How to Get Title Loans Without Proof of Income
Getting a title loans without a proof of income is possible, but there are some requirements you’ll have to meet to make that happen.
One main requirement is proof of the ability to repay your loan. Such proof will be a bank statement, social security payments, and the vehicle title, showing you own it.
Even if you don’t have a proof of income, there are options available to you as long as you have an alternative source of income. Be responsible and make sure you have the ability to repay your loan
How to Get Title Loans Without Proof of Income in 4 Steps:
Here’s what you need to know about getting a title loan with no income in 4 steps:
Step 1: Consider all possible sources of personal income
Below you can find each of the sources of income explained, and how you are able to apply them as your proof of income for your title loan requirement:
Annuity
An annuity is a large amount of money that is invested to insure income for a specific time period. Your annuity can either start right away or start up later for future reasons. Most annuities are used to save up for retirement or to be used as income while in retirement.
Worker’s Compensation
Workman’s compensation is a type of insurance that will provide wages and some medical benefits to personnel who have been injured while working.
Settlement/Court-ordered Award
Companies sometimes avoid long court hearings, by offering the other party monetary settlements. Court-ordered awards are similar, being that the company has to pay them. However, it is usually done after the person was found guilty.
Inheritance
Inheritances can provide a steady source of income and can become proof of your income if you do not have any other sources.
Severance Pay
Severance pay is an amount of money paid to an employee once they have been let go from a job.
Step 2: Check your state’s laws
Always check the laws of your state. In California, for the most part, all you need is a free title to a vehicle and proof of identification.
Even if your state doesn’t require lenders to ask for proof of income, day job or normal credit score many reputable lenders still do. Make certain you can qualify before you apply
Step 3: Compare lenders
Comparing lenders is always a good idea. Trusted leaders like 5 Star Car Title Loans are arguably among the best lenders to work within the state of California for title loans with no proof of income.
5 Star Loans Google Reviews
Step 4: Apply for the title loan
Once you have collected your documents and decided on a lender, you’re ready to begin the application process. You can get the ball rolling by calling one of our representatives who will gently guide you through the application process or use our online application.
Title Loans with No Income Verification: How Does This Work?
Car title loans with no income verification are a possibility. There are lenders out there that will be willing to help you out, but the process can be a little tricky.
Most of the time, when you go to work, you receive some sort of written proof that you’re earning an income through the work you perform. It could be a pay stub, 1099, a W-2 form, or something similar that shows you’re getting paid and making a living through what you do. However, circumstances may change depending on your present job (or lack of one).
If the company you work for can easily provide a letter with all the required information, you may be able to qualify for car title loans with no income verification even if your employment is not considered as valid or legitimate.
The Next Steps to Getting a Title Loan with No Proof of Income
A. Requirements for Obtaining a Car Title Loan with No Income:
Once you have the proof of income issue settled with the lending company, you’ll need to satisfy other requirements if your title loan is to be finalized. These requirements might include:
Being 18 years of age or older
Credit profile
Having a car with only your name on the title
A valid driver’s license
Proof of insurance on the vehicle
No liens on the title of the vehicle
If you satisfy all these requirements, you should garner approval for your title loans with no proof of income within a relatively short period. Otherwise, if you’re missing these items or anything else that the lending company deems necessary or appropriate, you may experience delays or an outright rejection.
B. Documents for Obtaining a Car Title Loan with No Income:
Again, for the most part, all you’ll need is the free title to the vehicle and proof of your identification as well as any financial info you can provide.
Depending on your unique situation, here are some documents you might need when applying for auto title loans with no income:
ID
Pictures of car
Title
3 References
Email, address, employer details, other such details.
In certain cases, proof of residency
*Other documents may be required
Are You Ready to Apply for a Title Loan?
Now we’ve answered how you can get a loan without proof of income. If you’re thinking about getting a title loan or need more information about title loans with no proof of income, we are here to help you in any way we can.
We will go through the title loan process with you and work hard to make sure you get the best interest rates and repayment plan available.
Contact us now for an estimate or if you have any questions you need to be answered.
