It is a fact that most people will at some point in their lives go through financial difficulties. During these difficult times, you may find it hard to come up with the money that you need in order to get by. If you do not have a savings account with money set aside, you will be looking into different options for coming up with the cash you need for whatever is causing your financial difficulties. If you have bad credit, your loan options will be few and far in-between. One great option that a lot of vehicle owners consider when they need money fast are car title loans.
Title Loans And Their Benefits
You will find while looking up information on title loans that they have a lot of benefits to offer borrowers. One of the main benefits of getting a vehicle title loan is that you do not have to have great credit in order to qualify. In most cases, a lender of title loans won't require borrowers to submit to credit checks during the application process. Another great benefit of these types of online loans is that you can get the money you need in one to two business days after approval. You can use different vehicles as collateral for securing a title loan such as recreational vehicles, SUVs, motorcycles and basic cars and trucks.
How To Get A Title Loan When Jobless
Most people know that it is difficult to get approved for any type of loan when you are not currently working. Most lenders want you to have a solid work history of at least three months as proof that you will be reliable in paying back your loan. Thankfully, when it comes to vehicle title loans, borrowers who do not currently have a job still have a chance of getting approved with the right type of vehicle as collateral. When applying for a vehicle title loan, you can use other types of income other than a job to gain approval. Below will be discussed some other income proof options that you may use to secure a loan.
Social Security Pay Benefits
If you are retired and do not have a normal job anymore, you may be able to use your Social Security benefits as proof of income in order to secure a car title loan when you need money quickly. Many lenders will be satisfied if you can provide your pension statements to them during the application process to prove you have some type of income coming into your household to repay your loan back with.
Severance Pay Packages
Another type of income that people rarely consider when trying to apply for a title loan is severance pay from your previous job. This is money that you're given once you were let go from your previous employer. This money is supposed to help you get through and make it financially until you are able to find a new job. Some lenders, such as title loan lenders, will sometimes let borrowers use this as proof they can repay a loan.
Requirements For Getting A Vehicle Title Loan Without A Job
Whether you have a job or not, there are still other basic requirements a borrower must meet in order to be approved for an auto title Loan. The first requirement is that you need to be at least 18 years old when you apply. You must also show proof of this by using a valid form of identification that is government-issued. Additionally, the vehicle you are putting up as collateral to secure the loan needs to be free of any liens. You need to be the owner of the vehicle and your name has to be on the title.
You will need to have your title when you apply for a title loan. If you do not have your current title, you can find out how to obtain it by contacting your local DMV. They will tell you the steps to take in order to get a new one. Once you have your title and proof of some type of income, with or without a job, you are ready to apply. Most applications will take no more than an hour to complete and you will get a free online quote as soon as you are done submitting it. Typically, you will be called by a friendly representative from the lender if you choose to accept the terms of the loan they offer you. Once accepted, you will get your funds in one to two days.