What are Title Loans for Self-Employed Individuals?

If you strive for independent employment and earn money without the need for a boss, according to the Bureau of Labor Statistics, you are in the small percentage of Americans who are self-employed. Whether you work in the trades and own a small business or you are a freelancer showcasing your skills, you may be well aware that demand for work can fluctuate, leaving you short on cash at times.

If you are struggling financially as a freelancer or small business owner, you might be searching for a lender who offers title loans for self-employed individuals. Although it is true that you do not need a 9-5 job to apply for a title loan, you are required to provide proof of your ability to repay the loan during your application. As a self-employed American, you will need recent bank statements or other evidence of income to apply for a vehicle-secured loan.1

Documentation Needed for Self-Employed Individuals

title loans for self employed

A car title loan is a fast and convenient way to unlock cash with your car’s title. As long as you meet the requirements for self-employed individuals to qualify for a title loan, applying can be a breeze! Besides providing proof of income, you are required to have the following documents handy to obtain loan approval:1

  • Proof of Age and Identity: One of the requirements for a title loan is that you must be of legal age to submit an application. To verify your age and identity, you can provide a valid, government-issued photo ID, such as your driver’s license.
  • Recent Pictures of Your Vehicle and Vehicle Information: An inspection is required during your title loan application to verify the value of your vehicle and its overall condition. With ChoiceCash title loans, this inspection can be completed without a trip to the store. Along with the rest of your documents, you can submit photos of the interior and exterior of your vehicle to complete a virtual examination.
  • Proof of Address: Since title loans are not allowed in all states,evidence of your current state of residence is required. Providing proof of your current address is as simple as submitting recent utility bills, credit card offers, or a lease agreement.
  • Vehicle Title in Your Name: Whether you have a title to a qualifying SUV, car, or a truck, it must be in your name and in your possession at the time of your application.1

Conveniently upload these documents online through ChoiceCash’s customer portal or send them to a title loan agent through email or text message. Applying for title loans when you are self-employed is simple if you know what paperwork you’re expected to submit during your application! With ChoiceCash title loans serviced by LoanMart, the entire application process is designed with efficiency in mind. Fill out a pre-approval form online to get started or call 855-422-7402 to learn more about applying for title loans for self employed individuals!1

How to Apply for a Title Loan if You are Self Employed

Whether you are self-employed or work in corporate America, applying for a ChoiceCash title loan is convenient and quick. Check out the simple steps to follow when applying for a title loan as a self-employed individual:1

  1. Choose How to Get Started: Skip the hassle of driving to a store and start your application by completing the online questionnaire or calling a title loan representative at 855-422-7402.1
  2. Verify Your Information: Upload your documents online or send them over to a ChoiceCash title loan agent to verify your income, identity, and other information.1
  3. Get Your Money: If you are approved for a title loan as a self-employed individual or a small business owner, the next step is to review your loan contract with your title loan agent. Discuss your loan terms and conditions, paying special attention to your interest rate and the amount of time you have to repay your loan. If you want to finalize your loan, the last steps are to choose how to get your money and sign your loan agreement! Approved borrowers can choose between receiving a check in the mail, having the money added to a debit card, getting funds via direct deposit to a bank account, or even picking up the cash at a participating money transfer location.1

Tips For Increasing Your Chances of Approval as a Self-Employed Individual

Even if you are a self employed individual, the title loan application process won’t be complicated. Regardless, some tips to make the process smoother include the following:

  1. Have Your Recent Bank Statements Handy to Prove Your Income
  2. Double-Check All of Your Documents for Accuracy Prior to Submitting Them
  3. Provide Up-to-Date Information on Your Title Loan Questionnaire

Advantages of Title Loans for Self-Employed Individuals

online title loans for self employed

Although your primary concern right now is accessing emergency cash, there is more to title loans than just qualifying for the funds you need to get back on your feet. Some of the key perks of a ChoiceCash title loan for self-employed borrowers include the following:1

  1. Flexibility of the Repayment Options: The repayment process for a ChoiceCash title loan can be just as flexible as submitting an application. You can choose from multiple ways to repay a ChoiceCash title loan, including going to a money transfer location to pay in person, paying over the phone or online, or setting up an automatic transfer of funds from your bank account.
  2. Bad Credit Isn’t a Problem: If you’re struggling with your finances, you may not have a strong credit score. Getting a bad credit title loan is an option if you need fast funds to get back on your feet!1
  3. Quick Access To Funds: If you are eligible for a ChoiceCash title loan, receiving your funds in as little as 24 hours is possible! Whether you are dealing with pressing medical bills or home repairs, you can use your loan proceeds to handle any personal expenses that are plaguing your finances.1

Factors to Consider When Choosing a Title Loan Lender as a Self-Employed Individual

Before you choose a title lender, it’s important to look over all aspects of your loan, including your customer service experience. On websites like Trustpilot, you can review customer ratings and reviews, allowing you to see a secondhand experience of how their customer service and lending practices will measure up to the competition. Apart from a lender’s online reputation, you should closely review these factors, as they will directly affect your loan experience:

  1. Applicable Fees: Watch out for hidden fees and prepayment penalties in your loan contract. With ChoiceCash online title loans, you can expect transparency from start to finish – there are no fees to apply and no fees for paying off your loan early.
  2. Interest Rates and Loan Terms: Watch out for high interest rates and loan terms that are not a good fit for your budget!

Tips For Managing Your Finances As A Self-Employed Individual With A Title Loan

As a self employed individual, your finances may look different than those of an individual who receives a steady paycheck from an employer. When taking out a title loan, it’s important to have a repayment plan in place and keep these money management tips in mind:

  • Implement an Efficient Budget
  • Track Your Income and Expenses
  • Make Your Payments on Time to Avoid Repossession

Common Misconceptions about Title Loans for Self-Employed Individuals

Thinking about applying for a quick title loan as a small business owner or freelancer? Let’s clear up some common misconceptions about vehicle-secured loans:1

Myth: Self-employed individuals cannot qualify for title loans.

As long as you can prove your ability to repay the loan through recent bank statements or other acceptable methods, it is possible to qualify for a title loan if you are self-employed.1

Myth: Title loans are only for individuals with perfect credit.

Title loans are known for catering to many different kinds of individuals, including those without good credit! Since the loan is secured by your vehicle’s title, the application process is much more flexible in comparison to unsecured loans.1

Myth: You need a newer car to get approved for a title loan.

Whether you have a new car or an older car, the requirement is that your vehicle must have enough positive equity to qualify as collateral for the loan. As long as your vehicle meets the necessary criteria, it’s possible to qualify for a title loan with an older car that is paid off!1

Jessica R.
Jessica R.
In 2013, Jessica R. graduated from Illinois Wesleyan University and received a Bachelor of Arts Degree in both French and English. In her ten years as an educator and content writer, she has gained a great deal of experience and expertise. As a valued member of the ChoiceCash content team, Jessica is responsible for creating educational and engaging financial content that tackles various topics, including budgeting, secured loans, and more.