspection.
Photo ID: Have your driver’s license, passport, or other form of government/ state-issued ID ready when you apply for a title loan.

For your convenience, these documents can often be submitted online during the approval process!