Can You Get a Car Title Loan Online While Unemployed?
Yes, you can get a title loan online even if you are unemployed. People from all walks of life can potentially qualify for title loans! You do not need to have a traditional job to apply for an online title loan. As long as you can meet the requirements and submit the correct documents, obtaining approval for this loan option can be simple and convenient!1
To get approved for an online title loan, you must meet the following initial requirements:
- You Must Be 18 or Older to Apply
- You Must Have a Qualifying Vehicle Title in Your Name
- You Must Possess a Vehicle With Some Equity
- You Must Demonstrate the Ability to Repay the Loan
While you are required to provide proof of income during your loan application, it can be an alternative source of income. You do not need to be traditionally employed to apply for funding! As long as you can prove that you can repay the loan, you can get a title loan without a job.1
Find out if you can get an auto title loan while unemployed today by filling out this preapproval form online! Or, call 855-914-2945 to speak with a ChoiceCash title loan agent today.1
How Hard Is It to Get a Car Title Loan Without Income?
You must show proof of income during a title loan application, but that doesn’t mean you have to hold a traditional job. It is crucial to provide proof of income when applying for an online title loan because it shows lenders that you are capable of repaying the loan.
Below are examples of alternative sources of income you can use when applying for a ChoiceCash title loan serviced by LoanMart:1
- Workers’ Compensation: Workers’ compensation provides lost wages to an employee who is injured or disabled while working on the job. In exchange for money and help covering costs, employees give up their right to sue an employer after their injury. If you’re struggling with your finances but receive workers’ compensation, you can apply for online title loans!
- Social Security Benefits: The Supplemental Security Income (SSI) program provides steady income for retired individuals over the age of 65 or those with disabilities who cannot work. If you receive these benefits and are unemployed, you could still apply for title loans online!
- Settlement Money: Settlement money is funding that a person receives from a lawsuit and is considered income. This can be used as proof of income during your title loan inquiry.
- Alimony Payments: Former spouses may be legally required to pay alimony payments to their ex-partners after a divorce. If you receive alimony payments from an ex-spouse, you may use this to prove your income during a title loan application!
- Some Self-Employment: If you do not work for an employer that pays you a consistent salary, but you are a freelancer or small business owner, you are considered to be “self-employed”! You can provide proof of self-employment when applying for a title loan.
Feel free to contact a ChoiceCash title loan representative if you have questions about providing proof of income while unemployed by calling 855-914-2945.1
Do I Need Good Credit to Apply for a Title Loan Without Proof of Income?
You don’t need good credit to apply for a ChoiceCash title loan serviced by LoanMart. Since collateral is used to secure the loan, the approval process can be much more flexible, even if you do not have a strong credit history.1
The factors that matter the most during your title loan inquiry are:
- Your Car’s Equity
- Your Ability to Repay the Loan
Your credit is still considered during the approval process, but those two factors are used to determine your eligibility and loan amount. Typically, you will be able to access 25%-50% of your vehicle’s equity through a title loan. The more equity your car has, the higher your loan amount can be if you have the income to support that loan payment. Remember, you can provide proof of alternative income if you are trying to get a title loan while unemployed.1
The best way to determine if you qualify for a ChoiceCash title loan is to inquire online! If you are approved, you could receive your funds in as little as one business day.1
What Do You Need to Qualify for a Title Loan Without a Job?
To qualify for a car title loan without a job, you must meet the initial requirements that were previously mentioned. Additionally, in order to get a car title loan while unemployed, you must submit several documents during your loan application. It can be beneficial to gather these documents ahead of time!
Here’s what you’ll need to qualify for a title loan without a job:
- A Valid, Government or State-Issued Photo ID: This can be a driver’s license, passport, or another state-issued photo identification card.
- Proof of Residency: You can prove your address by using recent mail, like a utility bill, credit card statement, or even a lease agreement.
- Proof of Income: Rather than providing pay stubs, you may provide documents that prove that you receive workers’ compensation, Social Security benefits, or another form of alternative income.
- Title to Your Vehicle: At the time of your loan inquiry, the car title must be in your name to show that you are the vehicle’s legal owner. Contact your state’s DMV (Department of Motor Vehicles) if you need to transfer the title to your name. A duplicate title can also be requested there if you have misplaced your title.
- Vehicle Photos: You must provide clear pictures of the exterior and interior of your vehicle. Take photos of the front, back, and sides of the car. If you apply for a title loan online, your virtual car inspection is done through these photos. They are used to verify the vehicle’s condition and value.
How Much Can I Borrow through a Car Title Loan with No Job?
Your car’s equity will largely determine how much you can borrow through an auto title loan. Generally, you can borrow up to 50% of the value of your vehicle. The amount you can borrow from a car title loan will also depend on state laws and your lender’s policies.
Car equity is the difference between the balance of your auto loan and the market value of your car. If you are like most vehicle owners, you may not know what your car’s current equity is- and that’s ok! ChoiceCash offers this free online calculator tool to help you determine how much equity your vehicle has before you apply for a title loan.1
There are several factors that can affect the value of your vehicle and its equity. The car’s make, model, style, mileage, and overall condition are the most significant factors that affect the car’s value.
Additionally, any upgrades or modifications can affect the value of your vehicle. If you have questions about how much you can borrow through a car title loan, don’t hesitate to reach out to a ChoiceCash title loan agent at 855-914-2945!
Apply for a Title Loan With No Job Today
If you have no job and need financial assistance, a title loan might be an option to consider if you have equity in your car.
Inquire about a ChoiceCash title loan serviced by LoanMart today! Begin by filling out the prequalification form online. Or, just call 855-914-2945 to speak with a title loan agent. It can be that simple to apply for a title loan while you are unemployed! 1