Table of Contents
- How Do Title Loans Work?
- What Documents Do I Need to Get a Loan without Proof of Income?
- Will My Car Qualify to Get a Loan without Proof of Income?
- What is the Inquiry Process Like to Get a Loan Without Proof of Income?
- What Can I Use My Title Loan Funding for?
- How to Get a Car Loan with No Proof of Income Online
Without traditional income, it can be difficult to apply for the funds you need in a financial emergency. Many traditional bank loan options will require steady employment from a 9-5, but that isn’t the realistic income for everyone!
Luckily, there are alternative loan options that can offer a way to get a loan without proof of income. With title loans serviced by LoanMart, a 9-5 job is not required to obtain the funding needed to solve a financial crisis. Instead, alternative forms of income can be accepted!1
How Do Title Loans Work?
Car title loans are a flexible loan option for borrowers that are not confident with their credit. With a title loan, a borrower can use their vehicle’s title instead of their credit history to get cash! By using a vehicle’s title as collateral for the loan, a borrower can access their vehicle’s equity and turn it into the funds they need.1
Collateral is used to secure the loan, which can make a title loan much more flexible during the approval process. This means that alternative income and bad credit may not disqualify you for the cash you need! It is possible to get title loans without proof of income if you have alternative income.1
Traditional, unsecured bank loans will base loan eligibility on a borrower’s credit history, since credit history will determine if a borrower is a risk to lend to. Title loans are secured loans, however, so the collateral will help bypass the need for a borrower to have perfect credit!1 Car title loans were created to be an alternative loan option that is accessible to borrowers from almost all financial backgrounds and credit histories. While your nontraditional income and credit may have made it tough to apply for traditional loans, alternative loan options exist to give borrowers like you an opportunity for financial support.
What Documents Do I Need to Get a Loan without Proof of Income?
If you’re looking to get a loan without proof of income, a title loan can be a flexible option that accepts alternative income. Car title loans can be a flexible loan to apply for, but like most loans, there are a few documents needed to apply. These documents can help a loan agent verify your information during the online approval process and help streamline it for your convenience!
Typically, you can expect to need:
Proof of Ability to Repay the Loan
While you do not need a traditional 9-5 income to apply for a title loan, you will need some proof that you can afford a loan payment each month.
While many potential borrowers will use their bank statements or pay stubs to prove their income, some alternative forms of income that can be accepted are:
- SSI or Disability Income
- Retirement or Annuities Income
- Settlement Income
Proof of Address
To prove that you live in the state your vehicle is registered in, you may use documents like your utility bill, rental agreement, house deed, or even a recent credit card statement.
Proof of ID
Many future borrowers will use their state ID, driver’s license, or passport as proof of ID. It must be government or state-issued.
This is the most important document out of the bunch that you will submit. It must be in your name to be submitted and verified by a loan agent during the approval process.
Recent Photos of the Vehicle
While a vehicle inspection is often required to apply for a car title loan, you can bypass this by simply submitting a few photos of your vehicle! Take pictures of the back, front, and sides as well as the odometer and VIN.
Will My Car Qualify to Get a Loan without Proof of Income?
Car title loans can often be accessible to borrowers from all different types of credit histories and financial backgrounds. During the approval process, a borrower’s credit is considered, but it will not be the focus. Instead, these two factors will matter the most:
- Your Ability to Repay the Loan
- The Value and Equity of the Collateral
During the approval process, a borrower’s collateral and their income will determine both their loan amount and their eligibility for the loan. The more a vehicle is worth, the more likely it is that a borrower will be approved.1 In order for a vehicle to qualify for a car title loan, it must have equity to borrow from.
If you are like most borrowers, you may not know what your vehicle’s equity is off of the top of your head. Luckily, title loans serviced by LoanMart can offer a title loan calculator that can estimate your vehicle’s equity with just a few questions.
To estimate your car’s equity, you will need to provide basic information about your vehicle, like:
- The Make, Model, and Year of the Car
- The Style of the Vehicle
- The VIN #
With this information, you can receive a free title loan quote if your vehicle qualifies and an estimate of your car’s equity.
What is the Inquiry Process Like to Get a Loan Without Proof of Income?
Without a traditional income, you may expect the inquiry process for a title loan to be a hassle. However, it can be easier than you think to get a loan without proof of income.
With loan options like title loans serviced by LoanMart, the inquiry process for a title loan can be just a few simple steps:
- Submit the Loan Inquiry: Future borrowers can choose between submitting their loan inquiry online, in-store, or over the phone with a representative! It can take just a few minutes to do, as it will only require you to answer a few basic questions about your car and income.1
- Send in a Few Documents: After your initial loan inquiry has been submitted, a loan agent will reach out and ask you for the necessary documents to verify your information. These can be submitted online for your convenience!
- Get Approved and Get Your Cash: If your vehicle and documents help you qualify for a title loan serviced by LoanMart, the last step is to sign your loan agreement! Once this is done, all that is left to do is choose how to get your cash. Approved borrowers through LoanMart have a few different choices when it comes to collecting their funds, including a check in the mail, direct deposit to their bank, or even picked up at a local MoneyGram location.
If you have questions about your potential loan contract or title loans, expert agents are happy to help. They are available for extended hours seven days a week for your convenience! Call to learn about your title loan options today at 855-277-4847.
What Can I Use My Title Loan Funding for?
Your title loan funds can be used for more than you might think. Financial emergencies can happen to anyone, at any time. When they do, it can be difficult to prepare for them, but title loans can often help lessen the financial burden for you.
Many borrowers can use their title loans to cover those financial emergencies. Some of the most common uses for title loan funds are:
- Debt Consolidation
- Covering an Emergency Expense
- Paying off Surgery or Medical Bills
- Paying for the Funeral of a Loved One
- Covering Wedding Expenses
- Paying for Travel Costs and Flight Expenses
- Covering Rent or Mortgage Payments
While your financial crisis may not be another borrower’s financial crisis, a title loan may be able to help you get back on your feet. Life is unpredictable, and one unexpected expense or payment could knock you down financially for the rest of the month.
How to Get a Car Loan with No Proof of Income Online
If you’ve been searching for the easiest way to get a loan without proof of income, you might have found a lot of options near you. A title loan can be closer than you previously thought! With title loans serviced by LoanMart, borrowers with alternative income can apply for a title loan through their smartphone or computer.
To get started on your loan inquiry today, simply head over to the website, or give a loan agent a call at 855-277-4847. Don’t wait to get the financial support you need! It can take just a few minutes of your time to see if you qualify for fast cash. Qualified borrowers can get their funds in as little as one business day.1, 3