Can You Get a Loan While Unemployed? The Answer May Surprise You!

April 8, 2021 | Peyton Sawyer

can you get a loan while unemployed

If you have been pondering the "can you get a loan while unemployed question?", then you've finally found your answer.

Can You Get A Loan While Unemployed?

For those of you who want the short answer — yes, you can receive a loan while you're unemployed. There are specific types of financial aids out there to suit any eventuality and financial environment.

For those of you who want to get to know the types of loans to apply for when you're unemployed, see the below options including online title pawns.

Can You Get A Loan While Unemployed? The Types of Unemployed Loans

1. Payday Loans

A payday loan uses your future income to give you cash when you need it most. This type of loan is incredibly short-term, designed originally to tide you over until you next receive some money (this doesn't have to be from employment).

Payday loan lenders don't conduct credit checks so it doesn't matter whether you have a good, bad, or non-existent score. 

2. A Home Equity Line of Credit

A HELOC or home equity line of credit uses the equity you have in your house to lend you a sum of money. In other words, the lender will minus the balance left on your mortgage from the amount your home is worth to figure out the equity and then lend you money accordingly.

This financial solution comes with a 10-year draw period. This means that you can use the line of credit for the aforementioned 10 years before having to repay it.

There are clearly many upsides to this sort of loan. After all, who wouldn't want unlimited access to an asset they already own! However, it's worth keeping in mind that if you default on repayments, your home could be taken away from you. Not to mention that you might need to have a credit score of at least 680 which isn't always realistic for unemployed people.

3. A Guarantor Loan

A guarantor loan is a type of unsecured agreement where another person (usually a parent, another family member, or an incredibly close friend) acts as a "guarantor". Basically, this means that if you default on repayments, they agree to cover your debt.

Generally, these types of loans are used by those with a bad credit score or a little to no credit history (like students). The requirements simply state that you have to be at least 18 years old, have a bank account, and some kind of income (benefits, maintenance, etc.).

A better way to gain financial help with a poor or non-existent credit score however is to use an online title pawn instead. If you own a car, you won't have any trouble acquiring one. Take a look below.

online title pawn

4. An Online Title Pawn

An online title pawn is a short-term financial aid that allows you to borrow a certain value of your money (up to $15,000) depending on the value of your vehicle (car, truck, etc.).

Applying for an online title pawn from us is easy. They come with incredibly flexible terms to fit around you and your lifestyle. Have a look at our quick and simple application process below:

  1. Go to GeorgiaAutoPawnInc.com by clicking the link.
  2. Use our convenient online form to send your information to the closest Georgia Auto Pawn Inc storefront. This should take only 5 minutes.
  3. Answer your phone when a representative from your closest Georgia Auto Pawn Inc location calls. They will go over the rest of the process, tell you about the documents you need to provide, and answer any of your questions.
  4. Take your driver's license (or another state-issued form of photo identification), lien-free vehicle title, and your vehicle for inspection to your closest Georgia Auto Pawn Inc. location.
  5. Wait while one of our associates performs a quick, 5-minute appraisal of your vehicle to figure out the exact amount of cash you qualify for.
  6. Then, you will be guided through the end of the process.
  7. Once everything has been signed, you will receive your cash and leave with your vehicle on the same day as you apply.

Can You Get a Loan While Unemployed? Yes, You Can With Title Pawns!

Can you get a loan while unemployed? The answer is yes! As long as you search for the right type of loans (preferably an online title pawn!) you'll be well on your way to finding emergency title pawn money when you need it most, regardless of your employment status.

When wondering if you can get a loan while unemployed, follow our lead.