How to Get a Title Loan Without a Job

November 01, 2017

An unemployment spell can happen to anyone, whether you made the choice or it was made for you. Either way, it can often be a stressful and financially difficult situation for many people. Though some of them would benefit from a loan or cash advance that could help them stay afloat while they find a new job, their current employment status often makes it impossible for them to get one.

Most traditional financial institutions and money lenders take the utmost care when assessing a candidate for a loan. The most important thing for them is that the recipient of the loan can repay it on time. That's why they prefer people who are steadily employed, since they are most likely to pay back the loan on time. This usually spells trouble for people who are unemployed and are in dire need of money. But there are still ways of getting a loan, especially if you consider alternatives like a title loan.

Given how hard it can be to get a loan while unemployed, most people prefer to weather it out the best they can while they try to land another job. This, however, can be really difficult to do, especially when they have family depending on them. A title loan can be an option to consider in such cases because the way they work makes the employment status of the applicant almost irrelevant.

What Is a Title Loan?
A title loan is a loan that uses your car as collateral, and the amount you can borrow is calculated based on the total value of your car. But what does collateral mean? According to Investopedia, it is an asset you offer the lender to secure the loan. This means, in the case of a title loan, that you will borrow against the value of your car. If you are unable to pay back the loan, you won't need to stress as your debt will still be settled using your car. That is why you will still be able to get the loan you need even if you are unemployed.

This can be extremely convenient for people who are unemployed and find themselves struggling to swiftly find a job. Title loans can help you quickly get the money you need if you meet a few simple requirements. Having a government-issued ID or valid driver's license, being over 18 years of age, owning your car and possessing its title papers will cover the basics.

What Are the Requirements for Getting a Title Loan?
The steps you need to take to secure an title loan with a lender can vary between companies, as some tend to be stricter than others. However, they do typically have three basic steps in common:

1. Provide identification and proof of ownership. Whether you apply for an title loan in person or online, the very first step will be to provide a government-issued ID or driver's license that proves you are over 18 years old. You will also need your car title and registration documents that prove the car is yours and there are no liens against it.


2. Have your car assessed. Title loan lenders will usually require you to drive your car to their offices to have it inspected. During the inspection, they determine its real market value according to the conditions it is in, mileage, make, model, and other variables. The company will also determine if your vehicle meets their requirements and how much you will be able to borrow against the title.


3. Have your loan approved. Once you have agreed on the amount to borrow and the payment plan, you will be able to get the money you need and drive your car home. Your car title will remain with the lender until the loan payments are completed.

If you are unemployed, some title loan providers may ask you for proof of income. If you don't have an income, some of them may turn you away. However, others will just continue with the loan process as long as your car meets their standards.

At Quick Cash Auto Loans, we can issue loans to the unemployed in record time, and we pride ourselves on having the least complicated loan process in Miami. All you need to do is call our loan experts, and they will guide you through the process, which won't take up much of your time and will provide the cashflow you need to hang in there until your next job opportunity arrives. Plus, our payments can be done in comfortable installments with zero penalties within 12 months.
If you find yourself in dire straits after being laid off or quitting your job, Quick Cash Auto Loans can help you stay afloat. Our loan experts will be ready to help you get your loan and feel a little less stressed out while looking for a new job. Just call us at (786) 600-3411 or fill out our contact form to start your loan process. If you want to learn more about title loans, you can also find us on Facebook at Quick Cash Auto Loans, and follow us on Twitter @QCashAutoLoans and Instagram @QuickCashAutoLoans.