title loans for the unemployed

How Title Loans Work If You Are Unemployed

Did you ever wonder how title loans work if you are unemployed? When you don’t have a job, you don't have as many financial aids on your side as others. Therefore, if you can't ask your friends or family, knowing how title loans work can help you out of a sticky situation. 

But before we get into how do car title loans work when you're unemployed, let's ensure you know the definition of this alternative financing method.

What Is A Title Loan and How Does It Work?

A title loan is a financial aid that uses your car title as collateral to lessen the risk for the lender. Wisconsin Auto Title Loans, Inc. uses the value of your vehicle to determine how much you qualify for; however, it's worth noting that the maximum we can offer is $15,000.

This form of a loan was developed for emergency funding, and we strongly suggest you use them for nothing but crises. Our customers have utilized our title loans for things like:

  • Urgent travel.
  • Unforeseen or higher than expected medical bills.
  • Fixing storm damage to their home or secondary vehicle.
  • Ensuring their home's structural integrity.

Title loans are popular thanks to their easy process and few requirements. Since collateral is provided, we don't place as much weight on your credit score as traditional loan providers.

Read more: facts about title loans.

what are title loans and how they work

How Title Loans Work When You Are Unemployed

Now that you know the basics, it's time to answer the main question — how title loans work when unemployed.

You don't need a standard 9 to 5 job to qualify for a title from Wisconsin Auto Title Loans, Inc. Other forms of income can be as much proof as pay stubs from regular employment! Essentially, all you need to do is prove that you have some way of repaying the loan.

When trying to get a title loan, you can use the following as proof of income:

  • Disability benefits.
  • Social security.
  • Pension.
  • Alimony.
  • Regular deposits into a checking account as a self-employed person.

To get the complete picture of what title loan places will want to qualify you, it's important to understand the other requirements aside from proving you have an income. You must also:

  • Be at least 18 years of age.
  • Own a vehicle.
  • Have a lien-free title with your name on it for that vehicle.

Once we confirm that you can repay the loan, we'll examine your vehicle to find out how much it's worth. We determine the value by:

  • Looking at the national market average for your make and model. The more luxurious the vehicle, the more it's worth. Thus, the more we can lend you.
  • Examining your vehicle and noting its condition. Both structural and aesthetic damage can negatively impact the value. We may take a few photographs of the vehicle, the odometer, and the VIN to ensure our records (and yours) remain accurate.

benefits of title loans

The Benefits Of Choosing Wisconsin Auto Title Loans, Inc.

It's common to see your unemployment and, by proxy, your credit as detrimental. But typically, we don't see it that way. In fact, one of the largest benefits of choosing us for an unemployed title loan is that we welcome all credit situations. Whether you have good or bad credit, we'll be more than happy to evaluate your case.

Additionally, our years of experience have allowed us to cut out all the unnecessary fluff from the process, ultimately leading to an extremely fast service. If you are qualified, you can receive your loan in as little as 30 minutes. 

How To Get Title Loans With Us At Wisconsin Auto Title Loans, Inc.

At this point, you have a solid knowledge base of how title loans work when you’re unemployed. Here is how you can get one today:

  1. Start the process by using our simple online inquiry form on Wisconsin Auto Title Loans, Inc. or giving us a call at 800-514-2274. If you go the form route, it will send your information directly to your closest storefront.
  2. One of our friendly and knowledgeable loan representatives will tell you how title loans work, answer your questions, and define the required documents.
  3. Head to your closest Wisconsin Auto Title Loans, Inc. with your driver's license (or another kind of photo identification), your lien-free vehicle title, and your vehicle.
  4. Wait while one of our agents verifies your information and examines your vehicle. The assessment allows them to determine whether you qualify.
  5. If you do qualify, you will receive the money you need on the same day or the following banking day!

Get Your Title Loan Today!

Your quest to understand how title loans work when unemployed has finally been completed! But we know you may still have questions. So, don't be afraid to get in touch! We'd be more than happy to help you on your journey to solving your short-term cash flow issues.

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

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.