Banks check your income and employment history to ensure you have your payment source. They want to ensure you can repay your loan before they give you the money. But there are loans with no income requirement, like the auto loans Saskatoon Saskatchewan.
Why Do Other Lenders Don’t Require Proof Of Income?
Secured loans with collateral assets do not require an employment history or proof of income. You already have your collateral, your home or car, as security for your loan. If you don’t pay, the lender will take your collateral. It is one of the reasons why you are eligible to get a car pawn loan even if unemployed.
Advantages Of Loans With Your Car As Collateral
- Borrowers can get a higher amount of money. You can get more money from your car if you have a high-valued vehicle.
- Processing of loans is more effortless, and approval is faster. It is because there are fewer requirements for a bad credit score auto loan than for traditional loans. Once you complete all the requirements, you can get your cash in an hour.
- No guarantors. There is no need for guarantors in car collateral loans. Your car is enough to guarantee your loan.
- You can still use your car for whatever purpose you want if you continue paying your loan. The financing company will let you keep your vehicle.
- Lower interest rate. One advantage of secured loans is that they have lower interest rates than unsecured loans. A borrower needs to get a loan with a lower interest rate to save on interest.
- No credit checking. It is best for individuals with poor credit history and has difficulty applying for a loan.
If you are unemployed and still looking for a job but desperately need a loan, Pit Stop Loans can give you as much as $25,000 in as little as 1 hour. Visit our website, or call us at 1-800-514-9399 for your inquiries.
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