Are There Loans For Gig Workers?
As a gig worker, it can be difficult to qualify for a loan since your job schedule isn’t exactly consistent. Even so, there are loans for gig workers; you just have to know which loans are available for you.
Read on to learn about the loan options for gig workers in 2022.
Why People Don’t Know About Loans For Gig Workers
Many traditional loan types require stable proof of employment in order to qualify. For example, most bank loans require you to have a stable income that pays around the same amount on a consistent basis. To most lenders, proof of employment means that the individual is more likely to pay off the loan.
As a gig worker, many individuals do not have the luxury of having a consistent income. Even if the gig worker is perfectly capable of paying all their bills and creating a savings account, this lack of a consistent income is worrisome to many banks and lenders.
As such, these lenders often reject gig workers, out of fear the inconsistent payments will cause them to miss their payments.
Obviously, this is a big problem for gig workers, especially those who are responsible and always pay their bills and debts on time. Even if you are one of these gig workers that are very responsible with money, it can still be difficult to get a loan.
Are There Loan Options For Gig Workers?
Despite it being so difficult to find, there are loans for gig workers available. These loans will rely on factors other than proof of employment, such as collateral, in order to determine your eligibility for the loan.
In other words, many secured loans are an option for gig workers. Secured loans are those that are backed with some form of collateral. Unsecured loans, in contrast, rely primarily on your work, credit history, and proof of income. As a gig worker, you should look for secured loans specifically since you are more likely to be approved for these loans.
Online Title Loans For Gig Workers
One loan type available for gig workers is online title loans. Online title loans use your vehicle’s title as collateral when determining the loan amount and eligibility. Because these loans use your title as collateral, they are a form of secured loan.
Whether you are a gig worker or have a standard nine to five job, you can apply for title loans as long as you have a valid title.
Why Title Loans Are An Option For Gig Workers
The reason why online title loans are an option for gig workers is that your employment status does not matter when determining if you qualify for this loan type. Instead, you need to have a lien-free title to your name to get approved for a title loan. If you have this, you can apply for title loans, even as a gig worker.
About Title Loans
As mentioned above, title loans use your vehicle’s title as collateral. The amount you are approved for is dependent on the value of your vehicle, but Cash Cow offers loans up to $1400.
Even if you need money fast, title loans from Cash Cow are an option for you. The in-person application process can be completed in just 30 minutes. If approved, you can actually get your title loan money the same day or the next business day.
In order to qualify for title loans from Cash Cow, you will need a lien-free title, in addition to your driver’s license and your vehicle for inspection. If you are approved for a title loan, you will still get to drive your vehicle as usual while paying back the loan.
What About Credit History?
When applying for a title loan from Cash Cow, your credit history is not much of a factor. On the contrary, you only need the three items mentioned above in order to qualify. As a result, you can get approved for a title loan from Cash Cow even if you have bad or nonexistent credit.
How To Apply For A Title Loan Online
If you are interested in applying for a title loan online, all you need to do is go to Cash Cow’s home page. There, you will find an inquiry form to fill out. This inquiry form will be sent to us so we can give you a call and set up an appointment. During this phone call, we will walk you through the rest of the online process.
Apply For A Title Loan Today!
If you are a gig worker, you know it can sometimes be difficult to get approved for a loan. However, title loans are often an option. Learn more about title loans by filling out the Cash Cow inquiry form. We will get back to you shortly.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.