In 2020, more than 10% of the United States population became unemployed due to the COVID-19 pandemic. But even before that, being unemployed was not any easier. It has always been a major pain to lose your income, even if you have a lot of savings sitting in the bank. This often leads many people to try to get a loan while unemployed.

You might think that getting a loan while unemployed is counterproductive, but it doesn’t have to be if you know how to use the money you get correctly. It helps even more when the money is easy to get, which is the case when you apply for title loans online.

Understand your options before making sweeping judgments about financial strategies. For instance, there are several reasons why you might be able to make good use of a loan while unemployed.

Why You May Need A Loan While Unemployed

Here are 5 situations that you may have not considered. 

1. You Can't Pay Your Rent or Mortgage on Time

It's always difficult when you can't pay for your basic living expenses. You will be dealing with landlords or mortgage companies needing their money regardless of your employment situation. Failure to take care of your housing costs can result in an eviction or foreclosure. So you usually need to act fast to stay put.

NOTE: You might have to pay court costs if the property owner or bank files eviction paperwork.

2. Your Utilities Are About to Get Cut Off

Utility companies try to work with customers to keep electricity flowing to their homes, but there's always an end to the lengths they'll go to help. In other words, it's up to you to pay your bill before their services get disconnected.

NOTE: You'll get charged a reconnection fee if you let your utilities get cut off.

3. You're Too Sick to Earn Income

Another situation where an instant online title loan may be needed is if you get sick or injured. If you are already sick, you should stop pushing yourself even harder. It could make your condition get worse. It’s a no-brainer when it comes to listening to what the doctor says about your health to begin feeling better and be able to work again. However, while taking the time to heal, your bills may start piling up, and you may not have a solution in mind.

NOTE: You can call some creditors to get an extension on your bill while you're sick or injured.

4. You Have Some Must-Do Urgent Travels

Life is unpredictable but urgent travels from one place to another can be expensive these days. Between fluctuating gas prices, the cost of airline tickets, and hotel stays, going somewhere you didn't plan can dent your bank account.

NOTE: Create a small budget reserved just for urgent situations like this.

5. Your Credit Score Keeps Dropping

Because you haven't been able to pay the bills since you lost your income, the creditors will be reporting this to the credit bureaus. It is just how things go, they want their money, and you don't have any, so they mark it on your credit report, and your scores take a dive as a result.

NOTE: It only takes one late payment for your credit score to drop by several points.

You may be desperate for money, but you'd rather not create a snowball effect in your finances because of it. That is when taking a loan while unemployed becomes a reasonable option.

What Is An Option For A Loan While Unemployed?

Wise financial decisions are made when you have the correct information in mind. So, here's what you need to know about getting loans while you're unemployed. Banks probably won't even give you a chance, and your loved ones likely won't be comfortable lending you money without a job. So, a smart option comes in the form of a title loan.

An instant online title loan can provide you with instant cash despite your lack of income or lowered credit score. You also get to keep possession of your car as long as the contract remains in good standing. Plus, you don't have to wait through a lengthy application process to get approved, and you can receive up to $2,500 within 24 hours.

TIP: You must be at least 18 years old to get a title loan while unemployed in TN.

How to Get A Title Loan While Unemployed

To get title loans, you'll need to contact Tennessee Title Loans, Inc. You can follow these next three steps to receive the cash you need as quickly as possible.

Step 1: Apply Online or Over The Phone

Call or go to the website to fill out a short intake form. A loan representative should contact you within half an hour to give you further instructions. When you are ready, an agent will come to your location to complete the next steps.

Step 2: Provide The Requested Items

This is what the agent will need to see to qualify you for Tennessee title loans:

• Your vehicle for a quick appraisal.
• The lien-free title to it (in your name).
• Your driver's license or a government-issued photo ID.

Step 3: Get Paid

In some cases, you may receive your money through direct deposit on the same day you apply. So make sure you have some banking information on hand.

Getting A Title Loan While Unemployed Is Not Impossible

While traditional bank loans are probably out of reach without having a job, getting a title loan while unemployed isn't as difficult as you thought it was. Contact Tennessee Title Loans, Inc. and get a title loan today. 

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