How To Get Instant Loans For Unemployed Workers

April 7, 2021 | June Mckaig

instant loans for unemployed

 

The covid-19 pandemic has put many people in front of challenges they hadn’t anticipated. If you were once stably employed and got a regular paycheck, then getting a personal loan would be comparatively easy for you – even from traditional financial institutions known for their overzealous approval process.

If you’re now unemployed, getting loans would be much harder. Getting instant loans for unemployed may seem like an unattainable option, even.

However, there are some instant loans for unemployed you could apply for and get the cash if you’re in urgent need of money. What is the chief among them? That would be car title loans.

How Is It Possible To Get Instant Loans For Unemployed?

Title loans are secured loans. Secured loans call for a guarantor or collateral that ensures the lenders’ money is protected one way or another. In the case of title loans, it’s right there in the name – your car’s title will be acting as collateral; and while the car title stays with Mississippi Title Loans, Inc. as a guarantee, you can keep your vehicle and use it however you want.

This not only makes it easier to be eligible for title loans but ensures the car itself stays with you for the duration of the payoff.

Unlike bank loans, title loans don’t place excessive importance upon either your income stream source or credit history. In fact, you can apply for title loans not only if you’re unemployed, but if your credit score is bad or altogether nonexistent!

Looking For Instant Loans For Unemployed

Before applying for instant loans for unemployed, do consider all your options. What is it exactly you need money for? If you have grand plans for starting a new business or making an investment that will solve all your money problems – then you should reconsider.

Title loans aren’t for grand plans. Title loans are an optimal emergency solution that shouldn’t be abused. This is especially true when you have no stable income.

Getting a title loan is a justified option for those who need to suddenly cover a large, unexpected expense – like a medical bill, a car repair, or lock replacement – or an overdue bill like rent and utilities.

In any other case, you should seek alternative options – ones that don’t add to your financial obligations.

 

car title loans

 

Paying Off Instant Loans For Unemployed

It is important to remember that no loan is a gift – including instant loans for unemployed like title loans. You will have to eventually repay it. And while we will help you come up with a repayment schedule here in Mississippi, you do need to have a long-term strategy for paying them off.

The loan representative working on your application will provide you all the details about the loan process during your initial phone conversation. Do tell them about your unemployment and ask about acceptable payment options. They’re there to help you when you come to us at Mississippi Title Loans. Here are a few possible options you could use when applying for a title loan at Mississippi Title Loans.

  1. Workers’ Compensation: If you aren’t able to work due to injury, you’re likely getting workers’ compensation. While you couldn’t get a bank loan with them, you can likely get a title loan. If you have a large expense that can’t be covered by monthly compensation, you can get a title loan and gradually cover the latter.
  2. Unemployment Benefits: The same goes for unemployment benefits. While getting instant loans for unemployed at a bank isn’t very likely due to unemployment checks not being considered “stable enough”, you aren’t likely to encounter the same problem with Mississippi Title Loans.
  3. Savings: If you have a certain amount saved but you’re wary of depleting your savings account for emergencies – you can instead get a title loan to deal with your emergency expenses. This will enable you to gradually cover them, while still maintaining certain financial stability with your savings not disappearing all at once. This also gives you more time to find more stable income streams.

Applying For A Title Loan

Applying for instant loans for unemployed is easy in Mississippi Title Loans. Just follow this step-by-step guide below to understand:

  1. Get the required items – your government-issued ID, your car, your car title that must be in your name and lien-free – in order;
  2. Go to the Mississippi Title Loans website and fill out the online form;
  3. Talk to the loan representative that will contact you, tell them about your situation, and comply with their recommendations;
  4. Take all the required items to the meeting they’ll schedule either at a location of your choosing or at one of our Mississippi loan places;
  5. When you are at the meeting the loan representative will examine your vehicle and information to determine if you qualify for approval;
  6. If you do get approved the loan representative will go over the terms and you’ll either get the cash the same day or the next bank business day.

The entire procedure typically lasts around 30 minutes and you could get between $300 - $2,500, depending on the state of your car. So, if you are a resident of Mississippi, you can get instant loans for unemployed workers. Just look into our title loans when you need help with emergency expenses.