Thousands of Unemployed Florida Residents Turn to Auto Equity Loans for Financial Support

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The University of Michigan’s U.S. Economic Outlook Report for 2013-2014 indicates a slight improvement in the national employment rate, but improvement grows so slowly that thousands remain jobless and turn to alternative methods to make ends meet. Pensacola Auto Equity Loans notes an increase in applications from individuals who are out of work or do not hold a job that pays all the bills.

Though the national employment rate is slowly rising, thousands remain jobless. According to the University of Michigan’s Report on the U.S. Economic Outlook for 2013-2014, a steady job creation increase this year helped lower the unemployment rate from 7.8 percent in the beginning of 2013 to a predicted 7.1 percent by the end of 2014. Although this is good news for Florida and the rest of the country, the job market will not improve quickly enough for each citizen to reap the benefits of affording bills and life expenses with ease over the next few years. Many turn to auto equity loans to help cover bills and life expenses when they are out of work. Pensacola Auto Equity Loans reports a large increase in loan applications in the past year due to Florida residents seeking quick, secured loans to help them when out of work or hold low-paying job positions.

Auto equity loans appeal to the unemployed primarily because they do not require credit checks. Often times, unemployed individuals simply cannot make ends meet and fall behind on their bills to a point that hurts their credit score. When they cannot take out loans from banks because of an ugly credit history, they take out an auto equity loan using their car title as secured collateral for the money they receive. Some even use auto equity loans to build up good credit to improve their negative score, and then take out another loan once they finish paying off the first as a credit enhancing tactic.

Contrary to popular belief, lenders offer very fair and flexible payment plans that cater to each borrower’s individual needs. Almost all borrowers end up paying off the loan fully, and as little as 6 percent of all borrowers do not. Pensacola Auto Equity Loans reaches out to those in need of quick financial relief and reports that while the unemployment rate and amount of unsatisfactory jobs remain high, the demand for auto equity loans grows across the state.

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Laura Janota
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