How To Find A Title Loan Lender That Doesn’t Require Proof of Income
There are many occasions in life where you might find yourself needing a quick, convenient infusion of cash. Maybe you had a bill come up under short notice, or perhaps you have a business opportunity that you’d like to capitalize on. Generally, people will opt for a traditional loan, but these lines of credit are subject to proof of income requirements, credit checks, and other obstacles. You might be able to find the money you need by applying for a title loan.
Is it Possible to Get a Car Title Loan Without Any Income?
It might not seem possible to apply for a loan without any income, but many lenders will provide such services. When it comes to applying for a loan, the reason that proof of income is usually necessary is that the lender needs to mitigate their risk.
By placing a lien on your car title, they mitigate their risk on account of the fact they’re able to keep your property if you fail to repay the loan. That said, lenders still want you to repay your loan more than they want your property. Some evidence that you can repay the loan is desirable for title loan lenders, but they’re more lenient than traditional options. As such, non-traditional sources of income may satisfy them.
What Type of Income Can Qualify For A Title Loan?
If you don’t have a paycheck, you might have a hard time qualifying for most loans. With a title loan, you can leverage more unconventional sources of income. Given the fact that more and more people make a living through the gig economy each year, the pragmatism of title loans and even auto pawns on this front is different in each scenario. However, there are many other sorts of income that might help you qualify for a title loan.
Passive income from investments can also be sufficient to qualify for a title loan. While it may sound strange for someone who owns capital to turn to a title loan, many people have found themselves in just such a scenario since 2020. Even the most diligent saver can find themselves unemployed from time to time, and emptying your savings or selling off assets to pay for a surprise bill is far from appealing. In this scenario, you can apply for a title loan without a job and pay the costs over time instead of disrupting your finances.
Ultimately, basic proof of income will generally make a title lender happy. If you draw unorthodox sources of income, receive money from family, the details generally shouldn’t be too problematic. As long as you have bank statements that show you consistently have enough money coming in to make the payments on the loan, that should be enough.
Drawbacks to Title Loans Regardless of Income
Now, it’s necessary to be transparent about the risks of title loans. Applying for a title loan might delay the underwriting on your car, for instance. Likewise, all of the advantages of an online car title loan such as potentially favorable interest rates and low thresholds of eligibility come with one big drawback. Namely, the fact that you’re putting your car on the line if you fail to make the payments. It goes without saying that losing your car is a big deal and that you shouldn’t rush into a title loan if you don’t feel you’ll be able to pay it back.
Even so, online title loans do fill a valuable niche for those who are down on their luck, temporarily unemployed, or simply need cash fast. Most people are going to have difficulties qualifying for more traditional forms of borrowing and secured loans are in high demand in 2021. Make sure that you find a trustworthy lender nearby if you want to apply for a title loan. It’s best to start by comparing title loan companies to find the best rates and payoff terms for an offer in your state.
Find A Title Loan Near Me That Offers Title Loans With No Income Requirement
Premier Title Loans is dedicated to providing fair, honest title loans to qualified individuals all across the country. You can meet with us in person to discuss in further detail how we can help you get a loan if you can’t verify your income. If you’re looking into applying for car title loans near me with or without proof of income, then get in touch with us or fill out our form online. The process can be as quick as a few minutes, and you may have your cash within a single business day.
Jessica has blogged about the title loan industry since 2012. Before that she managed a team of customer service representatives for one of the largest payday loan companies in the US. Since coming to Premier Title Loans she’s overseen our sales and marketing department and looks forward to educating consumers on their different financing options. Jessica is always open to feedback and questions that relate to short term loans!