Once you find out what’s required for a title loan you may be disheartened to see that most companies require you to have verifiable income(often through a full or part time job). But that doesn’t mean you can’t qualify for a title loan if you’re unemployed or retired. You can be approved for with most title loan companies as long as you show some type income. These options include, social security benefits, side jobs, inheritance and settlements to name a few.
Qualify For Online Title Loans without Proof of Income
You can still apply for a loan regardless of your income status. But it’s going to be difficult to pass underwriting if you can’t show an ability to pay back the loan. Yes, the lender is taking the vehicle’s pink slip as collateral for future monthly payments. However, they also want to make sure you have the ability to pay back the money you borrow. Your lender is still taking on financial risk, even with the value of the vehicle they have as security. That’s why you need to show some type of proof of income to quality. Most will be good with monthly or weekly payments from a job or contract position. For others you need to explain the situation and offer the following as proof of income.
Social Security Income:
Most of us think of social security benefits as what we pay into as a way to have monthly payments when we retire. It’s true that these benefits will be sufficient to qualify for a title loan online without a typical form of employment income. But there’s also different ways to qualify with SS benefits. Did you know you can be approved for a title loan based on your social security survivor benefits? Another option is if you’re getting some form of social security disability benefits. In fact there’s multiple ways to qualify with Government benefits from Social Security. You can use your Supplemental Security Income benefits or even benefits from a former spouse. Be sure to look into all the different options at SSA.GOV if you want to qualify for car title loans but can’t provide traditional income verification.
Annuities or Settlements
You may wonder why someone would apply for car title loans if they have payments coming in from an annuity or court ordered settlement. The answer is similar to someone who has a full time job but still needs cash for a financial emergency. Things come up and you can still qualify if you have payments coming in from a scheduled annuity or legal settlement. Annuities can be complicated and are complex financial instruments. you want to make sure your contact your company or agent for more information or to see if you qualify.
Insurance Payments or Workers Compensation
With workers comp or any payout you get from an insurance company, you may be in a situation where you don’t get all that money at one time. Similar to an annuity or even employment income, the money is spread out over a period of time and it can be difficult to handle unexpected financial issues. The good news is you can still qualify for an online title loan if you have this form of income. As long as the payment is scheduled and consistent you should be able to get past the issue of no formal income verification.
Other Ways To Qualify For a Vehicle Title Loan Without Standard Income
There are a few other ways to get approved for the best online title loans without the necessary income requirements. In some cases you can get money for your vehicle title if you show proof of income that comes from an inheritance or severance pay. In this situation, a company or family will be making monthly or scheduled payments to you that can take the place of full or part time employment. Be sure to speak with your customer service rep or underwriting contact and explain to them how the payments come in. At Car Title Loan Lenders USA, we dealt with all kinds of situations where people have issues making their monthly payments. It’s not out of the ordinary and it’s important to speak up and have your lender work with you.
What To Do After You Get a Loan with no Typical Income
Stay in touch with your lender and reach out to customer service if there are any problems with your income status. We all know things come up and it can be difficult to communicate with government employees or large corporations. That’s why you need to be honest with your customer service contact and let them know what’s really happening with your social security benefits or other form of income. Also make sure everyone is on the same page in regards to the title lending credit requirements. Give them enough time to work with you and there should be no problem being approved for an online title loan and being able to make the payments on time.