Obtaining a loan may be hard enough, but without traditional proof of income, it may be nearly impossible. Fortunately, there are other funding options available for residents in Springfield, Ohio. One of these options is a title loan serviced by LoanMart, which may potentially be more flexible in terms of what is acceptable as proof of income for approval.
What is a Title Loan in Springfield, Ohio?
A title loan serviced by LoanMart is simply a secured loan that uses the borrower’s car title as collateral in exchange for emergency funding. Once the title loan has been paid off in full, the car title is returned to the borrower. One of the benefits of choosing title loans serviced by LoanMart is the ability to keep driving your vehicle while making the scheduled monthly payments.
As a result of using collateral to secure a loan, loans are often more flexible with terms and tend to offer more benefits. Benefits may include a longer repayment period, lower interest rates, and faster loan approval1. Some residents in Springfield, Ohio received their title loan funding in as little as one day1!
What Types of Alternative Income are Accepted for a Title Loan?
Choosing the right loan option is crucial in your funding search. If you do not have traditional proof of income due to not working a traditional job, this may make your loan search process even harder than it needs to be.
Fortunately, there are many options available for those without proof of income when applying for a title loan serviced by LoanMart. While the ability to repay is required, title loans serviced by LoanMart may be a bit more flexible when it comes to the types of income a borrower receives.
Alternate forms of income typically accepted by title loans serviced by LoanMart:
For those who are self-employed, there are ways to show proof of income. One of the most helpful methods is to provide recent tax returns or payment records.
If you receive disability benefits, you may use the benefit statements provided by the state as proof of income for a title loan!
Those who are retired may receive government benefits, and potentially a pension plan established through previous employment. Pension plan statements, or benefit statements, are usually acceptable forms of income.
Workers compensation is a form of insurance that may provide wages–as well as additional benefits–to an employee that was injured on the job. This type of income may also help someone qualify for a title loan as it is technically a wage.
Annuities are defined as a lump sum of money that has been invested to produce revenue during a period of unemployment or retirement. Annuities may begin immediately after investment or may be scheduled to take effect at a future date. Annuities may be considered proof of income for a borrower applying for a loan.
How May I Apply for a Loan Without Proof of Income in Springfield, Ohio?
Regardless of the source of income that you currently have, there are ways to prove income that extend beyond the traditional means. Applying for a title loan serviced by LoanMart may be both easy and hassle-free1.
To apply for a title loan serviced by LoanMart, an inquirer must be able to provide some documents to the loan agent–but this may be done online! The documents you need will vary by state, but typically those in Ohio need to have:
- A government-issued photo ID
- Proof of residency (utility bill, rent agreement, etc.)
- Proof of income
- Qualifying title to your vehicle in your name
After these documents are provided, an inspection of the vehicle must be done to determine the value of the vehicle. The vehicle inspection may be done online and will take into account many details like the mileage, make, year, and more. Once the value of the vehicle is established, the loan amount may be determined.
Why Choose Title Loans Serviced by LoanMart in Springfield, Ohio?
If you are in need of a loan but you don’t have traditional proof of income, turn to title loans serviced by LoanMart1! By choosing title loans serviced by LoanMart, there are certain advantages available, like:
Having the ability to complete the entire loan approval process online may be perfect for busy, on the go people. There’s no need to wait in line for hours at a bank when you have the option of applying from your smartphone!
Even though you are using your vehicle’s title as collateral, you do not need to surrender your vehicle. Keep driving your car while making your scheduled monthly payments! There is no need to rely on ridesharing apps to get where you need to be.
More Time to Pay, When You Need It
One of the great benefits of title loans serviced by LoanMart is the ability to have extended loan options. If you need more time to pay your loan back, some loan terms may extend for years!
Get Emergency Funding in Springfield, Ohio
If you’re in need of a more flexible loan, title loans serviced by LoanMart may be able to help your financial burden in Springfield, Ohio1. Find out if you qualify by applying online today or by calling tollfree.