Title Loans for the Unemployed
Is it Possible to Get Title Loans for the Unemployed?
If you are without a job and are wondering how in the world you could ever manage to take out a loan, rest assured that title loans for the unemployed are an option through Velocity Cash. We understand that sometimes life throws our customers a curve ball. That is why we are flexible with our title loan application process and even provide cash loans for unemployed customers. In fact, our title loan process is so fast and convenient that we offer same day loans for unemployed customers.
The most important thing in qualifying to borrow a money from a title loan is being able to present a free and clear title to your vehicle to the lender. The title to your vehicle should show that it is free and clear of any other loans by having an indication of “no liens” on the title.
The other thing that you need to be able to show is that you are at least 18 years old. You need to have a government-issued I.D. to be able to prove this. When you go to sign for your title loan agreement, you will be asked to provide the required documentation to prove that you are eligible to borrow money from a title loan.
When you take out a title loan, you get fast cash in exchange for being able to post up the title to your car or truck as collateral for the car title loan. You also get a very competitive interest rate because your loan is secured so there is some extra protection that you will eventually pay off the full loan amount.
Legal Requirements for Qualifying to Borrow Money from a Title Loan
Depending on which state you live in, there are some different regulations on the way that title loans work. In some states, you will only be required to show that you have a free and clear title to your car that will secure the loan. In other states, you will be required to show the free and clear car title as well as some proof of income or means by which you can pay off the loan.
Just because you are not receiving regular income from a paycheck does not mean that you do not have other resources to use to pay off a title loan. This is why a title loan lender will consider more than simply a pay stub in determining whether same day loans for unemployed customers are a possibility.
For some title loan borrowers, they are business owners who are self-employed. While these borrowers may not be able to show proof of regular income, they may have other assets that show they are capable of paying back a title loan. Small business owners may need a title loan to help them borrow cash to get through a difficult time in their business without having to sell off their inventory or resources. In these situations, having access to fast cash can make all the difference in keeping business operations afloat.
If you are currently receiving checks for unemployment benefits, this can also serve as proof of income to be able to take out a title loan from Velocity Cash today. Even though this income is obviously not from a regular job, it is still proof that you will have a way to eventually pay off the amount of the title loan that you borrow, which is the main concern of the lender.
If you are unemployed right now, another way that you could satisfy any requirement to be able to show that you have the means to pay off the car title loan is to provide proof of a future start date for your employment. This works because it shows the lender that you will eventually have a source of income that could help you to pay back the loan. As a result, cash loans for unemployed borrowers can be a real possibility as long as you are able to show some proof of future income stream.
In addition, if you have another income stream from something like a settlement or annuities that are paid directly to you, then this could satisfy the lender of your financial means to pay off the amount that you borrow from a car title loan.
When you are going through the car title loan application process at Velocity Cash, you can find out right away the amount that you will be able to borrow because this estimate is based on details that you fill out on the title loan application. You can contact one of our title loan representatives to ask any questions you may have about your particular application and circumstances. If you are concerned about your borrowing status because you are not currently employed, this is a good opportunity to ask a representative of the lender about any particular regulations in your state and what impact they have on whether you need to be employed to take out a title loan.
Title Loans With Bad Credit or No Credit at All
If you have been unemployed for an extended period of time, your credit score may have suffered as a result of your inability to pay your bills. This means late fees and high interest rates can mount quickly. If this is true, you can still take out a title loan because your credit score does not really come into play. By taking out a car title loan, you are able to get the cash in hand that you need to start paying off your bills and building back up your credit score again. In this way, a title loan can be one of the best ways to boost your credit score when you are unemployed or waiting for your next job to begin.