Title loans are often guaranteed by the title of your car. Title loans have been used for many years in the United States and are becoming increasingly more popular due to their convenience. You can access the title loan without a job very quickly, which is a contrasting benefit to what is required with a bank or other credit company. Title loans are often due to your secondary source of income and do not have credit requirements.
A title loan is a loan that requires the borrower to take the title of their vehicle as collateral. The borrower would use the title to secure the loan. In legal terms, the borrower “deeds” their title to the lender until they pay off the loan amount to release their title. Since it is considered a secured loan, you’re probably aware that you will have to pay interest on it.
The interest rate will vary depending on which state you live in and where your lender operates. You will be charged an origination fee (the amount of money you must put up to get the loan) in addition to other fees such as document preparation fee, application fee, and a processing fee. If you don’t make your loan payments within the specified time frame, the lender is allowed to repossess your vehicle if it’s still titled under your name. If you’ve previously had a repo, your ability to obtain a title loan may be affected and is dependent upon your history with previous lenders.
No matter what your credit history is or your current financial situation, we have borrowers who have financed loans with the help of our service! After browsing our website, feel free to fill out the application to apply for a title loan with no job!
Do you have to be employed to get a title loan?
You can get a title loan with assets that you own like homes, cars, trucks, motorcycles, RV’s just to name a few. You must have at least 30% equity in your vehicle or house though for the most favorable deal on the interest rate. The interest rate is determined by your credit rating and how much money you need to borrow.
Can I get a title loan with no income?
You can get a title loan even with no income. If you are employed but do not earn a great deal of money, in some cases, you can still qualify for a title loan. There are limits on how much you qualify to borrow until you get your credit report from the credit reporting agency which is free. What makes people think they cannot get a title loan is usually due to their lack of knowledge or their current financial status.
With that said, if your credit scores and your income make you eligible for a title loan, then you surely will qualify to get one. The better your credit score the lower your interest rate since it will go through a major credit rating agency such as Equifax or Transunion. Your credit score is determined by how much you owe, who you owe it to, and when you paid it off.
Also if you have been late on payments or have had any collection accounts will also affect how the lender will see you as an applicant.
How can I get a title loan with no job?
Good question. It is very possible to get a title loan with no job or income. In order to qualify, you will have to come up with some other assets that are valued by the lender. You can do this by having, real estate properties, cash savings or investments, retirement products such as IRA’s or common stock investments.
The lender will run a credit report and a criminal background check on you just like in any other loan. If your credit is pretty decent and your employment status is temporarily not the best, the lender may be willing to give you the loan. Make sure that you ask plenty of questions so that you get all of the information that you need before decision time.
If your credit is not the greatest and you cannot seem to find a lender, there are still lenders who provide title loans for unemployed, but the rates that you will get at these lenders will be relatively higher than what you can get at a title loan provider. You are paying a high-interest rate because your credit is usually not approved to receive a loan at a traditional bank or another type of financial institution.
What are the requirements to apply for a title loan with no job?
Credit score, and a little bit of equity which depends on your current situation. You would need a minimum credit score of 600 at the very least to get the best rate and terms from the lender. Since you do not have a job you would have to come up with some assets that are valued by the lender. You can do this by having, real estate properties, cash savings or investments, retirement products such as IRA’s or common stock investments.