Can I Refinance my Personal Loan when Unemployed?

March 13, 2019

Refinancing a personal loan involves taking out a new loan to pay off the existing personal loan. If are thinking about refinancing a personal loan but are currently unemployed, then you may be wondering if refinancing is even an option.

Refinancing a personal loan even if you are unemployed, although may not be easy, can be done. Let MaxCash explain how the process my go down.

Factors to Think About When Refinancing Your Personal Loan When Unemployed

If you are unemployed and thinking about refinancing your personal loan, there are a few things to keep in mind. When refinancing a personal loan, or any type of loan, it is important to improve the terms of the previous loan.

When refinancing a loan, borrowers typically want:

  • To lower the monthly payment
  • To extend or shorten the time to pay off the loan
  • To find a better interest rate
  • To find a more flexible repayment plan
  • To find a more flexible lender
  • To switch to another type of loan

Generally, the main goal with refinancing a loan is to find a new one that better fits your lending needs and finances. Additionally, it is important to think about whether you can afford the new loan comfortably.

The Importance of Income When Refinancing a Personal Loan

Even though being unemployed may not deter you from refinancing your personal loan, you will need to prove you have some sort of income.

Here are some alternative forms of income that may be accepted by lenders:

  • Permanent Disability
  • Social Security Benefits
  • Legal Settlements
  • Prizes, Awards, Or Other Settlements
  • Inheritances
  • Severance Pay
  • Annuity
  • Workmen’s Compensation
  • Income types that many lenders will not accept as valid sources of income:
  • Unemployment
  • Temporary Disability

How to Show Proof of Income When Unemployed

There are a few ways to prove non-traditional income to a lender. These documents could be used:

  1. Through tax information (W2 and/or your 1099)
  2. Through letters of income

Where to Look to Refinance a Personal Loan When Unemployed?

When looking to refinance a personal loan when unemployed, there are generally two ways to go about it:

Getting a Loan through a Direct Lender

A direct lender is one who gives out a loan themselves, if you do decide to work with a direct lender for refinancing, then you will have to find the lender yourself.

There are all kinds of direct lenders out there. Some have brick and mortar locations, some operate solely online, and other lenders provide both options.

Additionally, some direct lenders may only give out a certain type of loan for refinancing, while others may give out several different kinds of loans.

Getting a Loan through a Financial Connection Service

A financial connection service doesn’t give out loans themselves but connects those who qualify with reputable lenders. They usually work with all kinds of loans for refinancing, and usually operate over the phone or online.

What is the Better Option If I Am Unemployed?

If you are unemployed, the better option may be to refinance a personal loan through a financial connection service. This is simply because they have connections to numerous lenders who may be more flexible when it comes to a person’s employment status. Simply put, more numbers may mean more chances for eligibility.

Can MaxCash Help Refinance My Personal Loan If I am Unemployed?

MaxCash is a title loan connection service, who works with all kinds of lenders and all kinds of loans. Because of this variety, we may be able to work with several financial situations, including unemployment.

When it comes to refinancing a personal loan, we can help a person navigate through the process once they qualify. Here are some advantages that we offer:

  • Exceptional customer service
  • Years of experience in the lending industry
  • We do the search work for those who qualify
  • We are open 7 days a week and offer extended hours
  • We offer a variety of loans and a variety of lenders

Getting the inquiry process started through MaxCash is easy. Just get into contact with us via phone: 1-833-207-9052 or through email:

Many people choose to refinance their loans because they want to find a loan that fits their finances better than their existing one. If you are unemployed and are thinking about refinancing your personal loan, let MaxCash help you—we offer free financial guidance!

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1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

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Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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