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Loans are valuable forms of financial support when faced with a costly bill beyond your monthly budget. Whether you need emergency funds to pay for your recent emergency room visit, home repair expenses, or orthodontic surgery, a fast loan with no social security number may be able to help you avoid late fees and excess charges.3

You may be thinking, “ Did I read that correctly; no social?” Did you know not all residents in the United States have a social security number? In fact, social security numbers were not introduced until the 20th century.

If you don’t have a social security number (SSN), you may be wondering, “how on earth am I going to borrow money?” Most lenders want potential borrowers to have a social security number as a prerequisite when inquiring about a fast loan.3 The good news is that there are alternatives for those seeking a fast loan with no social security number.

How Can I Get a Fast Loan with No Social?

One fast loan option to consider is a car title loan.3 This secured loan may be available to you if you have a car title in your name, a qualifying car, and a consistent source of income.

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Car title loans usually come with flexible qualification requirements, so if you have no social, you may still be deemed eligible for this fast loan if you can provide alternative identification requirements. For example, if you have no social, but you have an Individual Tax Identification Number (ITIN), a title loan agent may deem you eligible for funding! 1

Individual Tax Identification Numbers are perfect for those without social security numbers. ITINs are put in place to accommodate those without socials in order for them to file taxes within the United States. This comes in handy for those residing in the United States but are not yet citizens of the U.S.

What Documents Do I Need to Get a Fast Loan with No Social?

If you have no social, you could still be able to obtain a fast loan through car title loans!1 But aside from providing an alternative Social Security document for approval, you will also need to provide other identifying documents.

Take a look at the general documents you may need for a fast loan1:

  • Identification: To prove your identity for a fast loan, you will need to submit a government-issued photo ID.3 You can choose to submit a valid driver’s license, state ID, passport, etc.
  • Car Title: With car title loans, the vehicle title is used as collateral during the repayment process. But if the car title is not in your name, you will need to request a title transfer at your local Department of Motor Vehicles for a small fee.3 Below are a few reasons why the car title may not be in your name.
    • When Inheriting a Vehicle – Did a relative leave you a Honda Civic according to their will? If so, you will need to make sure the title is in your name if you plan on inquiring about a fast loan using your vehicle’s title.3
    • When Buying a Vehicle From Another Person – Did you know, that just because you don’t go to a dealership to get your vehicle doesn’t mean there is no paperwork involved? The tile of the vehicle will still need to be in your name if you’re considering taking out a loan using your vehicle as collateral. If you are using a private sale to obtain a vehicle, make sure all of your documents are available and correct.
    • When Receiving a Gifted Vehicle – You just turned 30, and the car you’ve been driving for the last five years breaks down. Your parents are nice enough to give you your mom’s old Jeep to help you get from point A to point B. After receiving an estimate on how much money you could potentially get with a title loan using that car, you decide to apply.1 Before applying, make sure the vehicle’s title is in your name to streamline the process.
  • Proof of Income: This is required to prove you receive enough income to make on-time monthly loan payments. Now, before you get discouraged, if you don’t have a traditional 9-5, you may still have other options to provide proof of income.
    • Retirement – Let’s say you’ve been retired for several years now, and you even relocated to a 55 & up community. If you can show proof of a pension or even a benefits verification later, that will suffice as ‘proof of income.’
    • Self-Employment – You’ve been running your business like a well-oiled machine for more than three years now. You left the corporate sector and never looked back. Do not discard those tax documents, as that could be your proof of income when inquiring about a loan using your vehicle as collateral.
    • Passive Income – Does your money work for you? Are you a landlord, or perhaps you have investments that are doing well? Showing your bank statement will prove how much money you have coming in each and every month. Submit your bank statements when applying for your title loan, and that can often serve as proof of income.
    • Worker’s Compensation -Did you injure yourself on a job? This is common among several factory workers. An injured leg, back, or arm can leave employees out of work for months, if not indefinitely. Thankfully, worker’s compensation is in place. If this pertains to your situation, you are able to submit the income you receive from worker’s compensation as proof of income.
    • Settlement – Were you discriminated against in the workplace? Were you on the receiving end of a car slipping and sliding in the rain? If you received a settlement of any kind, that too can be used as proof of income.
    • Alimony – Have you and your spouse decided that you’ll be better off going your separate ways? If so, you may receive spousal support. Spousal support is a great tool to accommodate the spouse who is financially dependent on the other. This, too, can be considered sufficient proof of income.
  • Proof of Residence: You will be required to show proof of address to get a fast loan. Some sufficient documents include a house deed, rental agreement, recent utility bill, paycheck stubs, etc.
  • References: You may also be asked to provide a few personal or professional references.

Will My Car Qualify for a Fast Loan with No Social?

You may have a car title in your name, but your car has to have enough equity to qualify for a fast loan.1 Equity is simply the value of an asset, and a person could have either positive or negative equity in their car.

To find the current equity of your car, the amount you still owe on it is subtracted from the current market value. If the vehicle’s current resale value is more than the principal amount of the loan, then the car has positive equity. However, if the car’s resale value is less than the principal amount of the loan, then it has negative equity.

  1. Positive Equity – Will your car be paid off soon? Do you only have a few short months to go until you’re no longer making monthly car notes? If your vehicle’s value is higher than the amount you still owe on it; then, your vehicle most likely has positive equity. This works in the borrower’s favor, as the higher the equity in a vehicle, the more likely it is that the borrower will receive a higher loan amount.1 This is only true if the borrower has an income that can support a monthly payment from a higher loan amount.
  2. Negative Equity – Is it going to be a while before your car is paid in full? Is the value of your vehicle worth less than the amount you still owe on it? If this situation pertains to you; then your vehicle most likely has negative equity.

In addition to the car’s equity, there are a few more variables that come into play when determining a car’s value. Below are a few factors to consider.

  • Make and Model of Vehicle – Do you drive a Honda Accord, Honda Civic, Nissan Altima, Ford F- Series, or a Toyota Camry? Do you know what all of those vehicles have in common? They are all extremely popular on the consumer market. If you have one of these vehicles, your car may be worth more than you think. Due to the popularity of these vehicles, they are considered to be in high demand. High demand often equates to high value, but not always.
  • Current Mileage on Vehicle – Working from home has incorporated itself into the new ‘American Dream’ at this point. Most people rarely commute to work anymore; thus, reducing their weekly mileage by considerable numbers. This can be beneficial when determining a car’s value. A car’s value is often a representation of how well it is expected to perform in the consumer market. In other words: value is primarily determined by how other people view the vehicle. The consumer market for used cars is reluctant to purchase vehicles with outrageous mileage. So, if your car is low on mileage, you may be in luck. However, if your car has high mileage, it may still qualify for a car title loan.1
  • Current Vehicle Condition – A vehicle’s value is often a reflection of how well a vehicle would do in the consumer market. It is not a secret that consumers want a car with little to no damage. This also includes personalizations on a vehicle. A car with pink 24” rims may be suitable for the hottest pop star, but it may be considered tacky to the everyday American. Your modifications may be fine for a title loan, but it may be challenging if you were to sell the car. With a car title loan, the biggest issue is the potential damage to the vehicle’s exterior and interior.
  • Year of Vehicle – Every year, Honda Civics are popular in the market, but did you know some years are more popular than others? A 2015 Honda Civic is great, but a 2021 is even better. Now, you might be saying, “Obviously! Everyone knows later models are worth more than older ones.” Sometimes, but do you know why that is? One word: technology. It is no secret that we live in a technology-forward era. Due to consumers needing to have ease of use in their vehicle and a slight thirst for entertainment, cars with more advanced technology win. Some older vehicles may be worth more than newer ones, but it all depends on the market and the vehicle in question.

To qualify for a secure fast loan with no social, your car must have positive equity and be seen as valuable. To find out if your vehicle is worth enough for emergency funding, you could use an online appraisal calculator.3

To use an online appraisal calculator, you will need to know your vehicle year, make, model, style, and current mileage. This information is used to determine the overall value, and if the car is worth enough, you may receive a  fast loan estimate!3

How Do I Inquire for a Fast Loan with No Social?

If you are interested in obtaining a fast loan, but you have no social, that’s ok! You may be able to qualify for a car title loan by providing alternative documentation!1

The car title loan inquiry process can be simple so that anyone in need of emergency cash can find out their eligibility status within a short period of time.3 When you call (855) 277-4847 or use the online title loan calculator, you could find out if you qualify within a few minutes!3

If your car has enough equity, you can proceed with the second step of the approval process, which involves turning in your documentation. With online fast loans, you have the convenience of uploading your paperwork online!

Once your information is verified, and your paperwork is in order, you could be fully approved for a fast loan with no social!1 Your loan agent will draw up an agreement and help you clearly understand repayment expectations. Ensure that you have no lingering questions before you sign your name on the dotted line.

Title loans serviced by LoanMart offer fast funding and flexible qualification requirements throughout the nation!1 Why wait any longer for the financial support you need? Inquire today!

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