If you are in urgent need of money to meet your needs, you are likely to consider various options. At the moment, title loans without income verification are the easiest and safest way to get money when you don’t have any savings. However, which option to choose? If you have a car title in your name, then getting financing won’t be a problem for you. Lenders work with different types of credit, so even if you had problems paying your debts, you can all get a loan. However, many borrowers want to know if they can get a Title Loan without proof of income. Keep reading to find out the answer to this and many other questions.
No Income Verification Title Loans: What You Should Know
A Title Loan is a type of secured loan that helps people with bad or poor credit apply for and receive funding to meet their needs. In the case of this loan, the title of the car will serve as collateral. That is why the main requirement is that the borrower has the title of the car in his name. He will need to transfer the title of the car to the lender at the time of the debt repayment. After the debt with interest is repaid, the borrower will be able to get the title back.
Most often, the Title Loan is short-term, so the debt must be repaid within 30 days. The loan amount will vary depending on your vehicle, its condition, cost, mileage and many other factors. Most often, lenders offer from 25% to 50% of the value of the car.
Is It Possible To Get A Car Title Loan With No Income Verification?
If you don’t currently have a traditional source of income and think you can’t get a Title Loan, then you’re wrong. For a title lender, the most important factor is the collateral. However, of course every lender also wants to know if you can repay the loan on time, so they need some proof that you have the money.
How Can I Prove That I Can Repay My Loan On Time?
In order to show the lender that you can really pay off the debt on time, you will need to provide an alternative source of income. Below you can explore the main ones.
- Social security benefits. If you receive disability or retirement benefits from the government, this is considered a source of income, so you are eligible for a Title Loan.
- Under the table income. Of course, not everyone has a traditional income. Thus, some people receive cash for the services they provide. So, to verify this income, your employer must sign a letter stating your name, the services you provide, and the money you receive. This way it will also qualify as a source of income and you will be able to get money for your needs.
- Trust fund. If you receive this money on a regular basis, it may also be considered income and accepted by title lenders.
- Annuity. Annuities are funds that generate a stable income over a certain period of time. Some lenders also accept this as proof of income, so you should check with your lender or loan company before applying.
Requirements To Get A Title Loan No Income Verification
As with any loan, in order to receive a Title Loan, you must meet certain eligibility criteria in order to be able to apply for and receive funding. It’s also a good idea to check your state’s laws to make sure you can apply. The main requirements are the following:
- 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
You must 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.
Can I Get No Income Title Loan with No Credit Check?
If you have a bad or poor credit history, you probably know how difficult it can be to get financing. What’s more, the bank or credit unions also very often reject applications from borrowers with bad credit. However, can you get a Title Loan if you have had problems paying off debts?
Yes, title lenders currently work with different types of credit. Thus, even if you have a bad credit history, then the loan is still available to you. Moreover, more often than not, title lenders do not traditionally ask for a credit check at all when approving your application because the loan is secured.
How Can I Get Title Loan No Proof of Income?
- Fill the form. Visit the website of the selected lender and fill out the form, which will take you no more than 10 minutes. You will be required to provide basic information about you and your vehicle.
- Wait for the lender’s response. It will take some time for the lender to approve your application and make sure you meet the basic eligibility criteria. Most often it does not take more than one business day. Next, he will contact you to discuss the terms of the loan and the debt repayment.
- Get money. After you transfer the title of the lender, you will be able to receive the money. The loan amount will be transferred directly to your bank account.