What is Proof of Income for a Title Loan and Why Do I Need it?
During the application process for a car title loan, your title lender is always going to ask for a few pieces of documentation to confirm the information you gave them on your title loan application. After your documents are confirmed, your lender can prepare your contract so you can get your fast cash!1 So, if you are looking to get your title loan money right away after you’re approved, you may want to gather your documents now. Typically, those documents are:
- Qualifying Vehicle Title
- Several Photos of the Vehicle
- Proof of Residence
- Several References (sometimes)
- Government Issued Photo ID
- Proof of Income
Most of these documents are quite common, and you may have them laying around your house already! For example, do you have an envelope from a utility bill, or a lease or mortgage agreement with your address on it? Then you already have your proof of residence taken care of! But what about proof of income? Or is it possible to get title loans with no proof of income?
There are several documents you may have right now that could satisfy the proof of income title loan requirement. Want to talk to a title loan expert about proof of income right now? You can call 855-561-5626 to speak with a Max Cash® Title Loans agent now!
What is Proof of Income for Car Title Loans?
A car title loan is a type of secured loan that can allow a borrower to utilize the positive equity in their vehicle in order to get a short-term loan. The amount of money granted for title loans is based on the value of the vehicle, and the ability to repay the loan.
One of the great benefits of auto title loans is that the requirements are fairly straightforward and the approval process is flexible.5 That’s why they can be such a popular way for people to get quick, short-term emergency funding.
When you are gathering your documents to provide proof of income for a title loan, there are many different documents you can use. Some of those are:
- Pay Stubs
- Bank Statements
- Tax Statements
- Unemployment (sometimes)
- Social Security
- Annuity (sometimes)
- & more!
Have something not on this list you would like to use as your proof of income? Call 855-561-5626 to see if your proof of income is accepted for title loans!5
Can I Get an Auto Title Loan with No Income Verification?
Title loan lenders don’t want to put their borrowers in a situation they are not prepared for. That means making sure people have a way to repay their loans. While you don’t need a traditional 9-to-5 job in order to receive auto title loan approval, you do need to show that you have a way to take care of your title loan repayment with some kind of steady income.
When getting an installment loan like a title loan, you want to make sure you have a way to take care of your monthly payments. It might be tempting to just throw your payments on credit cards each month, but this can easily get out of hand, especially if you’re already in the middle of a financial emergency.
Can I Get Approved for a Title Loan with Bad Credit?
If you don’t have good credit, you may have been denied for loans like traditional bank loans in the past. Most lenders of bank loans will do a credit check and immediately deny anybody who has poor or no credit.
Thankfully, the approval process for title loans is different. In fact, most title loan lenders don’t care about your credit score at all. When granting loan approval, title loan lenders will check credit history usually to make sure the borrower is not currently going through the bankruptcy process. People with bad credit, no credit, or even past bankruptcy are encouraged to inquire about online title loans.
Do Title Loans Have Any Other Benefits?
YES! People all over the United States turn to title loans when they need quick emergency funding because they almost always have flexible eligibility requirements, and other perks as well! Check out just some of the benefits you could enjoy when you get an auto title loan:1 5
- FAST Service – Title loans are known for being quick and efficient. In most cases, you can get your title loan funding as soon as the next business day!1
- Competitive Interest Rates – Some loans like payday loans or personal loans are known for having extremely high interest rates. Title loans can be different. Max Cash Title Loans only works with the best lenders who have industry-wide competitive rates, so you know you are getting the best deal.1 4 5
- Convenient Payments3 4 – Since title loans are so flexible, you don’t have to worry about paying back your loan in a week. Instead, you can have convenient monthly payments that don’t leave you stressing.4
Additionally, if you do not have a lien free title, Max Cash Title Loans still may be able to help you!1 5 If you still owe money on your car, there are some title loan lenders who are willing to help you pay your existing balance, as well as lend additional funding.5 That way borrowers can remove any existing liens they had on their vehicle to make room for their title loan lender. Find out if this is a possibility for you by calling 855-561-5626.
What Can Max Cash Title Loans do For Me?
Max Cash Title Loans is proud to be the #1 Nationwide Title Loans Marketplace and wants to help you find a great deal on an online title loan!1 5 We are open 7 days a week to make your loan process as convenient as possible.
How does getting approved for title loans work? Check out these 3 easy steps:
- Fill out a quick online application and answer a few simple questions.
- Send in your documents, including your source of income.
- Sign your contract and GET YOUR MONEY!1 5
Find out what your loan amount could be by calling 855-561-5626!1