How To Get Online Loans For Unemployed Workers
April 22, 2021 | June Mckaig
It’s no secret that even people with stable jobs can have a problem getting approved for personal loans when it comes to traditional financial institutions. When it comes to unemployed – chances of getting a loan at a bank are slim to none.
So what are the options? Are there any online loans for unemployed?
There are! Most of them are short-term fast loans you can get with private lenders. Your best option is probably to apply for a title loan online, as it’s the most accessible, fast, and has the highest chance of being approved for an unemployed borrower.
How Is It Possible To Get Online Loans For Unemployed?
Title loans are secured loans. Secured loans call for a guarantor or collateral – and in the case of title loans, your car’s title will be acting as latter. This means that your title must be in your name and free of outstanding liens and judgments.
This security means we can afford to be a little more flexible in our qualifying requirements and accommodate potential borrowers who have low income, unstable income, or no income at all.
Options For Paying Off Online Loans For Unemployed
So you’re unemployed and applied for a title loan online. Now what is supposed to happen? Can you really get one if you don’t have a paycheck coming in?
Keep in mind that providing proof of income is not required for a title loan at Carolina Title Loans. If you don’t happen to have a steady income, you don’t have to worry. But, like with any loan, you will still have to pay the loan off somehow.
Here are several avenues you could utilize while paying off your online title loan.
1. Welfare Benefits
Welfare benefits are quite a popular instrument for title loan payoff among unemployed borrowers. This is because short-term fast loans often are the only type of loan available to people who are on welfare and unable to work due to their poor health. Banks usually don’t consider welfare stable enough an income source to approve borrowers – so they turn to private lenders like us at Carolina Title Loans instead.
2. Unemployment Benefits Or Worker’s Compensation
If you’ve been unemployed long enough that your unemployment checks have started coming in – or if you’re not working because you were injured on the job and are receiving compensation for it – you could use that money for title loan payoff.
As with welfare, no major bank is likely to approve you for a personal loan if unemployment or injury compensation is the only line of income you’ve got. But we try to put money in as many borrower’s hands as possible, and we will try to accommodate your circumstances. So your chances of being approved for a title loan are a bit higher.
If you’ve recently lost your job and have no active line of income, it’s understandable you wouldn’t want to deplete your savings at once – even in case of a major emergency. Your savings should ideally be for when you’ve exhausted other avenues.
Instead, you could be getting a title loan online, and using those savings to gradually pay them off, while searching for a job. You’d need to provide a bank statement for it – but it would still render you eligible. Talk to the loan representative about your options! We will see how we can help!
When Should I Get Online Loans For Unemployed?
Since it’s pretty simple for an unemployed person to get a title loan online, people easily get tempted to either apply when the problem could be delayed, or borrow when they really don’t need to.
Getting online loans for unemployed should be your last resort when dealing with a financial problem. This isn’t designed to completely fix your financial situation in a permanent way. A title loan is a temporary help to a specific situation.
It’s an optimal option when the problem at hand is time-sensitive and/or could cost you more down the line – overdue bills, medical expenses, car breakdowns, and so on. Only apply if you’ve exhausted all other possible avenues, are on a tight schedule, or know for sure you cannot handle the problem on your own.
How To Get Online Loans For Unemployed
You can easily start to apply for a title loan online, right from the comfort of your home. All you’ll need are your phone and a decent internet connection. And you even have the option of having the loan representative come to you if you’d rather not come to the nearest title loans place in South Carolina.
Firstly, make sure to have all the required items. These items aren’t flexible requirements – you won’t be eligible for the loan without them – so make sure they’re in order before you apply. You’ll be needing:
- A car in a decent condition;
- The car’s title that is in your name and completely lien-free;
- A driver’s license or state-issued ID proving you’re over 18 years old.
If the items are in order, go to the Carolina Title Loans website and fill out the online form for title loans. The form will quickly get processed and you’ll be contacted by the loan representative who’ll set up a meeting with you at a convenient location.
Take the required items to the meeting so that the representative can inspect your car and assess the documents to determine if you qualify for the loan.
If the representative approves you for the loan, you’ll finish the paperwork right there on the spot, and get the cash you qualify for – which could be anywhere $600 and $15 000 – either the same day or the next bank business day at the latest.