Sometimes people come across rough times in their lives.
Whether it’s external factors, or whether you’ve just made a couple of mistakes, there are lots of different factors that can cause you financial turmoil.
If you have bills to pay and you just can’t seem to get access to any money there is one thing that can help.
You might be thinking, “Can I get a car title loan without a job?”
Title Loan with No Job Example
Let’s use Joey as an example. Joey made a few mistakes in his youth and destroyed his credit rating.
He was always out on the town having run and racking up a huge credit card bill but he never really thought about the consequences when he got older.
He thought he would be young forever. When he got kicked out of his house that was when he knew he was in trouble.
He just needed a little cash to tide him over until he could find a job and get back on his feet.
He found a title loan where he could use his car as collateral for a short term loan. It took a little while but he got back on his feet to make ends meet.
What is an auto title loan?
Getting a loan without a credit check is one of the hardest things you can try and do in the finance world.
With a title loan, you can find a loan without extensive collateral and without a background check, which is something most people with bad credit histories really like the sound of.
Title loans are fast and can help you hold over until pay day.
To get a title loan you must be willing to have over the title of your vehicle to the company.
You can leverage your car, truck, boat or motorcycle to access the cash that you need in a bind.
In addition to handing over the title, you must also pay a fee to the lender to borrow the money and you must also pay interest on the loan (make sure you research so you find the best interest rate possible in your area).
Do I need a job to get a title loan?
The short answer is yes, some people can get a title loan without having a job.
Federal law prohibits discrimination against a borrower’s source of income for title loans.
This all depends on which company that persons go through to get the actual loan.
Some lenders may require you to show proof of income, such as a pay stub, while other lenders will issue a car title loan to an unemployed borrower.
If you are on unemployment benefits, showing proof of those benefits is essentially the same as showing that you are employed.
Research your options and make sure you are getting the best deal possible.
One requirement of auto title loans is that you must own a clear title to a car that is worth a minimum amount of money and has fewer than a certain number of miles.
The value and mileage numbers vary from lender to lender.
Remember that there is a whole suite of documentation that you will need to bring in order to apply for the loan.
A car title lender will need you to hand over certain things before they hand over the money.
- You must make your car available for inspection and turn over your original car title.
- You must show your valid driver’s license, Social Security card, proof of insurance and the vehicle registration.
- Some lenders may require proof of residency, such as a utility bill or rent receipt.
- Some lenders also require that you leave an extra key to your car.
How expensive are title loans without a job?
You will pay the same rates as anyone else in order to get a loan.
Just remember, whilst car title loans may not be more expensive for those without a job, you are required to pay back within 30 days (more often than not), so if you can’t find employment within that time, you are likely going to have to renew the loan.
If this is not an option, you are at risk of your car being repossessed.
There are plenty of places that you can look to find a title loan without employment.
Look for each company’s requirements and they should say whether they require any form of income statement in order for you to get the loan.
How to Apply
To apply for an online car title loan you will need a few things including the title of the vehicle and some photo identification.
There are lots of lenders that will also ask to see photographs of the vehicle or look it over in person (they will send someone out to do this).
You will be required to fill out an application, which will ask you a series of questions to find out what the funds will be used for.
This will affect how much you can access as the company wants to know if you are requesting the funds for an appropriate purpose.
Once you get the quote, you can have a look over the terms and assess whether that is the best option.
Once you sign the agreement, the title of the vehicle is handed over the company and you will have a certain amount of time to pay off the loan and the interest.
It’s free to apply for a title loan, but there is a fee on top of interest if you accept the loan.
Make sure that you are aware of the costs that are associated with the interest so that you are not caught in the lurch.
The rates are high but not as high as payday loans.
Where Can I Get A Title Loan With No Job?
You can click here to apply online on our website for free. Fill out the short application and we will get the process started to get your collateral loan without a job.