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Inquiring About Title Loans With No Income Is Easier Than You Think
Most people will encounter a challenging financial situation at some point in their life. Perhaps you got laid off recently, or can no longer work due to other circumstances. Whatever the reason, not having a steady income from a job can put an enormous strain on every aspect of your life.
If you don’t have a steady income in the traditional sense and need access to funding quickly, you may think there are no options available. The good news is that you can inquire about a title loan using your car’s title as collateral for funding!
You can show proof of income in many alternative ways outside of having a steady job. Learn how to get a title loan without payment from a traditional career!
How Does a Title Loan Work Without Income?
Title loans work by allowing you to access the amount of available equity in your car. The loan is secured through your car’s title, which makes it collateral for the loan. Title loans are considered secured loans because they use a physical asset as insurance for funding.
Unsecured loans, like traditional bank loans, are much more challenging to apply for, because they solely rely on a person’s credit history for approval. If you have bad credit, big banks may deny you funding because they don’t trust that you will be able to make payments on time. If they approve you, they might add on high interest rates or hidden fees, which can make your financial situation even more stressful.
With a title loan, lenders will consider your credit history. However, these factors are the focus of the approval process:
- How much value is in your car
- If you have the right income to repay the loan
If you miss monthly payments, you risk having your car repossessed. However, that is typically the last resort for any lender! If you get approved for a title loan and worry about making payments, simply communicate your issues to your lender. Just reach out and explain your circumstances. You may be able to renegotiate your loan terms or refinance it.
Title loans are an excellent option for people with bad credit or unconventional finances because they have flexible loan terms!
Why Does Income Matter with a Title Loan?
You may be wondering why income matters when applying for a title loan. The answer is simple– lenders want to ensure qualified borrowers have the means to repay their funding. But, you don’t need to have a 9-5 job to qualify for a car title loan- alternative forms of income can also be accepted!
Perhaps you work for a food delivery app, run an online storefront, or do handyman jobs around your town. There are many ways to collect income without working a traditional position! You may collect revenue without working because you get Social Security checks, disability checks, or lawsuit settlement funds.
Below are examples of alternative forms of income proof you may use:
- Worker’s Compensation
- Social Security Benefits
- Alimony and Child Support
- Lawsuit Settlement Funding
- Disability Checks
- Property Owner/Landlord
The approval process for a title loan is typically much more flexible than a traditional loan. If you’re curious about your circumstances, you can ask during your inquiry process by reaching out to a title loan representative, like the ones at LoanMart!
Inquire About Title Loan Funding Today!
Most things in life require access to money, which is essential for survival. If you’re not working a traditional job at the moment but still need access to quick funding, you may feel like you don’t have options. Don’t forget that you can always use the value of your car as collateral for financing from a lender!
Inquiring about a car title loan could help you access money when you need it most. Don’t let the stress of not having traditional income overwhelm you– you can apply for a title loan online to help pay for unexpected expenses, last-minute travel plans, or home improvement projects you’ve always wanted to do. Getting approved for a title loan without income is easier than you may think!