Unemployed and Need a Job? Here's How Title Loans Help

Millions of people are unemployed in the United States, with even more people struggling to find work because of the pandemic. However, the bills never stop coming because nothing in life is free. So, what are those folks supposed to do when the debt collector comes knocking? As it turns out, many of them are searching for title loans near me, and taking out loans to make ends meet.

Learn How Title Loans Near Me Can Get You By:

Why Unemployment Makes You Ineligible For Most Loans

Banks and lending institutions want to know that borrowers can pay back their loans, so they put applicants through an intense vetting process. That process involves checking bank statements, tax forms, and pay stubs - three things that an unemployed person may struggle to maintain. Thus, it's almost impossible to get a traditional loan when you're out of a job.

Furthermore, a low income is enough to get some borrowers rejected for important loans despite tax forms and pay stubs. Even if you have a job and get paid regularly, your debt-to-income ratio and credit scores are also considered. So, getting approved for bank funding is often the last thing people do when they're struggling to make ends meet.

3 Reasons You Might Need A Loan Right Now

Despite all the challenges and pitfalls of traditional funding, losing your income can cause major problems - most of which need quick answers. Money makes the world go around, even if you don't have a job. So, a lot of people find themselves desperately seeking solace when one of these three things happen:

• There's no money left to pay the rent or mortgage.
• The utility bills are mounting and facing shut-off.
• Basic living expenses have become too much to manage.

Being unemployed causes countless issues and may even lead to despair. Thus, a lot of people get creative in times like these. They search for alternative funding options, like title loans online that don't require pay stubs, tax forms, or extensive credit checks. In many cases, that means looking a little closer at title loans, leading you on your search for “title loans near me”. So if you lost job need loan money, keep reading about how you get fast cash.

Before Searching, “Title Loans Near Me”, What Are Title Loans?

Title loans are a more convenient form of secured funding that don't use your personal information as collateral. Instead, the borrower simply trades their lien-free car title for a lump-sum of cash. The lender then sends that cash directly to the bank for immediate use. Therefore, unemployed people without a paycheck to show rely on this option heavily.

When searching “title loans near me”, you’ll find that the best part about title loans is the fact that most borrowers get to keep possession of their car while the loan is in effect. Lenders often have flexible repayment plans too. Plus, the application process is much simpler than traditional bank loans and approvals are usually provided within less than an hour of submission.

NOTE: Each state has its own regulations and loan caps, so ask your lending agent for more details.

How Title Loans Can Get You Through Unemployment

Because car title loans are so easy to get while providing substantial amounts of money, they offer benefits that can't be found with traditional bank funding. Moreover, title loans take the guess work out of getting paid. Here's what else they do:

1. Simplify The Application Process To Help Relieve Stress

Quick and easy money is what most people are looking for when they're out of work, which is what can lead them on their internet search for “title loans near me”’. Nobody wants to fill out several lengthy applications just to get denied, which is why this is a favored process among stressed out people who desperately need cash. Borrowers simply apply online, meet with a lending agent, and then sign their paperwork. That's it.

2. Streamline Lending Practices For More Rapid Responses

Because a title loan doesn't require as much paperwork as a traditional loan, it doesn't take as long for approvals to come back. In fact, most applicants get an answer in less than an hour. So, no more waiting around putting multiple irons in the fire while panicking. If you meet all of the qualifications (which are few), you can pay the bills today.

3. Fast Cash When You Need It The Most

Landlords and mortgage lenders won't wait for their money. They don't care if you're struggling as long as they aren't. So, there's no time to wait for the bureaucracy to clear its schedule or lower its standards. Evictions are real. Repossessions are real. And your need to make ends meet is real too. With this option, you no longer have to risk losing everything. And title loans are good for loans for the unemployed with bad credit too.

TIP: Do a quick search for "title loans near me" to find the best lenders in your area. Look for a business with positive reviews, friendly customer service, and online application portals.

The Takeaway

Being unemployed is a major source of stress, but you don't have to worry about money anymore. With title loans, quick cash is just a few clicks away.

No one anticipates being out of work, short on funds and struggling. If this pandemic has taught us anything, though, it is that it is better to be safe than sorry. Whether you’re currently in need of a title loans near me, take a look at what missourititleloansinc.com can offer you when you need extra cash to get by.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.