What Can I Use As A Proof Of Income for a Title Loan?
Even if you don’t have a traditional income, you can still qualify for the No Income Title Loan. Provide proof that you are receiving any regular payments such as under-the-table income, social security benefits, inheritance, and so on.
Emergencies happen to us when we least expect them. No one can predict an urgent medical bill or an emergency purchase. However, the situation becomes even worse if you are not currently employed. Many people believe that they will not be able to get a loan if they do not have a traditional income, but this is not true. If you own a car and its title in your own name, you can get a no proof of income Title Loan and meet all your needs.
What Is A Title Loan?
A Title Loan is a simple secured loan that provides borrowers with different types of credit the opportunity to apply and receive financing for their needs. The loan is secured by collateral so you must transfer the title of the car to the lender at the time the debt is repaid.
This loan is usually repaid within one month, but you can also find a lender who provides long-term Title Loans. Moreover, you don’t even need to have a good credit history and traditional income to get a loan!
Can You Get A Title Loan Without A Job?
Many borrowers are wondering “can I get a Title Loan without proof of income?” because they believe that it is impossible to get funding if they are not currently employed. However, more and more title lenders approve applications without proof of employment!
You must understand that “proof of income” doesn’t mean “proof of employment”. However, how can you get a loan if you are unemployed?
In fact, everything is quite simple. Even if at the moment a person does not have a job, this does not mean at all that he does not have the money to pay off the debt. Therefore, if you can prove that you are receiving regular monthly payments, your application for funding will most likely be approved.
Proof Of Income types
Different lenders accept different sources of income, but you can still pay attention to the main ones:
- Social security benefits. If you are receiving disability benefits or retirement benefits from the government, this qualifies as a source of income, so you are eligible for a Title Loan.
- Under the table income. Since not everyone has a traditional income, not everyone can prove it with. Thus, under the table income means that you receive cash for work or services. So, in order to prove this income, your employer needs to sign a letter stating your name, the services you provide and the compensation you receive.
- Inheritance or trust fund. If you receive this money on a regular basis, it can also qualify as income and be accepted by title lenders.
- Annuity. Surely you know that annuities are funds which produce a steady income for a fixed period. Some title lenders also accept this as a proof of income.
How To Get A Title Loan Without A Job?
Now getting a Title Loan without proof of income has become as easy as possible, since you don’t need to go to the lender’s store! Learn three easy steps to get OnlineTitle Loan No Income:
- Fill out the application and provide basic information about yourself and your car. Also, do not forget about the recent photographs of your car, which are necessary in order for you to be able to get the loan completely online.
- After the lender has studied your application, he will contact you to discuss the terms of financing and debt repayment. You can also ask all your questions.
- Once you have carefully reviewed the loan agreement and transferred the vehicle title to the lender, you will be able to receive a direct deposit into your bank account within one business day.