When you’re trying to get a loan to pay for a financial burden, banks can ask you for all these requirements that you may not be able to fulfill. You may be wondering do you need a bank statement to get a loan? When you get a car title loan with LoanMart, you don’t need a bank statement in order to be approved for a car title loan.
In fact, with a car title loan at LoanMart, you only need two things to qualify for a loan:
- Clear-and-free car title in your name
- Proof of income
Proof of Income
As part of the qualifying information needed to receive a loan with LoanMart, you need to provide proof of income. The reason LoanMart requires this is because we are always looking out for our customers. We don’t want to burden you with a future monthly loan payment that you cannot pay for without a monthly income. We want to ensure the loan will help you and not make things worse.
Providing your proof of income does not require a bank statement. There are many types of income that LoanMart accepts as a qualifying income, as well as many different ways that you can provide it. Some of the sources of income include:
- A job
- Pension plan/social security
- Annuity/Court appointed payments
- Workers compensation
Different documentation you can provide other than a bank statement includes:
- Earnings statement
- Pension plan statement
- Letter from employer
Paystub or Paycheck
A traditional way to provide your proof of monthly income is a paycheck or paystub from the company you’re working for. You definitely receive one of these if you do not have direct deposit, and you still may be receiving a “void” paycheck if you do have direct deposit.
Whether you’re receiving a yearly income, or you have another source of income every month ( workers compensation, etc.), you can request an earnings statement from your source of income to provide a breakdown of your monthly/yearly income.
Pension Plan Statement
If you’re retired and receive social security or had a pension planned prepared during your working years, your statement for your monthly pension income qualifies as a source of income. Regardless if you have the money sent as a check or directly deposited into your account, the pension statement is proof of income.
Letter from Employment
If you have a job that pays you in a different way than other employers or you receive money from someone in the form of cash, you can have your employer write a letter as proof of employment. It should include:
- Your name
- The date
- The amount you are paid and the frequency
- The services you provide
- A signature and contact number for employer
How Car Title Loans Work
Qualifying for a car title loan with LoanMart is simple and quick. It may seem too good to be true, but we can guarantee that the simplicity of a car title loan is possible. By using your car’s title as collateral for a loan, you don’t have to worry about filing mountains of paperwork and having all these stipulations to qualify for. By using the value of your car and proof of income, LoanMart determines your loan amount and interest rate by those two factors.1
That means no hoops to jump through. If you have bad credit or no credit at all, a car title loan is perfect for you. That’s why LoanMart requires some proof of income. It’s so easy to qualify that if people have no way to pay back their loan, they dig themselves into a hole they struggle to get out of and we don’t want to see people struggle.
Requirements for a Car Title Loan
Once you’ve filled out our online application with your phone, tablet, or computer, a LoanMart representative will contact you to collect your information like pictures of your qualifying documentation like:
- Car title
- Proof of income
- Vehicle registration
- Car insurance proof
- Proof of residency
- Pictures of vehicle
- Driver’s license or ID
Once you’ve submitted the information, you’ll be able to continue onto the next application step of applying for a car title loan. The best part of using LoanMart for your car title loan needs is that all of your steps can be completed online or over the phone if there isn’t a LoanMart near you! By using our online system, you’ll be able to send pictures of all the qualifying documents with your phone.
Applying for a Car Title Loan
Applying for a car title loan is extremely easy. You can complete the LoanMart application in three steps:
- Fill out your application online, over the phone, or at a LoanMart location.
- Communicate with your LoanMart representative to send in all your documents required for qualification.
- Agree to your terms and receive your funds!1
With LoanMart’s online system, you’ll be able to deposit your money directly into your bank account, receive a check, or pick it up at a location near you. We make it convenient enough to work around your schedule, so you don’t have to go out of your way. We want to make sure you get your money, which is why there is a possibility of receiving your money in the same day as your application. As long as you have all your information ready to send when you apply, you could receive your funds by the end of the day3!