Are you wondering whether or not you can get a title loan without income proof or not? It’s time to find the answer. Fortunately, you can avail of the best title loans facility even when you don’t have a job. Your unemployment shouldn’t be a roadblock for you. Many lenders understand their client’s financial situation, and they are ready to offer them a solution that suits their requirements. If you are unemployed, it doesn’t mean that you can’t have your hand on emergency cash you need. Lenders accept many different sources as proof of your income; let’s find out what these sources are.
Social Security Benefits
If you are enjoying your retirement phase and have no job, your social security and retirement benefits will be considered income proof. For getting the best title loans, you will have to provide your pension statement to the lender. You can take a picture of this document or fax a copy to the lender; either way, this statement will work as your proof of income.
Annuity
Many people invest money in an annuity to have their hands on steady income flow. When you have an annuity whose benefits you will avail in the future, you can make the most of it. Many lenders accept title loan applications from those who have put all their retirement savings in annuity benefits. Such people might not have a job, but their retirement benefits can help them enjoy a car loan approval quite fast.
Worker’s Compensation
If you don’t have a job because you got injured on the job, it doesn’t mean that you can avail of the best title loans. Many California lenders are offering a helping hand to people who have to stay out of office because they are injured. Instead of asking for proof of income, lenders demand worker’s compensation. It is a kind of insurance that ensures wages and medical benefits to employees if they get injured on the job. This insurance will offer a paycheck to employees.
Inheritance
Are you going to receive an inheritance? But don’t have a job? Then your inheritance will work as your proof of income. Sometimes, the death of a family member and friend leaves you with the money or property that you can make the most of, as this inheritance provides you cash; therefore, it helps the lender grant you the loan amount.
Severance Pay
Some companies offer you a sum of money to their employees when they terminate a contract early. When you have lost your job but have severance pay, it will be used as your proof of income for the best title loans. Know More about this form of payment.
Getting Title Loan without Proof of Income
Now you have a complete idea about all those things that can be a substitute for your income. If you still have some questions, you can contact a lender’s customer service and get the answers. Once you have a proof of income, then other documents you require to get this loan are your car’s original title, your car’s picture to verify its make & model, ID, Proof of insurance, and residency.
