Most traditional loans may be very strict with requirements for approval. Not every person has a bank account, and this detail may be a big problem for many traditional loans.
However, with options like title loans serviced by LoanMart, you may get a loan with no bank account1! How is this possible? Keep reading to find out!
What is a Title Loan in Newark, Ohio?
A title loan serviced by LoanMart is simply a loan that is obtained through the use of collateral. With title loans, collateral comes in the form of the car title. But not to worry, as title loans serviced by LoanMart allow borrowers to keep driving their car while making their scheduled monthly payments. Even if you are using your vehicle’s title to secure the loan, you are still able to keep driving your car during the repayment process.
Title loans serviced by LoanMart offer a range of advantages for borrowers in Ohio. These advantages may vary, but may include extended loan terms, lower interest rates, and the ability to inquire online1.
How May I Qualify for a Title Loan without a Bank Account in Newark, Ohio?
Even if you do not currently have a bank account, or if you do not want to disclose your banking information, it may still be possible to qualify for funding. While most loan options in Ohio require a bank statement, there are other ways to show that you may repay the loan.
There are various ways to show proof of income, such as recent paystubs from an employer. With title loans serviced by LoanMart, one of the factors to secure the loan is the equity in your vehicle. So, you may still be able to get a loan with no bank account.
If I Qualify for a Title Loan, May I Repay without a Bank Account?
Even if you do not currently have a bank account, you are still able to receive your loan and pay it back through other means. There are other means of payment available for those who do not have a traditional bank account.
To make your monthly title loan payment, you may:
- Pay Online Through Your Account
- Pay Over the Phone with a Debit/Credit Card
- Pay at a Participating Location
With these options available, you may potentially still be able to repay your loan and get the funding that you need.
What Documents Will I Need to Apply for a Title Loan?
If you choose to apply for a title loan serviced by LoanMart, there are certain documents you must submit to secure the loan. These documents may vary by state, but Newark residents generally need to have:
- A valid government-issued photo ID
- Proof of income (bank statement, paystub, pension statements, etc.)
- Proof of residency (utility bill, rent agreement, etc.)
- Qualifying title to your vehicle in your name
After these documents are presented or available, the last step in the loan approval process is an inspection of the vehicle to secure the loan. One of the advantages of choosing title loans serviced by LoanMart is the ability to do the entire vehicle inspection online!
The inspection will help determine the value of the loan. During the inspection, factors like the mileage, model, style, year, and condition will all be considered during the loan approval process.
Why Choose Title Loans Serviced by LoanMart for Funding in Newark, Ohio?
If you do not have a bank account, your traditional loan options may be limited. Fortunately, there are still loan options available for those who find themselves without access to a bank account. One such option is a title loan serviced by LoanMart1!
This type of loan may offer certain advantages and benefits to qualified individuals, such as:
One of the great benefits of title loans serviced by LoanMart is the ability to apply online, right from your couch! There is no need to wait in line at a bank!
Even if you are using your vehicle’s title to secure the loan, you are still able to drive your vehicle while making your scheduled monthly payments. There is no need to rely on ride-sharing apps to get where you need to be.
More Time to Pay, When You Need It
If you need more time to pay, there are loan options available. Borrowers may receive long repayment terms!
Get Your Money Faster
While most traditional loans require weeks for validation, the loan approval process may be a lot faster and simpler with title loans serviced by LoanMart.
Get Your Funding Today in Newark, Ohio
Even if you do not have a bank account, you may potentially still be able to get your funding through title loans serviced by LoanMart in Newark, Ohio.1 With benefits such as extended loan terms and flexible eligibility requirements, acquiring the funds you need may be easy1.
Find out if you qualify for title loan funding today by filling out the quick online form!