Being jobless is very difficult and you might have trouble finding a new job right away. Unemployment is harsh and after a few months even the benefits you receive for it will stop. This means that you will need to find some money.
Banks are no longer an alternative, as your application will be denied. Therefore, you will need to look for other alternatives. Luckily for you, you might be able to get an auto title loan even in your situation.
How to get a title loan
Getting a title loan is not impossible even if you do not have a job. Just look for Top Loan Companies and start preparing your application. Nonetheless, you will need two things for your application. First of all you must have a government-issued photo identification. Any form of photo id is good.
Secondly, you must have the original title to your vehicles. It is very important that it does not have any liens, otherwise you won’t be able to use it here. This title will be the collateral for the loan.
After you have these, you will need to complete the application and then submit it to the lender. Before a decision is taken your vehicle will be appraised by the lender in order to determine its worth. Based on this, the lender will decide how much money you can receive.
In most cases you won’t have to wait too much in order to get a result. In fact, for many borrowers the loan application is reviewed in just a few hours and you will be able to access the money right away. You should know that these loans are usually for $100 to $5,000. There are also exceptions and they can go up to $10,000.
The differences between no job or income title loans and personal loans
There are many things that are different if we compare personal loans and income title loans. For example, since you secure this loan with your vehicle, there is no credit check. This means that you don’t have to rely on your creditworthiness.
Additionally, for these loans you won’t need to have a cosigner, the way you do with personal loans. For a classic loan, the lenders will make you find a person that is willing to guarantee for you. But if you apply for a no job or income title loan, a cosigner is no longer needed.
Finally, since you have no job or income, there is no income verification. For a personal loan, the lenders have to analyze whether you are able to pay back the loan. In this case this is no longer relevant.
However, on the other hand, the disadvantage is that the interest rates are higher when it comes to no job or income title loans. In fact, for these loans the rates can go up to three digits. That is because these loans represent a bigger risk for the lenders.