In 2020 alone, more people became unemployed overnight than any other time since the Great Depression. That left many families struggling to make ends meet. And without a proper lifeline, lots of them fell victim to poverty.

Unemployed people make a large portion of our population. But their inability to keep earning a livable wage doesn't mean they're stripped of all buying power. In fact, even non-working adults can find extra money lying around if they look in the right places.

Unemployed? Need Money? Here's What To Do

If you answered "yes" to these questions, then you're just like the rest of us. Being unemployed can really sting, especially if you have several debts to pay each month. It doesn't take long for the late fees to pile up and begin damaging your credit report. That's why so many people seek title loans when they're short on cash or between jobs.

What Is a Title Loan?

Lots of unemployed need money urgently, and if that’s the case, title loans might be a good option. A title loan is a secured form of lending that uses the borrower's vehicle title as collateral. Unlike traditional bank loans, borrowers don't have to provide proof of income to qualify.

If you have a clean title without a lien or judgment on it, then you have fast cash sitting in your driveway. It may even be enough to make ends meet while you look for a new job. In some cases, borrowers can get thousands in exchange for their title. Plus, most borrowers get to keep possession of their vehicle while the loan is in effect.

The 5 Benefits of Using Title Loans for Fast Cash

You could always ask your friends for money. Surely your extended family wouldn't mind giving you some cash. However, for some, those avenues of respite can be too embarrassing. Plus, many people prefer not to mix business with pleasure. So, their best option is usually taking out a title loan if they are unemployed and need money ASAP.

It may seem like a counterproductive move to those who don't understand what happens. Title loans can provide people with fast cash at reasonable rates, all without requiring a copy of their paystubs, bank statements, or tax returns. There's no hard inquiry to their credit report either, so the entire process is beneficial. Here are 5 more perks to the path, in fact:

1. You Get Instant Access to Substantial Cash

This form of funding is helpful if you are unemployed and need money, because it gives more than just a couple hundred bucks. Depending on the state you live in, your car's title could be worth several thousands. Then, add in the fact that you get access to the money within hours of being approved, and you've got the answer you've been looking for since you lost your job.

2. The Application Processing Times Are Short

Sometimes unemployed need money urgently but don’t see the options better than a traditional bank loan. This might not be the best idea, because usually, it takes much longer to get approved for a bank loan versus a title loan. In most cases, borrowers get an answer back on their application within just a few minutes.

Seldom does it take longer than a couple of hours to find out if you're approved or denied. As long as you show up with the proper documentation and have a clean title that's registered in your name, you should be able to walk out with a plan on the same day you apply.

3. Applicants with Bad Credit Are Considered

Oftentimes, bank loan applicants are unemployed and need money, but have a low credit score or non-existent credit history. With title loans, this problem doesn’t exist, especially if you choose Carolina Title Loans, Inc. as your lender. The only things we require are:

• Your driver's license or a state-issued ID
• The car's title without a lien or judgment
• Your vehicle for on-site inspection

4. It's Easy to Pay Back the Loan

With Carolina Title Loans, Inc. paying off your loan is easy and hassle-free, as we try to do everything possible to help you out when you’re already struggling financially. So, if you run into an emergency that makes it hard to make your regular payments on time, all you need to do is to contact us – and we will make adjustments to your repayment plan to take off some weight from your shoulders.

5. You Can Apply Online

Traditional banks usually ask that borrowers come into the bank for negotiation. However, getting a title loan with Carolina Title Loans, Inc. is a much simpler process. You can start the process without ever leaving your house. That provides borrowers with more privacy, which is important for someone already struggling financially.

When Unemployed with No Money, Get Title Loans

If you’re unemployed and need money now, don’t get in despair, as there is always a way out! You can get cash for title to your car, and with Carolina Title Loans, Inc. you can receive it in as little as 30 minutes!

 

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