Title Loans with No Income Verification
Many people face financial hardships from time to time that they cannot cover on their own. So they start looking for the right type of financing, which can be difficult with bad or poor credit. Can you find a way out in this situation? Certainly!
A Title Loan is a simple and secure type of financing that is suitable for people with any type of credit. Even if you don’t have a traditional source of income at the moment, you can still apply and receive money for your needs.
WHAT SHOULD I KNOW ABOUT CAR TITLE LOANS?
A Title Loan is a simple secured type of financing that provides borrowers with almost any type of credit the opportunity to apply for and receive financing. Since the Title Loan is secured, your vehicle title will be collateral for the loan. You will have to hand it over to the lender until the debt is fully paid off, after which you can get it back. Since your loan is collateralized, lenders offer relatively low interest rates.
The repayment period of the Title Loan is usually about 30 days. Therefore, you must make sure that you can cover the debt before you apply.
CAN I GET A CAR TITLE LOAN WITH NO INCOME VERIFICATION?
Many people do not have a traditional source of income, but like everyone else, they face urgent difficulties. More often than not, these borrowers feel that they are not eligible for funding. So, is it possible to get a title loan without a job?
Yes, you can get it. Even if you are not currently employed, this does not mean that you do not have a source of income that will help you pay off your debt on time. You must understand that it is important for the lender that you have the money to cover the loan debt. Thus, if you have no income, but you receive other recurring payments, you can get a loan.
WHAT CAN I USE AS PROOF OF INCOME IF I DON’T HAVE A TRADITIONAL JOB?
First of all, you should pay attention to the fact that proof of income is not the same as proof of employment. This is why even if you are not employed but can provide proof of regular monthly payments, you are eligible for a Title Loan.
The next question from potential borrowers is usually “what can you use as proof of income to get a Title Loan?
Most often, title lenders accept the following types of income:
- Under the table income
- Social Security Benefits
- Unemployment or disability benefits
- Inheritance
- Annuity
- Settlement
- Trust fund and so on.
Thus, if you receive these or other payments, you will most likely be able to get a loan.
HOW DO TITLE LOANS WORK?
First of all, you need to visit the site of the selected lender and fill out a simple online application, providing information about yourself. After you submit the form, the lender will contact you and you will need to bring your car to the nearest location. Experts will carry out a physical inspection of your car, paying attention to the make, model, mileage, condition, cost and others.
Then the lender will offer you the loan amount, and if you are satisfied with the offer, you can transfer the title to the lender and receive the money.
WHAT ARE THE REQUIREMENTS TO OBTAIN A TITLE LOAN WITH NO INCOME VERIFICATION?
Since each lender has its own eligibility criteria, you should pay attention to the main ones and make sure that you meet:
- Be a US citizen or official resident who is at least 18 years old
- Have a regular monthly income (you don’t need to be employed)
- Have an active bank account
- Provide proof of identity
- Provide an active bank account
- Provide social security number
You must also provide vehicle documents such as original vehicle title with solo ownership, a current registration, government-issued identification matching the name on the title, insurance proof, and proof of residency matching the name on the title.
