Have you lost your job recently? You may find yourself needing quick cash to get through an emergency or pay immediate financial commitment during these challenging times.
The problem is most banks require income proof to qualify you for a loan. Ironically, people need financial help the most when they have no steady income.
That’s where a title loan comes in handy. It is possible to qualify for a title loan without a job. Here’s what you need to know about how to get a title loan without a job:
Title loan without income
Just because you don’t have a steady job doesn’t necessarily mean you have no income. For title loans, you may still qualify if you can prove you are getting money from other sources, such as:
Social Security Benefit
After retiring, you receive social security and retirement benefits from the state and from a pension plan that you may have had from past jobs. Car title loan Houston accepts your social security and pension statements as a source of income. You can find more about our services online.
Worker’s compensation is a sort of insurance that provides medical benefits and wages to an employee who has been injured on the job. This benefit can also allow lenders to give you a title loan even though you don’t have a job.
An annuity is a sum of money used for retirement savings or to generate an income payment during retirement. Like social security benefits, you may qualify for a title loan based on your annuity statement. You can take a picture of your invoice or fax a copy to us.
Severance pay is paid to an employee when a company lets go of their employee. It is used as a substitute for an income. This is considered as proof of income and can be used to get your car title loan.
You can get a title loan if you receive an inheritance as a regular source of income. Inheritance can be property or money passed down to you after the death of a family member or close friend. You will be able to use that as your proof of income with a car title loan Houston.
Meeting other title loan requirements
In addition to owning a car and showing some income, even without a job, you must also meet the following additional requirement to qualify for a title loan:
- age minimum of 18 years or older
- car registration (without any pending liens against it)
- original title
- photo ID
Once you have understood how a car title loan works regardless of the standard job requirements, you may then apply for a title loan. If your title loan application is accepted, the lender may contact you via email. So, it is important to keep a check on your status. And read everything before signing the terms given by the lender.