Are you faced with a financial emergency, and you need fast cash? A title loan can be the perfect financial resource to get you back on your feet if you have a paid off or close to paid off vehicle in your name.  A title loan can allow you to use your vehicle’s title to secure the cash you need, without the hassle!

When it comes to what is required for title loan approval, you’ll need:

  • A Clear Title in Your Name
  • Proof That You Can Afford a Loan Payment Each Month

While there are more documents required during the approval process, the initial requirements for a title loan are simple!1 With a paid off or close to paid off vehicle in your name and an income to support your loan payment, qualifying for the fast cash you need through a title loan doesn’t have to be a hassle.1

What Documents Are Required for Title Loan Approval?

The initial requirements for a title loan can be simple:

  • Have A Paid Off Car,
  • Have A Steady Income,
  • And Be of Age to Apply for A Loan.

These requirements can be easy for most borrowers to meet, but there are some additional documents besides your car’s title that are required for approval. While the requirements can vary from state to state, you can expect to need these documents handy during the approval process for a title loan:

  1. Bank Statements, Pay Stubs, or Another Document to Prove Your Income
  2. Recent Mail to Prove Your Address
  3. Recent Photos of the Vehicle
  4. Car Title in Your Name
  5. State or Government Issued Photo ID

With loan options like ChoiceCash Title Loans, these documents can be submitted online for title loan approval!1 By using email or fax, you can skip the hassle of applying for a loan in-person.

Is Perfect Credit Required for Title Loan Approval?

If you are searching for alternative funding, you may not have qualified for an unsecured loan option. Personal loans and other types of unsecured loans normally require a borrower to have a decent credit history to secure funding.

Perfect credit history is not required for title loan approval!1 Borrowers from all different financial backgrounds and credit histories could apply for a title loan.1 Title loans are secured through collateral, which is the title to the borrower’s vehicle. Traditional or unsecured loans will use an applicant’s credit history to determine if they are a risk to lend to. With a title loan, the collateral minimizes the risk, and makes the approval process more flexible to borrowers who may not have a strong credit history.

While your credit may be considered during the approval process, these two factors will determine your loan eligibility and your loan amount:

  1. The Value of Your Collateral
  2. Your Income and Ability to Afford a Loan

Even if you do not have perfect credit, don’t let that stop you from applying for financial help!1 Now that you know the requirements for title loan approval do not include perfect credit, you can find out if you qualify for the cash you need.

Will My Car Meet the Requirements for a Title Loan?

To be used as collateral, a vehicle must meet the requirements for a title loan. This means that the vehicle intended to be used as collateral must qualify as such. To qualify, a vehicle must have a certain amount of equity.

Equity is simply the difference between the market value of the car and what you currently owe on it. The less of a difference there is, the more equity you have to borrow from, and the more likely your vehicle is to meet the requirements for title loan approval.

Not sure what the current equity is on your car? Don’t sweat it! ChoiceCash Title Loans has an online title loan calculator that can do the hard work for you. Simply input these factors about your vehicle and get an equity estimate:

  1. The Make, Model, and Year of the Car
  2. The Style of the Car
  3. The Current Mileage on the Odometer
  4. The Condition of the Vehicle

In addition to an equity estimate, you can receive a free title loan quote if your vehicle qualifies!1

What Type of Income is Required for Title Loan Approval?

You may be surprised to know that a 9-5 job is not required for title loan approval. While you must have some proof that you can afford to repay the loan, a traditional job is not a requirement.

Some forms of alternative income that can be accepted during the approval process are:

  1. Worker’s Compensation
  2. Settlement Income
  3. Retirement Income
  4. Pension Income
  5. Self-Employment or Small Business Ownership

If you have the documents to prove your income, such as bank statements or tax documents, your alternative income could easily be accepted!1

How Much Cash Can I Get Through a Title Loan?

Your primary concern could be what is required for title loan approval, but your secondary concern could be about your loan amount. With a title loan, you could receive anywhere between 25%-75% of your vehicle’s value. The more equity your vehicle has and the larger your income, the more potential you have to receive a larger loan amount!1

With loan options like ChoiceCash Title Loans, you could even get your cash in as little as 24 hours after loan approval.1  

Where Can I Apply for a Title Loan Online?

Now that you know what is required for title loan approval and how fast you can get your cash, why wait to see if you qualify? ChoiceCash Title Loans can help qualified borrowers get the financial help they need in as little as one business day!1

Get started on your title loan today by heading over to the website to fill out a short inquiry form.  ChoiceCash Title Loan agents are available seven days a week for you to contact at 855-914-2945 if you have any questions about the approval process for a title loan!