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5 Myths about Getting Loans for Unemployed Workers

There is a lot of misinformation floating around the internet about loans for unemployed people. We decided to set the record straight and tell you the facts about the top five myths folks tend to believe about getting loans for unemployed workers.

So, let’s dive in and start busting those myths wide open!

Top 5 Myths About Getting Loans for Unemployed Workers

1. Unemployed People Can’t Get Approved for Loans

This is simply not true – there are plenty of opportunities out there offering loans for unemployed individuals. In fact, if you collect social security, receive alimony payments, or child support, then you can prove you have an income other than a full-time job.

However, even if you don’t have those sources of income streaming every month, there are other options for obtaining loans for unemployed people.

2. You Must Have Good Credit

Sure, good credit helps when applying for personal loans at banks. But you don’t need a perfect credit score to get short-term loans, like auto title loans. Plus, there are places, like Southwest Title Loans, that work with all kinds of credit. So, if you have bad credit or even zero credit, you can still qualify for a title loan and get approved.

3. There Are Tons of Hidden Fees with All Personal Loans

Again, this is simply not true. There might be lenders out there who have a ton of hidden fees or charge you for things you had no idea about. But just like everything else in life, there are some legit lenders as well.

For instance, getting a loan at Southwest Title Loans, Inc. is entirely transparent, and you only sign the agreement after you’ve read and comprehended the terms of agreement and discussed everything that seemed unclear with a loan representative. We won’t slam you with a bunch of hidden fees, and that’s the way every business should operate.

4. Getting A Loan When You’re Unemployed Will Hurt Your Credit Score

This, in fact, depends on who you’re borrowing from. Traditional bank loans as well as loans provided by certain lenders may affect your credit, but that’s not the case with title loans, especially if you apply through Southwest Title Loans, Inc. The reason why your credit score won’t be hurt is that Southwest Title Loans, Inc. doesn’t report to any credit bureaus. Your information is kept confidential, and you don’t need to worry about being exposed.

5. You Can Only Get A Loan from A Bank or Credit Union

Both banks and credit unions are one way of getting personal loans; however, they are NOT the only resources available to unemployed workers who need cash fast.

Most banks will have a long process and make you wait for an extensive amount of time before informing you of their decision on your loan application. If you get denied, you wasted all that time when you really needed to find a loan that gets you funded fast.

So, if you need money quickly, then using a place like Southwest Title Loans will be your best bet. They can process your application for approval and get you your funds in as little as thirty minutes.

What Is a Title Loan?

Title loans are short-term loans that provide people with money quickly based on the value of their vehicles. You will use your car as collateral to get the cash you need fast.

getting title loan while unemployed

You will be able to continue using your car as usual and just make payments on your title loan per the agreement you signed. Southwest Title Loans, Inc. can loan you up to $15,000 once your vehicle has been inspected.

Can You Only Get A Title Loan on A Car?

A great thing about getting a loan for unemployed, such as a title loan, is that all you need is to have a motor vehicle. If you own and have titles for other types of vehicles, then you can also get a title loan on them as well. With Southwest Title Loans, Inc. specifically, you can also get a loan if you own a truck or a van.

What Are the Requirements for Getting A Title Loan?

The process is quite simple, and you can quickly start it by clicking on the “Get Started Now” button located on the Home Page of Southwest Title Loans, Inc. website. This will bring up a short inquiry form to be filled out. Once you submit the form, a representative will contact you to go over your information and answer any questions you may have.

You Will Need to Provide the Following Details for Your Title Loan:

  • State Issued Picture ID or Driver’s License
  • Your Vehicle for Inspection
  • Your Vehicle’s Lien-Free Title

The approval process can take as little as thirty minutes once you have submitted all your required items for the loan application.

Get Started with Your Loan for Unemployed Now!

If you are concerned about how loans for unemployed people work and think you might be rejected for a traditional bank loan, consider alternatives, such as car title loans. It’s a simple solution that can provide you with the money you need quickly. So, don’t waste your time, and get the process started now with Southwest Title Loans, Inc.!

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

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.

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