If you currently don’t have a traditional source of income, this does not mean that you cannot get a Title Loan. You can provide proof of alternative sources of income and your application will be approved.
Car Title Loans for the Unemployed with No Income Proof
Since the Title Loan is secured by collateral, the lender has a kind of guarantee of its repayment. That is why even applications with bad credit are approved.
What is a Title Loan with No Job?
Title Loan is a simple short-term type of financing that helps borrowers with different types of credit get money quickly. However, it differs from other loans in that it is secured, which means you will have to provide collateral in order for your funding application to be approved. The title of your car will serve as collateral for the loan. Thus, you will need to transfer the title to the lender at the time of the debt repayment. That is why this loan is risky, because if you fail to repay the debt on time, the lender will be able to take your car in order to consolidate the debt on the loan.
Most often, the Title Loan is short-term, so the debt with interest must be paid in full within 30 days. The loan amount that you can get with this loan will vary depending on a large number of factors. Most often the lender will offer 25% to 50% of the value of your car. Thus, the more your car is worth and the better its condition, the more you will get.
How Can I Get a Title Loan Without a Job?
Of course, a regular monthly source of income is one of the main factors influencing the approval of any application. However, is it possible to get a loan if at the moment you do not have a traditional source of income? Of course!
If you are not employed, this does not mean at all that you do not have money to cope with your needs. In this way, you can provide proof to the lender that you have an alternative source of income that will help you pay off the car title loan with no income on time. What can relate to alternative sources of income?
- Alimony or child support
- Under the table income
- trust funds
- Disability benefits and so on.
How Does a Title Loan for the Unemployed Work?
First of all, you will need to visit the website of the selected lender and fill out a simple and convenient online application, provide the necessary data about you and your vehicle. Then you will need to visit the physical location of the lender and pass a vehicle inspection. The lender will then be able to offer you the loan amount. If it suits you, then you will be able to sign a contract and get financing. Then you will need to pay it in accordance with the loan agreement.
Requirements for a Title Loan with No Job
Of course, as with any other type of financing, you will need to meet certain eligibility criteria in order to receive a fast car title loan online. Most often, they are minimal, so almost any borrower who has a car title in his name can get this loan. However, it is still recommended to study them in advance in order not to have problems with obtaining a loan:
- Be a US citizen or an official resident who is at least 18 years old
- Have a regular monthly source of income
- Have an active bank account
- Provide ID
- Provide an active bank account
- Provide a social security number
Also provide documents for the vehicle, such as original vehicle title with solo ownership, current registration, government issued identification matching the name on the title, insurance proof and proof of residency matching the name on the title.