When a car title loan lender asks for proof of income or income verification, they simply want to know the borrower's ability to repay the loan . This doesn’t mean that you can’t get a title loan if you are not able to present any proof of income. There are many different ways to show your earnings or ability to honor the loan terms.

Here are some of the widely accepted documents that act as proof of income:

• Pay stubs
• Signed letter from employer
• Disability Insurance
• Court-ordered Payments
• Public benefit statements
• Bank statements
• Tax returns

You probably didn't realize you could get a loan to help you through financial difficulties even without any of the above documents. Remember borrowing money without having an income is possible. When your finances have been hit hard because of an emergency such as a job loss, auto title loans can prove to be an excellent option.

What is income verification and for whom is it important?

Income verification is a process to determine whether your income is eligible to qualify for a certain purpose or not. You can be asked for an income verification when trying to buy a new house, car, or getting approval for a loan. A title loan lender uses income verification to check whether your income will enable you to pay off your loan balance. While the purpose of verifying your income is ultimately the same in all cases, is it impossible to borrow without income verification?

The good news is yes, you can apply for car title loans without income verification too!

Can I Get a Title Loan without Proof of Income?

Yes, no income verification title loans do exist that allow you to borrow extra cash without a job or income. There are lenders who offer an auto title loan without proof of income. These lenders know that you don’t need to have a job to prove that you have money to repay your loan. If you don’t receive traditional paychecks or have a consistent income, you could still qualify.

At CASH 1, you can qualify for a title loan on the basis of a clear title in your name, the value of the vehicle, your ability to repay, and the state you reside in. This means you only need to prove that you will be able to repay your loan on time and not that you’re currently employed. You need not worry as there are various other sources of income apart from the common income documents that can help a lender verify that you can repay the title loan.

Income That Can Be Used For A Title Loan

When you apply for a car title loan, it's essential to know the lender’s loan requirements and be able to provide proof that you have a source of income. There are various financial documents that you can use to show your income without a job, we have briefly touched upon a few of them below:

Social Security Benefits

After retirement, you are expected to start receiving social security benefits as well as retirement benefits from your state. You may also receive periodic returns from a pension plan from the job you once did. Therefore, the fact that you are in retirement should not constitute an obstacle to your chances of getting a title loan. A lot of lenders tend to be satisfied if you can provide pension statements from your retirement funds as a source of income. All you are required to do is fax a copy of the documents or take its picture, present it to your lender and you are good to go.

Annuity

Apart from social security benefits, an annuity is another source of income to get title loans with no job. It is a sum of money invested to produce steady revenue for a given amount of time. As an individual, you could have an annuity that commences immediately or that begins in the future. It is commonly used for retirement purposes to make an income payment during the period.

Cash Settlements

Furthermore, it is possible for you to source money through court decisions. In legal actions, it is not uncommon for a company to try to avoid a lengthy court hearing by offering the opposing party monetary compensation. Similarly, the court in its judgment may order a monetary award by a party who has been established as guilty or wrong to the injured party. Where this is the case, such payments must be made. As such, whenever you receive a monetary award ordered by a court of law, you can split it up into regular and scheduled payments like an income which you can use as a source of income to get a car title loan.

Severance Pay

Lastly, severance pay can also be used as a source of income to get a title loan. It is an amount of money that is paid to an employee after they have been relieved of service by a company. There are a significant number of companies whose policies allow it to be a substantial sum of money enough to keep you stable for a considerable period. Thus, since severance pay is a substitute for what ordinarily would be an income from the company, it can be used as proof of income to apply for a loan with no job.

Bank Statements

If you had been diligently saving money when you were employed, you could show all your savings by presenting your bank statements to a loan agent. This could act as proof of your ability to make monthly payments. Instead of using your savings or emergency fund at once during a financial emergency, you can get a title loan and repay in smaller installments.

Benefits of Title Loan With No Job

Quick access to cash

Some situations demand quick access to money. Since the process of applying for a title loan doesn’t involve lengthy credit and income checks, you don’t need to wait much to get your cash.

No employment check

A car title loan is an ideal option if you are not currently working. You do not need any proof of employment to get approved. This eliminates a lot of paperwork and speeds up the process.

Poor credit doesn’t matter

You don’t require a good credit score or even a credit history to get a title loan as your loan amount largely depends on your ability to repay and the value of your vehicle.

Keep your car

Job loss or retirement can disturb your budget and when you’re already facing a lot of financial ups and downs, having your vehicle with you is definitely going to make your life easier.

No additional collateral required

One of the best things about title loans is that no additional collateral is needed. Your eligibility for a vehicle title loan is completely based on whether or not your vehicle holds enough value.

Documents Needed To Get A Title Loan Without A Job

For your application for a car title loan to be successful, regardless of whether you have a job or not, there are certain documents you will be required to submit. These documents often include:

• proof of car insurance and registration
• proof of income
• State identification
• The vehicle identification number
• License plate number
• The mileage of your vehicle
• Your vehicle

You can also be required to provide personal references including their names and phone contact; proof of residency, and your vehicle's title. All these documents must be complete. You will be expected to put them together and present them to your lender. Their veracity goes a long way in influencing your chances of being granted the loan. If you have any issue submitting these files, you can approach the lender or their agent for clarification and assistance.

Where Can I Get Title Loans without Proof of Income near Me?

Now that you know it’s possible for you to qualify for a title loan even if you have no proof of income, getting cash during emergencies can become easier.

On searching, you will definitely find lenders who are willing to offer car title loans with no income verification. However, keep in mind that although the lender may not verify income or do a credit check, you could lose your car if you fail to repay your car title loan.

If you own a car and need money fast, you can contact CASH1 and find out the numerous ways by which we can help you get a loan. Get in touch with our loan officers who can help you get better loan rates with better repayment plans.