Can You Receive a Loan Without Identification?

Are you looking for a cash loan without identification, such as a driver’s license or state ID? Cash loans like auto title loans can be a fast and convenient way to obtain funding for a financial emergency. However, virtually all loans made by a reputable lender require some form of identification. This includes car title loans.

The good news is that with auto title loans serviced by LoanMart, several different types of identification can be accepted. Continue reading to get the inside scoop about title loan identification requirements and options.

What Loans Can I Receive Without Identification?

If not having to provide any form of identification is your most important criteria while looking for credit, your options are very limited. The main ways you may be able to get cash without providing your identification are:

• Borrow from friends or family: If you’re a little short on cash but some of your friends or family members have some spare funds, they may be willing to lend them to you. Informally getting a loan from a friend or family member can have some benefits, including potentially low or no interest. The flip side can be that financial matters can strain personal relationships, and it may not be comfortable to ask people you know for financial help.
• Borrow from a lender you already have an account with: If you have an existing relationship with a financial institution, you may be able to get a loan or credit account from that institution without providing your identification. For example, if you have a checking account and credit card with a bank, you may be able to get a loan or another credit card from that bank without providing your identification. The same can be true if you already have a title loan and are merely looking to get an increase on it. If the title lender already has your ID on file and it has not expired yet, you may be able to top up your title loan without having to provide your identification again.

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Why Is Identification Required When Getting a Loan?

There are good reasons why some form of ID is required when obtaining a loan or other form of credit. The primary ones are related to applicable lending laws and fraud prevention:

• Legal requirements: The USA Patriot Act requires that financial institutions have a customer identification program that includes verification procedures for all customers. Lenders are expected to be reasonably certain that they truly know who they are lending money to.
• Accurate underwriting: By verifying an applicant’s identity, loan providers make sure they are accurately evaluating the loan application – validating the applicant’s information ensures that the correct credit history is taken into consideration when processing the application.
• Fraud prevention: Preventing and minimizing fraud is in the interest of both loan providers and consumers! Lenders seek to minimize or eliminate fraud since fraudulent loans result in higher loan default rates, meaning the lender makes less money. For consumers, fraud prevention is beneficial as it prevents potential identity theft in the form of someone taking out a loan in their name.

What Are The Identification Requirements for Auto Title Loans?

Now that you understand that unfortunately, you cannot obtain a new cash loan without identification, let’s take a closer look at the identification requirements for title loans serviced by LoanMart. While you might assume that you need a driver’s license in order to qualify, there are in fact many documents that can be accepted.¹

Identification Document Requirements

The identification requirements for a car title loan serviced by LoanMart include that the identification document:

• Must be government-issued
• Must include the applicant’s photo
• Must be current, i.e. it cannot be expired

There are many types of government-issued photo IDs that can meet these requirements! If you have lost or misplaced your driver’s license for example, you can use another official document to meet the ID verification requirement!¹

Acceptable Document Types

Generally, the following forms of identification can be accepted for title loans serviced by LoanMart:

• Driver’s license: Driver’s licenses are most commonly used to verify title loan borrowers, as most title loan borrowers are the primary driver of the vehicle that’s used to secured the loan.
• State ID: State ID cards tend to look similar to driver’s licenses, but they don’t give driving privileges.
• Passport: Passports are primarily used for identification for international travel. Issued by the U.S. Department of State, they uniquely identify the passport holder and can therefore be used to complete the car title loan identity authentication.
• Permanent Resident Card or Alien Identification Card: While the primary purpose of these cards is to prove legal residency in the United States, they also can be used to authenticate the card holder for credit purposes.
• Matrícula Consular: This identification card is issued by Mexican consulates for Mexican residents who live outside of Mexico. You can use the card to get an Individual Taxpayer Identification Number for you to pay federal income taxes. Many loan companies in the United States accept this as a valid proof of identification.

If you don’t have one of the above-mentioned photo IDs, don’t stress about it! Talk to a title loan agent today by calling 855-422-7412 to discuss your options. There may be additional government-issued identification options for you to get a cash loan against your vehicle!¹

What Additional Documents Are Needed to Receive a Cash Title Loan Without Driver’s License?

In addition to providing an alternative, government-issued ID when you apply for a cash title loan without driver’s license, you will also need to turn in a few additional documents. Similar to the identification, these documents will be used to verify various aspects of the application. While the documents can slightly change from one applicant to the next, they usually include the following:

Car Title

Your car’s title is the collateral for a cash loan, so you will be asked to provide the document during the approval process. In order for it to be accepted, the title must be in your name. It’s essential to have your name on the title to qualify for a title loan, but that is okay if you share a name in the title!

Photos of the Car

You can skip the in-person vehicle inspection with online title loans serviced by LoanMart! Instead, you will simply have to take clear photos of your car and upload them online or send them in. Make sure to take a picture of all four sides of the vehicle. Additionally, you should show photos of the vehicle identification number (VIN) and odometer reading. Don’t worry if your vehicle has a high odometer reading – your car could still have enough equity to qualify for a title loan even if the mileage is high.¹

Proof of Income

The ability to repay a cash loan in its entirety is one of the main factors for qualification. To show you receive consistent income, you can provide bank statements, paycheck stubs, a letter of employment from your employer, etc. Alternative forms of income such as retirement income or worker’s compensation can be accepted with proper documentation!

Proof of Residence

To get a cash loan without driver’s license in your state, you must prove that you maintain an address in that state. You can use items like a recent utility bill, phone bill, or bank statement for address authentication purposes.

Will I Need to Go Through a Credit Check for a Title Loan Without Driver’s License?

It’s understandable to be a little worried about going through a credit check if you have poor credit. However, most loan options will look at a borrower’s credit history during the approval process. While your credit history is not the main factor to qualify for an auto title loan, your credit may still be checked when you apply.

Besides confirming that the applicant meets the basic underwriting criteria and is not currently going through an active bankruptcy, the credit check is also another component that helps with confirming the identity of the applicant, and preventing loan fraud!¹

But don’t be discouraged by this part of the application process, as you could still qualify for a title loan without even without a strong or long credit history.¹

What is the Process to Receive a Title Loan Without a Driver’s License?

If you want to receive an auto title loan without a driver’s license, the process isn’t different – other than the fact that you’re providing an alternative government ID document after approval.¹

Here’s the process to get a title loan without driver’s license serviced by LoanMart:

• Apply online or over the phone by calling 855-422-7412
• Upon approval, provide the required documents, including your alternative form of identification¹
• Review and sign your title loan contract
• Mail in your title and receive your loan funds

Title loans serviced by LoanMart offer speed, convenience and flexibility, including many types of identification documents that can be accepted!

Apply today, and you could receive cash in as little as one business day after approval!¹³