Many people don’t believe that they can get a loan without a proof of income, but it is possible, it depends on your lender or who you are borrowing from. However, would you want to get a title loan without an income? Would it be the best option available for you? Your answer is dependent on what you want for yourself.
It can be risky to get a car title loan, or pink slip loan, without a steady source of income. Taking out a car title loan will be expensive and you will be seen as a high risk borrower by your lender especially without a proof of steady source of income. You can also lose your car if you can’t repay the loan.
Car title loan is a short term loan meant to help people who need emergency funds. The laws concerning auto title loans vary from one state to another, some states might require you to show proof of income, while some might allow you to get a loan without a proof of income.
Can I Get a Title Loan with no Income?
Most states require online title loan providers to approve only borrowers who can show proof of a steady source of income that will enable the borrower pay off the loan. While in some other states, no proof of income is required but there is a cap on the loan amount that borrowers in such situation can get. However, most lenders request that their customers have a proof of income before applying for a car title loan.
How to get a title loan with no Income
Consider all Likely Sources of Income
Even if you don’t have a paid employment, if you have other sources of income like pensions, child support, alimony, social security, disability benefits, unemployment benefits, and other welfare benefits, you can still be considered for a loan by your lender as long as these sources are verifiable.
Check your State Laws
You can check your state laws if it allows lenders to offer you a loan without a proof of income. If you don’t have a verifiable income, and you live in a state that allows consumers to get a loan without a proof of income, then you can apply with your lender to get a title loan.
Compare Lenders
Search for lenders that do not require a proof of income, then compare their loan terms and Annual Percentage Rates (APR) to see if it is affordable for you.
Apply for the Loan
You can apply for a car title loan online, submit your documents, and have your vehicle inspected by your lender to see if it meets the minimum requirements. Read through the loan terms and agreement to ensure you understand the terms before you sign.