Do I Need a Job to Get a Title Loan Online?
Getting a title loan may be an option that you are looking for extra funds. If you aren’t traditionally employed, in between jobs or any other financial situation, you are probably wondering if you can qualify for a car title loan. For a traditional loan most of the time, you have to be employed to be considered, however things may work differently for a car title loan.
Despite the flexibility with employment, most car title loan lenders ask that you have some sort of income, and there are many different ways to prove that income.
What Qualifies as Employment?
Generally, there are three types of employment statuses:
- Employee– This is someone who is hired to fill a permanent position.
- Self Employed– This is someone who works for their own business.
- Independent Contractor/Employee– This is someone who is hired by a company to work for a specific amount of time.
What If I Am Unemployed?
If you do not fall under these three categories but still have income, you are probably wondering what kind of income may qualify you for a car title loan.
Kinds of income that could qualify for a car title loan are:
- Permanent disability
- Social Security Benefits
- Legal settlement income
- Annuity Payments
- Worker’s compensation (in some cases)
There are several ways that you may be able to provide proof of income to a lender:
- You can have an employer send a “letter of employment”
- Have your employer give the lender a call
- Show the lender your pay stubs
- Show the lender your bank statements (business and personal)
- Show your lender your tax statements/information, this will be your W2 and/or your 1099)
- Letters of statement (for example for annuities you should be able to access an “Annuity Statement”, for Worker’s compensation you should be able to access a “Worker’s Compensation letter”
Nowadays most of these steps could only take a few minutes and because of the ease of the lenders that work with Max Cash®, you may be able to just submit all of your information online, or through your smartphone. All of this may be done in the comfort of your home, and if you have any questions we would be glad to try and help.
If you are unemployed and do not have these types of income, do not be discouraged. At Max Cash we work with multiple lenders who all operate in slightly different ways. There may be a lender out there that may work with your specific financial situation, or give you options so you can move forward.5
Do I Need a Job to Apply for a Title Loan?
There may not be really any threshold for the amount of money that you need to have in order to qualify for a car title loan. This just depends is on the discretion of the lender. Another reason why coming to us at Max Cash may be the most suitable option for you.5
Why Do I Need Income to Apply for a Title Loan?
You are probably wondering why car title loan lenders seem to have more flexibility in considering your income when compared to traditional loan lenders. With many traditional loans, the lender does not have a “deposit” in case the borrower does not follow through with their payments. Car title loan lenders have the borrower’s car title which acts like a safety net in case the borrower defaults on payments. This is why car title loan lenders offer the flexibility they do.
Things the Lender May Ask You to Do
Initially, if you do not meet the financial requirements for the loan, the lender then may ask for you to do a couple of things to improve your chances of receiving a car title loan. A common thing lenders may ask is for you to add a cosigner to your loan. So, having someone you know who is willing to do that before you talk to lenders, could be a good idea.
Taking out a title can be a process. If your financial situation is non-traditional for whatever reason, you probably find yourself having a few questions. It’s good to know that contract work and freelance work (also known as self-employment) are both forms of employment. Even if you are not employed, you may be able to get a car title loan. The eligibility for a car title loan does not always require a person to be employed.
Instead, some lenders are looking to see if you have a steady source of income. Once you can prove that source of income you may be done with this step of the loan process. If you do not have any type of income, you may still be able to find a lender. This is where the experience of Max Cash comes in. We know multiple lenders and we may be able to find one that suits your specific situation.5
