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Most lenders will require that a borrower have a job in order to obtain a loan. It makes sense. A lender wants the borrower to repay the loan plus interest. Having a job and a steady source of income is how most people are able to make their loan payments. There are some loans that you can obtain without having a job. Here are a few.
If you have some valuable items such as jewelry or musical instruments, you can use those to secure a loan from your local pawn shop. The pawnbroker will loan you a certain amount of money while he keeps your item. You agree to repay the loan, plus fees of course, in a given amount of time. If you fail to repay the loan, the pawnbroker will sell your item to recover his losses. The pawnbroker does not care if you have a job or not.
A car title loan can be obtained by anyone who owns a vehicle and possesses a clear title. The vehicle must be paid off, or almost completely paid. A person can visit a title loan company like Embassy Loans of Florida and fill out an application. It takes just a few minutes and starts the loan process. An applicant must prove his or her identity, residency, and possess the title to the vehicle. Once the vehicle is appraised, the final terms of the loan are drawn up. Like a pawn loan, a title lender is not as concerned with a person’s credit or employment history. If the borrower defaults on the loan, the title loan company can take possession of the vehicle. The company can sell the vehicle to recover its losses.
You can use your credit card company to obtain a cash advance which, in essence, is a loan. Oftentimes, your credit card company may send you checks that can written against your account. That is essentially what you are doing when you take a cash advance from your credit card company. You have already been approved for the credit card. Your credit card company does not care if you have a job when you take the cash advance. You will have to be careful because your credit card probably has a high interest rate and, possibly, extra fees if the cash advance is not paid off in a timely fashion.
An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan.
An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay.
The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.
Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.
Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.