Quick Emergency Cash Loans For Unemployed Workers
It might seem like there is no hope when you're looking for quick emergency cash loans unemployed workers. However, there are quite a few options out there if you know where to look. Here are some great quick emergency cash loans, including cash advance, line of credit and title loans, for unemployed workers you have to know about.
Quick Emergency Cash Loans Unemployed Workers Will Love
1. A Credit Card Cash Advance
A credit card cash advance is a type of quick emergency cash loan for unemployed workers that is issued by your credit card. Like most emergency loans, it comes with a very short repayment term.
It is pretty easy to get your hands on a credit card cash advance since you don't need to prove any income, nor do you have to undergo a credit check.
You can receive this type of emergency monetary solution by visiting an ATM and using your PIN. If you don't have a pin, you will need to contact your card's issuer to obtain your advance over the phone.
There's no argument here — credit card cash advances are easy and incredibly fast to acquire. However, you will have to pay incredulously high interest rates and it may come with a fixed, flat fee for each advance you use. This could be upwards of $20 per purchase!
2. A Home Equity Line Of Credit
A home equity line of credit sometimes referred to in its shortened form as HELOC, leverages the equity you have in your house. Equity is calculated by subtracting the balance of your mortgage from the amount your home is worth.
Generally speaking, a home equity line of credit has a draw period. This timeframe is the duration you can use the line of credit for. Afterward, it will close and you will need to start repaying everything you borrowed. The draw period is usually 10 years but can differ depending on your age.
These quick emergency cash loans for unemployed workers offer wonderfully low-interest rates and gives you access to cash whenever you need it. Not to mention that you're using your house (i.e. an asset you own) to fund your emergency.
However, there are a few considerations to keep in mind if you're pondering taking out a home equity line of credit:
- If you default on your loan, you may lose your house.
- Depending on the lender, you'll have to prove that you've worked in the past and are getting some form of income currently.
- Again, depending on the lender, you might need a pretty good credit score which is simply not possible for some people.
3. A Payday Loan
When it comes to quick emergency cash for unemployed workers, you’d be surprised to know that payday loans are among the options.
A payday loan is a short-term financial aid that effectively uses your future income as security. If you can't wait a few days or weeks for your money, a payday loan is one of the best ways to fortify your income.
Payday loan lenders oftentimes do not conduct credit checks, making it a fabulous option for those with less-than-perfect credit scores. Not to mention that it won't affect your score either way since no hard inquiries are performed.
Of course, you need to ensure that you opt for a reputable lender. In some states, there are very few legal ties and next to no interest caps. So, always do your research beforehand.
4. A Car Title Loan
Car title loans are a type of quick emergency cash loan unemployed workers are bound to like since it allows you to borrow between $300 and $15,000 depending on the value of your vehicle. Basically, it is a loan that uses your vehicle’s title as collateral for that loan.
This vehicle could be a car, truck, or even an SUV. Regardless, you must own 100% of it and hold a clean, lien-free title. Lien-free means that your title is free of outstanding liens or judgments on your title.
To apply for a car title loan, follow these steps:
- Go to our website and fill in the short application form on our website. It should take you no longer than 5 minutes or so;
- After you submit the online title loans form, one of our friendly loan representatives will get in touch. They will ask whether you'd like to meet at your closest Fast Auto Loans, Inc. location or a location of your choice;
- Wherever you decide to meet, bring your driver's license or another form of photo identification, your vehicle, and your lien-free vehicle title;
- When you arrive at the pre-determined location, a loan representative will examine your photo ID card and lien-free title. They will then conduct a quick vehicle evaluation to determine its value;
- If they grant you approval, you will receive the amount you qualify for on either the same or the next business day depending on the day you apply.
Getting a car title loan is one of the best ways to go about obtaining quick emergency cash loans unemployed thanks to its flexible terms and easy application process.
There's no need to stress about quick emergency cash loans unemployed thanks to the seemingly limitless solutions that will fit around your lifestyle. So if you felt like there was nowhere for you to turn to since you are unemployed, these options prove that there are quick emergency cash loans for unemployed workers.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.