If you don’t have a traditional 9-5 employment, finding a loan can be a challenge. Traditional loans will often require proof of steady income, and not consider other forms of alternative income such as self-employment or retirement statements. However, a title loan such as a title loan serviced by LoanMart can offer eligible borrowers a way to qualify for a title loan without a job!1
How Can I Qualify for a Title Loan Without a Job?
If you aren’t already familiar with the ins and outs of an alternative loan, you might not understand how title loans work. Simply put, a title loan is a unique type of alternative funding option that may allow you to borrow money based off the equity in your car.1 Your title is collateral for the loan, which can offer a lot of flexibility in the approval process. This flexibility includes accepting those from all credit and financial backgrounds, even those with non-traditional employment!
Even if you have found yourself without a job, that doesn’t necessarily mean you’ll get turned down for a loan. During title loan approval, your most important factors of your finances are:
- Your Ability to Repay the Loan: Whether you are with or without a job, you will need some proof of income or alternative income!
- The Value and Equity of Your Collateral: Since collateral is used to secure the loan, it must have a certain amount of equity to assure the lender you are not a risk. Generally, a title loan may be anywhere from 25%-75% of the car’s value.
What Alternative Forms of Income will Qualify Me for a Title Loan?
Just because you are without a job, does not necessarily mean you are without proof of income. While traditional loans might have stricter qualifications, there are a numerous amount of qualified alternative forms of income during the approval process for a title loan serviced by LoanMart. Some of the most common alternative forms of income are:
- Retirement: When you retire, one of the ways you can provide proof of income is through the benefit verification letter, sometimes called a “benefits letter,” as proof of your retirement income.
- Social Security Benefits: If you are a receiver of social security benefits, these may qualify for proof of income as well. Even if you are qualifying for a title loan without a job, Social Security benefits are an alternative form of income that is accepted.
- Self-Employment: If you are your own employer, proving your income can be difficult with a traditional lender. Instead, when applying for a title loan, you will only need to show bank statements to prove you are not without a job.
- Passive Income: If you are a landlord or make passive income through investments, simply bring in bank or applicable statements as proof of income.
What is the Approval Process to Get a Title Loan Without a Job?
Even if you do not have a traditional income, the approval process for a title loan without a job is simple. Through title loans serviced by LoanMart, the approval process for a title loan can be broken down into just three simple steps:
- Apply Online: Through LoanMart’s easy-to-use website, applying for a title loan without a job is simple. Borrowers will just need to fill out a pre-qualifying form that takes minutes to do.1
- Submit the Right Documents: In addition to providing proof of alternative income, there are a few documents that borrowers will need to submit in order to qualify. While the exact documents may vary, borrowers will generally need:
- Proof of Residence
- Recent Photos of the Vehicle in Lieu of an in-person Inspection
- Title to the Vehicle
- Government or State Issued Photo ID
- Four References (Personal or Professional, or both) Can be Required
Fortunately, all of these documents can be submitted via email or fax for convenience!
- Get Approved: After submitting everything you needed to, the last step in title loan approval without a job is to find out if you qualify! Approved borrowers can choose between a few different ways to get their cash:
- Direct Deposit
- Receiving A Check in The Mail
- Getting A Money Transfer
- Any Local MoneyGram location!
Why Wait to Get a Title Loan Without a Job?
If you can get your approved funding in as little as 24 hours1, why wait to see if you qualify? Even if you are without a traditional 9-5 income, that doesn’t necessarily exclude you from accessing the loan you need. Borrowers that choose title loans serviced by LoanMart can get started a few different ways:
- Going online and filling out a pre-qualifying with your information.
- Calling a loan representative directly at 1(855)277-4847.