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Unfortunately, there are times when a steady source of income like a regular job may be lost by someone who is currently in the process of repaying a car title loan. It can be a frustrating and worrying instance because it is no good to have a mountain of debt piling higher and higher with the additional risk of losing the car whose title is being borrowed on. However, it is not necessarily a panic-worthy situation for South Carolina residents.

What Happens When the Source of Income is Lost During a Car Title Loan with LoanMart?

When a customer loses their steady source of income (like their job), LoanMart will still require them to keep up on their payments. However, LoanMart is willing to work with every customer to help them keep their heads above water with the repayment of the loan. Additionally, there are other forms of steady income that LoanMart could accept.

Alternative Forms of Income

When a regular job is lost, there are other forms of steady income that LoanMart could accept in order for a customer to keep up with their monthly loan repayments. Such methods include:

Social Security Benefits

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There comes a time in life where it is time for someone to retire. It is time for them to enjoy the fruits of their labor after working so hard for so many years. Retirement is usually when social security and state retirement benefits as well as any pension/401k plans they put money into while they were still working start to kick in. Luckily, LoanMart will also accept pension statements from their retirement funds as a valid source of steady income.

Annuity

One of the things people often do is invest some of their money into an annuity (a lump sum of money meant to be a steady source of income for a fixed period of time). Usually people who invest money into annuities use them for retirement, but they can be used for plenty of other things as well. Annuities like social security and retirement benefits are an acceptable way to prove that you have a reliable source of income to LoanMart.

Worker’s Compensation

It is not uncommon for someone whose position is based around manual labor to become injured while on the job. When a work-related injury occurs, the injured worker receives worker’s compensation from their employer as a way to keep them afloat. Because this is a wage provided by an employer, it is an acceptable way of proving that there is a steady stream of income.

Settlement/Court-ordered Award

Sometimes a person or persons will want to avoid going through a long, headache producing, drawn out court hearing during the course of a lawsuit, so they might offer a monetary settlement. However, if a settlement is not reached, the court will then order the person or persons pay a monetary award to the plaintiff if they have been proved to have committed a wrongdoing. The funds that are awarded to the plaintiff can often be divided into regular, scheduled payments like regular income. Showing LoanMart proof of these payments will also count towards getting approval for a car title loan.

Severance Pay

When things do not work out between an employer and an employee, the employee will usually be terminated from the company. When this happens, the ex-employee may receive severance pay from their ex-employer. This is a regularly paid sum of money for a fixed period of time. This is usually to hold over the ex-employee financially until they can find themselves a new job. Showing LoanMart a record of severance payments is another acceptable way to show proof of income.

Get in Touch with LoanMart

LoanMart stays open for longer hours every day of the week, so if anyone has a question regarding car title loans, we can answer them by being contacted through any of these easy methods: