Quick & Easy Guide To Getting a Title Loan When You’re Unemployed
Learn The Basics Of Title Loans Before Applying For One
Being unemployed is stressful, and if you’re thinking about getting a title loan to help you through a difficult time, you probably have a lot of questions. What are the benefits and risks of getting a title loan while you’re employed? Can you even get a title loan when you don’t have a job? This quick and easy guide can help answer your questions.
What To Consider Before Applying For a Title Loan
If you are unemployed and want to apply for a title loan, there are some considerations you should make first. Ask yourself or your Enterprise title loan company these questions before you get a title loan while unemployed.
Can I make payments on time? As with any debt, it’s important to think about whether you can make the monthly payment on time. Late payments will negatively affect your credit score and cost you more money in late fees. If you can’t pay back the loan, you may lose your vehicle.
Do I understand the loan terms? Take time to ask your Henderson title loan center about the interest rate, payment schedule, fees, and more.
Am I aware of the risks? Consider whether a title loan is your best option and how much interest you will end up paying.
Personal Loans Compared To Title Loans
Traditional lenders, such as banks, will require proof of income, although this doesn’t necessarily have to be a paycheck from an employer. Social security payments, unemployment benefits, alimony, child support, and pensions all count as income and may be sufficient to get a personal loan.
Title loans are different from personal loans because your vehicle is used as collateral. This means that in many cases you can get a Las Vegas title loan even if you are unemployed because you are using your vehicle to secure the loan. A pawnbroker or payday loan might be an option as well, but you may not be able to get the full amount that you need, and you’ll probably find that you need to repay the loan within just a few weeks. An auto title loan can help you overcome all these obstacles by considering multiple forms of income, putting more money in your pocket, and giving you more time to repay the loan.
What Are The Benefits Of a Title Loan?
A title loan provides greater flexibility than a personal loan because there is less risk to the lender since your vehicle is the collateral. Your Boulder City online title loans company will value your vehicle and offer a loan based on how much they believe your vehicle is worth. In many cases, you’ll be able to borrow far more money than you could with a payday loan or through the pawn shop. You’ll also have longer to repay the loan. Most title loan companies offer 12-48 month payment plans, which gives you more opportunity to plan ahead and manage your monthly budget while you search for employment.
Although the lender will need to check your credit to make sure you’re not in active bankruptcy, your credit score is not a major factor in qualifying for a title loan, so you are likely to be approved even if you are unemployed and don’t have great credit. If you find a job and are in a position to pay off your Spring Valley car title loan early, there are no prepayment penalties or added fees, so you have the freedom to pay off the loan anytime you are able.
How a Car Title Loan Works
You can apply for the best title loans in Paradise online or over the phone. You’ll simply need to collect some basic documentation and will be able to find out in minutes how much you are eligible to borrow.
Your loan specialist will help understand what documentation you’ll need to submit, including:
- Proof of residency: Almost any piece of mail dated within the last 30 days will qualify
- Proof of identity: You’ll need a valid driver’s license
- Proof of ownership of the vehicle: Your vehicle title must have you listed as the owner
- Pictures: Take pictures of all four sides of your vehicle, plus the odometer and VIN
- References: You may be asked for personal or professional references as part of the loan process
- Proof of income: You may be asked if you are receiving any kind of income, including unemployment benefits, social security income, or alimony
Enjoy the quick and easy process of securing a title loan from the comfort of your own home. You could have cash in hand in as little as half an hour!
Apply Today For a Convenient Title Loan
Get the cash you need for an emergency with the quick and easy application process through Title Loans 365. We offer flexible loan terms and a wide variety of benefits and generous interest rates. Plus, you’ll get to keep your car and enjoy no penalties if you repay your loan early! Contact one of our friendly representatives today to get started with your title loan.