emergency loans

How To Get Emergency Loans For The Unemployed

Emergency loans for the unemployed can become a convenient way for those who have found themselves in a difficult financial situation to receive much-needed cash as soon as possible.

Even though lenders usually do consider how much you make before approving a loan, individuals without a job might still be able to qualify in case they have alternative sources of income or a valuable asset that they can put up as collateral.

Let's dive deeper into the topic and find out how to apply for such loans. 

How Do Emergency Loans For Unemployed Work?

If you’re unemployed, the two main factors that the lender would take into consideration when making a decision would be alternative income and credit.

emergency loans unemployed graphic

If you manage to prove to the lender that you have a source of income a part of which you would be able to use to pay off the loan, then you might get qualified.

Alternative sources of income include:

  • Unemployment benefits
  • Pension
  • Social Security benefits
  • Child support
  • Rental income
  • Disability benefits, etc.

By the way, some lenders are ready to count a pending job offer as income.

When it comes to your credit, you should bear in mind that very few lenders are ready to work with unemployed individuals who have bad credit. A good score is typically considered to be 670 and above, so if yours is below that number, you might have a hard time finding a lender.

Can You Apply For A Secured Emergency Loan If Unemployed?

If you are unemployed and you have bad or non-existent credit or if you’d simply prefer to apply for a secured loan, then online title loans can become a way for you to receive the cash fast.

When you opt for a secured loan, you would have to put a valuable asset up as collateral. If you fail to repay the loan, the lender will likely repossess the car. So, overall, secured loans are not as risky for the lender as unsecured loans. And if you don’t have a job, then your chances of qualifying for a loan will increase if you are ready to put up collateral.

Furthermore, Mississippi Title Loans, Inc. will consider any credit for most amounts on their online title loans.

When To Apply For Emergency Loans For Unemployed

Emergency loans can be used to cover unexpected urgent bills. Even individuals with well-paid jobs might struggle to deal with emergency expenses, let alone the unemployed.

At one point in your life, you might have to take care of medical bills, car repairs, unexpected travel expenses, home maintenance bills, and so on.

If you don’t have enough savings, then you might want to consider going for an emergency loan.

How To Apply For Online Title Loans?

Mississippi Title Loans, Inc. is a company that can help you get urgent cash fast. If you have a vehicle with a lien-free title, then you can apply for an online title loan. Depending on the value of your vehicle, you can end up qualifying for up to $2,500 which should be enough to cover the majority of the emergencies that you might be dealing with.

The main difference between online title loans and regular title loans is the fact that you can begin the application process online. Though you would still have to schedule a meeting with an agent so that the expert can determine the value of your car, you wouldn’t necessarily have to drive to the store. In fact, the company representative will come to you!

man with emergency loan

Here is a step-by-step guide to getting the money that you need:

  1. Fill out a short online form with your basic information. You would want to ensure that the phone number you specified is active as the company representatives would use it to contact you.
  2. Once the friendly agent calls, you will get to set up a meeting in a location of your choice. Or you can always drive to the store – whatever you prefer.
  3. No matter where you decide to meet, take your driver’s license or state ID and the lien-free title with you. The loan representative will go through your documents and evaluate your vehicle.
  4. If you agree with the terms offered, sign a few papers, and receive your money the same day or the next business day.

Apply For Emergency Loans For The Unemployed Today!

If you desperately need money while you’re out of work, applying for emergency loans for the unemployed can become a convenient way for you to deal with this stressful situation. As qualifying for secured loans, such as online title loans, can be easier for those who don’t have a job at the moment, you might want to consider such a reputable lender as Mississippi Title Loans, Inc.

You don’t need a perfect credit score and a checking account to apply. As long as you have a lien-free title in your name, you might be able to qualify for the money that you urgently need. Simply fill out an online inquiry to get started.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.