As most people know, direct lenders often hesitate to give out cash without proper income proof. But is it true for all direct lenders? No! Some lenders do not check the income of a person before lending them cash. However, traditional banks will never do that because they take the credit score and income very seriously. Hence, you can enjoy this special facility only if you opt to borrow from lenders unrelated to banks. Do you want to know more about title loans with no income required? If yes, then we have covered everything about that below. Keep reading!
There is a myth among the borrowers that no lender offers cash unless the borrower provides income proof. Even though this is true to some extent, it is not the entire truth. In reality, many lenders favor a title loan with no income. Lenders who take neither your income nor your credit score in to account and give you a loan against collateral security; usually, this collateral security is a car. They take the car, provide a value against the vehicle, and wait for the repayment. If you fail to pay back, the lender has all rights to keep your car and not return it unless the borrowed sum plus the interest is paid back.
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Some of the requirements of a title loan with no proof of income are:
The application process for title loans that don’t require income proof are:
If you are wondering how to get a title loan without a job, there are two ways. Firstly, some people do not have a permanent position, but they have a fixed source of income. For instance, if you are a business owner or freelancer, your income might not be fixed, but you earn a stable income every month. To prove that, you can show your bank passbook details to the lender. However, if you do not have a steady source of income, then another way of getting the cash advance is by showing the lender your property. In most cases, it is a car, but you can also borrow against other valuable things like gold and land.
When you apply for a title loan with no job, you must have other sources of income to show the lender that you are capable of paying back the money. Some of the sources of income to get a title loan are:
Below we have shared the pros and cons of title loans without proof of income; read below:
Applying does NOT affect your credit score!
No credit check to apply.