If you do not work a regular 9-5 job, it may be tough to qualify for many types of loans. Luckily, you do not need traditional employment to qualify for a car title loan!1 It is possible to get a title loan without a job if you meet these other requirements:1
- Have a Steady Source of Income or Alternative Income
- Have a Qualifying Car With a Title in Your Name
Title loans can offer one of the most flexible approval processes when it comes to loan options! Even if you do not have a traditional income, you may still qualify for the financial help you need.
How Do Title Loans Without a Job Work?
Title loans are an alternative loan option that can allow borrowers to secure funding with their car’s title. For a title loan, the car’s title will be the collateral for the loan.
Collateral-based loans are secured loans, and can offer borrowers a lot of benefits, including:
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- A Flexible Approval Process
- High Approval Rates, Even Without a Strong Credit History1
- More Funding Available than Through an Unsecured Loan1
With a title loan you are essentially borrowing off the equity in your vehicle, and the more it has, the more there is to borrow from.1
Since title loans use collateral to secure the loan, they become a lot more flexible in the approval process. This alone can make them quite popular among borrowers that have poor credit, since collateral is used to lessen the risk to lend to a someone without a strong credit history. Title loans can be a great resource to use to get the fast cash you need to get back on your feet!
How Can I Get a Title Loan Without a Job?
Title loans can be flexible during the approval process and accept many different types of income! They often also accept borrowers without a strong credit history and allow borrowers to get a title loan without a job.
Instead of focusing on just on credit, title loan providers will also focus on these two factors for loan approval:
- The Borrower’s Ability to Repay the Loan
- The Value of the Car Being Offered as Collateral
If you have a vehicle with equity in your name and a steady source of income, qualifying for a title loan can be easier than you think. While proof of ability to repay the loan is required, alternative income and other forms of income besides a job can be accepted!
Some of the most common forms of alternative income that are accepted during the title loan approval process are:
- Worker’s Compensation
- SSI or Disability Income
- Retirement Income
- Annuity Payments
- Pension Income
If you have some acceptable form of alternative income, it is possible to get a title loan without a job.1
What Documents Will I Need to Get a Title Loan Without a Job?
Title loans can offer a very fast and flexible approval process, but there are some documents you will need to submit during it. These documents can help a loan agent verify your information and speed the process along! Typically, you can expect to need:
- Proof of Income: Alternative income can be accepted if you have the required documents! Disability award letters, bank statements, etc. can be accepted as proof.
- Proof of Address: Utility bills, rental agreements, and recent credit card statements can be used to prove your address.
- Car Title: To qualify, it must be in your name. If it isn’t, let a loan agent know, and they may be able to direct you to through right steps to get it transferred.
- Photo ID: A government or state-issued photo ID is needed during the approval process as well. Most future borrowers will use their driver’s license or passport, but other forms of ID can also be accepted.
- Recent Photos of the Car: While most brick-and-mortar title loan providers will require an in-person inspection, there are online title loans that do not! ChoiceCash Title Loans can allow borrowers to skip the hassle by sending in a few photos of their vehicle and the odometer reading.
How Much Cash Will My Car Qualify for?
A borrower’s loan amount and the eligibility for a title loan depend mainly on these two factors:
- The Amount of Equity in the Vehicle
- The Borrower’s Estimated Monthly Income and Ability to Afford the Loan
While you can get a title loan without a job, your income will be used to estimate how much of a loan payment you can afford each month. That, and the value of your vehicle will determine what your loan amount can be! Typically, a borrower will receive anywhere between 25%-75% of their vehicle’s value.
What are the Benefits of Choosing Title Loans for Funding?
Car title loans can offer more to you than just cash! With loan options like ChoiceCash Title Loans, you can take advantage of these benefits:
- Keep Driving: While you are using your vehicle’s title to secure cash, you can keep your normal driving habits! If you make your loan payments on time and consistently, you can continue driving your vehicle like it is business as usual.
- Get Your Cash Fast: Approved borrowers can get their funds in as little as 24 hours after approval!1
Where Can I Get a Title Loan Without a Job Online?
Ready to see if you can get a title loan without a job? See if your alternative income and vehicle qualify for cash today through ChoiceCash Title Loans!