No matter how good your financial plans can be, everyone will surely encounter one form of financial difficulty or the other at one period in their lives.
With our daily living, there are many expenses that will show up and in cases like this, you need to sort things out.
Sorting things out becomes difficult if you don’t have the financial capacity at that moment. What do you do at this difficult time?
One thing you can do is look out for a reliable loan company and one of the fastest options available is car title loans.
What if I don’t even have a job or source of income? In reality, this kind of scenario can be devastating but not to worry, there is always a way out of every difficult situation.
This article discusses what options are available for individuals who do not have a source of income but desire to take out title loans, relax as we take a look at the options available.
Two things are important in getting approval for a title loan. The first thing is the equity in your car and the ability to show to your lender that you have a steady source of income to repay the loan.
Can I Get a Title Loan Without A proof of income?
You don’t have to be engaged with a job that pays you wages or salary to show proof of income. The regular 9 to 5 jobs pay you regularly but what of if you are a handyman or you are a Uber driver, or you are a stylist.
Providing proof of income doesn’t always mean providing a pay slip. You can be self-employed and still get to enjoy the benefits a title loan has to offer.
Some of the types of proof of income that is acceptable are as follows;
- Bank Statements or Tax Statements: Your bank statement can serve as your proof of income to secure a title loan. What the lender looks out for is to check out the inflows and how much you make from your businesses and other investments.
- Alimony: If you fall into the category of those getting alimony, you can use this as your proof of income when you apply for a car title loan.
- Child Support: Providing many of the things children need can be a burden, especially for single parents. Hence, if your child’s parents are on court-ordered child support, then you can use that as proof of income.
- Disability: If you are receiving some benefits as a result of your disability, you can provide your disability check stub to serve as your proof of income.
How to Qualify for a Title Loan Without Income
If you don’t have a job at the moment but you own a car free and clear and you can prove to your lender that you can repay the loan, then you may qualify for a car title loan.
Not having a paying job shouldn’t be the end of life as long as you have other means of earning a living and these means are verifiable.
To qualify for a car title loan without proof of income, you must provide other additional documents such as a photo ID issued by the government, references, proof of residence, and a car title in your name.
Contact us today, we are here to help you to get the most money on your vehicles title.
