Getting a loan without a job can be frustrating and seemingly impossible. There is an expectation from most lenders that require you to have a regular salary in order for you to be a suitable candidate for a loan.
But it is important to know that even If you don’t have a job, there are other options than the banks when it comes to obtaining a loan. Many independent lenders offer small cash loans, fast cash loans and even Pawn Loans. In this blog, we’ll take a closer look at Pawn Loans and show you how to get a loan without a job.
What is a Pawn Loan?
We’ve all heard of pawnbrokers, where you can take in your TV, guitar or just about anything that has resale value and get a small loan against the item. Pawn Loans from independent lenders work on the same principle but on a grander scale. In fact, Pawn Loans are often anywhere from $2,000 right up to $500,000.
Here are some items that you can get a loan against:
- Other vehicles
- Valuables such as jewellery or a luxury watch
- And more…
Some entities even allow you to borrow money against a business asset. So long as you own outright an item of value to leave with the lender until you pay back your loan, you can get a Pawn Loan.
If you’ve been wondering how to get approved for a loan with no job, a Pawn Loan is one of the very best options available.
No Employment Check Necessary
With traditional loans, you not only have to prove your identity, you also have to be able to prove an income. This means bank statements and payslips if you earn a regular wage or, if self-employed or in business, also provide reams of paperwork from your accountant. If you’re out of work, there are fewer options available when it comes to the traditional banking sector.
With a Pawn Loan, so long as you own something of value, you can borrow money instantly even if you’ve been unemployed for a length of time. The assurance you’ll repay the debt is the item you leave with the lender. Let’s say you get a Pawn Loan against the value of your car for $5,000. Once the loan has been repaid in full, your car is returned to you in the condition it was when you took out the loan.
A Pawn Loan is Perfect when Life Throws You a Curveball
No one can predict the future, and sometimes things crop up that you have no control over. These situations can be extremely stressful if you’re out of work, so it’s reassuring having the option of emergency loans with no job available.
You might find yourself faced with a bill you weren’t expecting, or it could be some sort of medical emergency. A fast cash loan in the form of a Pawn Loan will be enough to get you out of a tight spot and back on your feet again. It’s all about having the necessary cash flow to get on top of a situation.
Peace of mind about finances when you’re out of a job is not easy, but knowing Pawn Cash Loans are available without the need of proving your employment, sure helps keep the stress levels down.
No Credit Checks are Required
When seeking finance, being out of work is just one hurdle. The other can be credit checks when you don’t have a perfect credit score.
Once again, this doesn’t present a problem when you apply for a Pawn Loan from an independent lender. No credit checks are necessary and none are performed. You put up your vehicle or another item of value as collateral and you’re good to go. You’ll also very likely get the cash the same day if you apply early.
If you’re out of work and need money fast, you do have options available to you in the form of a Pawn Loan from a reputable lender. Application is easy, fast and hassle-free and there’s no need to prove you have an income or show recent payslips.
So long as you have an item of significant value – such as a vehicle or valuables – to lend against, you’re almost certain to secure a Pawn Loan.