One of the most difficult parts about getting a loan is the application process. Lenders often go over your financial situation with a fine-toothed comb, looking for any reason to deny your application. If they don’t think you have sufficient income, you could be out of luck. Fortunately, there is an alternative available, as you […]
One of the most difficult parts about getting a loan is the application process. Lenders often go over your financial situation with a fine-toothed comb, looking for any reason to deny your application. If they don’t think you have sufficient income, you could be out of luck. Fortunately, there is an alternative available, as you can get title loans without proof of income.
There are plenty of low income title loans available, and you can get your loan money quickly. Read on to learn more about how title loans work, where you can get one and figuring out if it’s right for you.
Finding Low Income Title Loans
With most lenders, proof of income is a standard part of the application process. Every prospective borrower must include either a few recent paystubs or a tax return to verify how much money they make. The same isn’t true when it comes to title loan companies, because title loans that don’t require proof of income are the norm.
One of the major benefits of title loans is how little you need when it comes to documentation. Most title loan companies require only three items:
- A government-issued ID verifying that you are at least 18 years old
- A car title
- A car
For your typical title loan, you need to own the car and it must have a lien-free title, but there are other title loan options that don’t require the title to be lien-free.
As you likely noticed, proof of income wasn’t listed above, and that’s because most title loan companies don’t require it. Now, this does depend on your state. Every state has its own title loan regulations, and a couple of them require all title loan companies to get proof of income and verify that the borrower can pay back the loan.
Even in those states, title loan companies usually are more flexible than other lenders in terms of issuing loans to borrowers with low income. If your income has been too low for other types of loans, a title loan could be just what you need.
Factors That Go into Title Loan Approval
Unlike other types of loans, a title loan doesn’t depend on how good your credit score is or how much money you make. Instead, lenders are looking at your car and how much value it currently has.
The usual title loan process goes as follows:
- You go into the title loan company’s office and fill out the requisite loan paperwork.
- The title loan company pulls up your car in a vehicle value guide using its information.
- The title loan company combines the information from the value guide with a brief inspection to decide on your car’s current market value.
- You give your car title to the title loan company.
- The title loan company lends you an amount based on what your car is worth.
The maximum amount the title loan company will lend you is a portion of your car’s value, with most lenders offering 50 percent of the car’s current value at most.
If you have a bad credit score, it won’t matter. In fact, there’s not even a credit check during the title loan application process. If you have low income, it will only play a part if you’re in one of those states that requires borrowers to get proof of income. Even then, you’re likely to get approved for a loan, and your income will just affect the amount.
Finding a Title Loan Company
Once you’ve decided that a title loan is the right choice for you, the challenge is finding a lender in your area. Performing a search could result in all kinds of listings, and many of them will be for lenders that aren’t even nearby. This is inconvenient and wastes your valuable time.
A simpler option is going through our online application. It only requires some basic information about you and your vehicle. After you submit your application, we’ll look through our database of lenders to find title loan locations nearest you. We’ll tell one of our helpful loan representatives to follow up with you right away and provide the information of a title loan company in your area.
The online application takes just a minute of your time, and it will take the guesswork out of finding a lender. All you need to do once we connect you with a lender is go to their office and get your loan.
Title Loans for a Financial Boost
When you need a quick influx of cash to deal with an expense but you don’t make much money, low income title loans are an excellent option. You can get your loan the same day that you apply for it, and it often won’t even take an hour at the lender’s office. You’re not impacting your credit at all since there’s no credit check, and you won’t need to worry about digging up financial documents to get your loan.
Benefits of Title Loans
If you have been looking for a title loan, you could be hoping that it will help you get the money that you need to handle your bills or some unexpected expenses that might have popped up. However, you could be wondering if these loans are actually a good idea. These are some of the benefits of taking out title loans.
They’re Easy to Get
For one thing, getting a title loan is quite easy when compared to some of the other types of loans that are out there. It’s even possible to get a title loan without a job if you have a co-signer or if you have a non-traditional source of income. You don’t have to worry about getting turned down for things like having bad credit.
Even though your title loan term will generally last for 30 days, your lender may be flexible and may allow you to extend your loan if you need more time to pay it off.
They Can Be Used for Anything
Perhaps the best thing about a title loan is the fact that the funds can be used for anything. If you’re behind on bills or need extra money to handle a household repair, getting a title loan without a job or with a traditional income can help.