Car Title Loans for Unemployed People with No Income
April 9, 2021| Peyton Sawyer
It’s no secret that finding loans for unemployed people with no income can be hard. Traditional financial institutions like banks aren’t very lenient with their personal loan terms, to begin with, with multiple details influencing their decision to give out cash. And income is one of the most important – you can be denied a loan if the bank doesn’t think your income source is stable enough. No income source means no bank loan.
Luckily that doesn’t mean you’re without options. There are loans for unemployed people with no income out there – with car title loans possibly the most popular out of them.
What Makes It Possible To Get A Title Loan With No Income?
Car title loans are a secured type of loan. This means you provide the lender with a guarantee that one way or another they’ll get their money’s worth back. In case of title loans, your car will be acting as collateral – the lender gets your car title, which will act as the loan guarantee, and you get the cash.
This is why car title loans have less strict qualifying requirements – even among short-term fast loans. As the funds are secured from the get-go, the lender can be freer in their approval policy. In fact, if you apply for a title loan at Texas Car Title and Payday Loan Services, you aren’t even likely to be asked to provide your bank statements.
How Do I Pay Off The Loan With No Income?
As loans for unemployed people with no income go, the accessibility might make car title loans appealing – but do keep in mind that they’re still loans. This is not free money. You will still need to repay them. And the lender will ask you to provide some kind of proof that you can do just that. But you’ve got no income. That’s why you’re here. So, what can you do?
First things first – talk to the loan representative you’ll be working with. They’ll be the one tasked with assessing your situation and setting you up with the payoff schedule, so they’ll do their best to help you explore the options.
But here are a few possible loan payment options for those who need one while having no income:
1. Unemployment Benefits
If you’re looking for loans for unemployed people with no income because you’ve been hit by a large expense that your unemployment checks can’t cover – or you’ve just run out of funds before your unemployment checks start coming in – then car title loans could be a great option for you. While a bank isn’t likely to consider unemployment as stable enough income to approve you for a personal loan, Texas Car Title and Payday Loan Services do their best to accommodate any way a borrower can repay – unemployment included.
2. Workers Compensation
Workers' compensation is another benefit type that institutions won’t consider stable enough income to approve for a loan.
But if you’ve been injured and workers' compensation is all that you’ve got to handle the expenses, you might still qualify for car title loans.
3. Bank Statements
While we did mention that bank statements aren’t necessary (if you provide proof that you can repay the loan), they could still help you get the title loan.
If you have no income but have some cash saved up, you could use that money as your repayment method. While you could also likely use those funds to cover whatever emergency you’re seeking loans for unemployed people with no income for, many balks at the idea of depleting their savings fast when they have no stable income.
Getting title loans, on the other hand, allows you to cover the expense little by little – giving you time to find another income and steadily stand on your feet again.
Tip: Consult With The Loan Representative
Talk to the loan representative you’ll be in touch with about possible payment methods if you don’t have active income. They’re there to help you.
How Do I Apply For A Title Loan?
Get the required items in order. You’ll need:
- Your car;
- Your car’s title – must be in your name and lien-free;
- Your government-issued ID;
- Proof of repayment funds (as agreed with the representative).
Go to the Texas Car Title and Payday Loan Services and fill out the online form. After it gets processed you’ll be contacted by a loan representative to provide you further details and schedule an appointment.
Talk to them about your “no income” issue and adjust according to their recommendations (they’ll tell you which documents to provide).
Take the required items to your scheduled appointment so that the loan representative can assess everything and determine if you qualify for the loan.
If approved for a quick title loan, you’ll get the cash you were approved for the same day.
If you’re a person who is worried about loans for being unemployed, follow our advice.