How To Get Utah Title Loans For Unemployed People
July 8, 2021 | Louis Tully
Considering what we’ve been taught about getting a loan all our lives, finding loans for unemployed people might sound like fiction.
After all, everyone learns that you need good credit and a stable paycheck to get approved for a loan as soon as they learn what a loan even is.
And there’s certainly some truth to that statement. The chances of getting loans for unemployed people are slim to none when it comes to traditional financial institutions like banks and credit unions.
Luckily, these days there are plenty of other options to turn to, getting title loans online with Utah Title Loans, Inc. being one of them.
How Is It Even Possible To Get Loans For Unemployed People?
The reason people can get title loans even when they’re unemployed is that title loans are a type of secured loans. Secured loans require a borrower to provide collateral (and/or guarantor) to be eligible for approval.
With title loans, the collateral you’ll be putting up will be your car title (not the car itself, which remains with you).
In this case, Utah Title Loans, Inc. has no need to request proof of income due to collateral protecting its assets.
You don’t need to provide a pay stub as proof of income to get approved. The means you choose for loan payoff are completely up to your discretion.
What Do I Need To Qualify For Loans For Unemployed People?
Some might think that there are no requirements to getting a title loan when they hear loans for unemployed people. That’s not true.
While title loans Utah offers are some of the most accessible loans out there, you do need to satisfy certain qualifying requirements to get approved.
At minimum you need to be over 18, own a car, and provide the following items to prove you fit the lender’s standards:
- A valid state-issued photo ID or driver’s license – the lender will need it to verify your identity and legal age;
- Your car – it will need to be inspected to determine the maximum loan amount you qualify for;
- Your car’s lien-free title in your name – as the title will need to act as collateral, it cannot have any outstanding judgments against it, nor can it be in another person’s name.
Can I Get Loans For Unemployed People If I Have Bad Credit?
Utah Title Loans, Inc. welcomes all types of credit situations – even when the potential borrower has no credit to speak of.
There might be a quick credit check when you start the process for a title loan. But when the required items manage to match the lender’s standards, you would still have a chance to be approved for a title loan regardless of what your credit looks like.
Can I Get Loans For Unemployed People Without Lowering My Credit?
Getting a title loan won’t influence your credit in any way, regardless of you being employed or not.
For any loan to reflect upon your credit history, it needs to be reported to a credit agency first. Utah Title Loans, Inc. never reports its loan information to any credit agencies – thus your loan information stays completely private, and never goes onto any credit reports.
Can I Get A Title Loan Without Giving Up My Car?
You don’t give up your car when you get a title loan when you get it at Utah Title Loans, Inc.
Each lender has an individual policy when it comes to collateral. Some may ask you to leave the car with them for the duration of the loan payoff, some only ask you to leave the car with them for larger loan amounts.
but Utah Title Loans, Inc. just keeps your car title as collateral, while the car itself remains in your possession.
How Can I Get Loans For Unemployed People
Kicking off the process for a title loan is pretty simple.
You can just fill out the online form on Utah Title Loans, Inc., submit it, and wait for the loan representative from the nearest location to give you a call.
The loan representative will contact you as soon as the form is processed (shouldn’t take long at all!). They’ll provide further instructions and answer any questions you may have.
After that, you’ll need to take the required items to the meeting with the representative at the agreed-upon time.
The representative will inspect your car and assess the documents to determine if you qualify for the loan and on what terms.
If they decide you do, they’ll help you finish the final paperwork, and you’ll get your loan the very same day!
Getting A Loan While Unemployed Is Possible
That’s everything you need to know about how you can get title loans for unemployed people. Get yours today from Utah Title Loans, Inc. and you can qualify for up to $15,000. Submit your online form today to get your process started.