applying for an unemployment loan online

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

If you have pondered, "Can you get a loan while unemployed?" You've finally found your answer. The answer is YES! You'll be happy to know there are loans available for the unemployed in Georgia today. 

If you're searching for emergency cash in Georgia, our guide will help you explore alternative lending avenues for Georgians without jobs. Whether it's lines of credit loans, guaranteer loans, or online title pawns, we'll analyze the pros and cons of each loan option.

Keep reading to learn how to get approved for a loan with no job in Georgia today!

How Can You Get A Loan While Unemployed? 

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

Before applying for a loan, you'll want to explore the advantages and disadvantages of each type. 

1. A Home Equity Line Of Credit

A HELOC, or home equity line of credit, uses the equity in your house to lend you money. In other words, the lender subtracts the balance left on your mortgage from the amount your home is worth to calculate the equity and then lends you money accordingly.

This financial solution comes with a 10-year draw period. This means you can use the line of credit for the ten years above before repaying it.

What Are The Pros Of A Home Equity Line Of Credit?

There are many upsides to this sort of loan. After all, who wouldn't want unlimited access to an asset they own? With a HELOC, you can access emergency money to help while finding new unemployment. Additionally, this type of loan can help you access quick cash in times of emergency. Since it's a line of credit loan, you can borrow it when--and if--you need it, allowing for flexibility. 

In contrast to many other loans, you can pull from a Home Equity Line of Credit over a much more extended period of time-usually ten years. No other loan offers this longevity.  Furthermore, you usually have a significant amount of time to repay the loan--usually 20 years--along with the associated interest.

Woman gets a loan while unemployed with text Can you get a loan while unemployed? The answer my surprise you

What Are The Cons Of A Home Equity Line Of Credit?

However, it's worth remembering that if you default on repayments, your home could be removed. Thus, you could lose your house if you borrow too much and can't afford to repay the amount you borrowed, plus interest, after your ten-year draw period ends. 

Lastly, qualifying for a HELOC may require a credit score of at least 680, which is only sometimes realistic for unemployed people. Your credit plays a significant role in determining your eligibility for this loan, which may be difficult for Georgians without jobs.

2. A Guarantor Loan

A guarantor loan is an unsecured agreement in which another person (usually a parent, family member, or an incredibly close friend) acts as a "guarantor." If you default on repayments, they agree to cover your debt.

 What Are The Pros Of A Guarantor Loan?

In contrast to a HELOC, these loans are ideal for borrowers with a bad credit score or little to no credit history (like students). The requirements state that you must be at least 18 years old, have a bank account, and have some income (benefits, maintenance, etc.). It is easier to gain approval for a guarantor loan since it utilizes someone else's positive credit history, making it a convenient option for unemployed individuals who can turn to trusted friends and family members in need. 

What Are The Cons Of A Guarantor Loan?

However, there are a few risks involved with a guarantor loan. First, this loan often carries a higher interest rate than a HELOC or a title pawn. The reason why is that a guarantor loan is an unsecured loan. In contrast, a Home Equity Line of Credit and a title pawn are secured loans that harness the value of your home or lien-free vehicle title to secure the loan. Since a guarantor loan does not have assets as collateral, there's a higher risk involved for the lender, and as a result, the interest rate will be much higher.

3. An Online Title Pawn

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

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

 What Are The Pros Of An Online Title Pawn?

The requirements for an online title pawn are simple. In contrast to a HELOC, you don't need a robust credit history or high credit score to apply. As with a guarantor loan, you don't need to turn to a family or friend for approval. All you need to get approved for an online title pawn are the following simple requirements: 

  • Driver's license or state-issued ID
  • Lien-free title to your vehicle
  • Your vehicle for inspection

a guarantor loan for the unemployed

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 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 explain the rest of the process, tell you about the documents you must provide, and answer any questions.
  4. Take your driver's license (or another state-issued form of photo identification), lien-free vehicle title, and vehicle for inspection to your closest Georgia Auto Pawn Inc. location.
  5. Wait while one of our associates performs a quick, 5-minute vehicle appraisal to determine the 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 you apply.

Can You Get A Loan While Unemployed? Yes, You Can With An Online Title Pawn!

Thankfully, you have financial options during unemployment. If you choose a HELOC, a guarantor loan, or an online title pawn, please select the best loan for you. 

If you decide an online title pawn is the right option, you can contact Georgia Auto Pawn, Inc. for help. You can start by filling out our online inquiry form, and you'll be well on your way to finding emergency title pawn money when you need it most, regardless of your employment status.

Note: The information in this article is only for informational purposes. You should contact your financial advisor about your specific financial situation.

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.