When a car title loan lender asks for proof of income or income verification, they want to know your ability to repay the loan. There are many ways to show your earnings or ability to honor the loan terms.

Here are some of the widely accepted documents that act as proof of income:

• Paystubs
• W-2 or 1099
• Bank statements
• Social security benefit letter
• Pension/Annuity income verification letter
• Tax returns
• Disability insurance

What Is Income Verification and Why Is It Important?

Income verification is a process to determine whether your income qualifies for a loan. You can be asked for income verification when buying a new house or car or getting approval for a loan. A title loan lender uses income verification to check whether your income will enable you to pay off your loan balance.

Income That Can Be Used for a Title Loan

When you apply for a car title loan, it's essential to know the lender's loan requirements and be able to provide proof that you have a source of income. There are various financial documents that you can use to show your income without a job, here are a few of them below:

Social Security Benefits

After retirement, you are expected to start receiving social security and retirement benefits from your state. You may also receive periodic returns from a pension plan from the job you once did. Therefore, the fact that you are in retirement should not constitute an obstacle to your chances of getting a title loan. Many lenders accept pension statements from your retirement funds as a source of income.

Annuity

Apart from social security benefits, an annuity is another source of income for getting title loans with no job. It is a sum invested to produce steady revenue for a given time. As an individual, you could have an annuity that commences immediately or begins in the future. It is commonly used for retirement purposes to make an income payment during the period.

Cash Settlements

Furthermore, you can source money through court decisions. In legal actions, it is common for a company to avoid a lengthy court hearing by offering the opposing party monetary compensation. Similarly, in its judgment, the court may order a financial award from a party established as guilty or wrong to the injured party. Where this is the case, such payments must be made. As such, whenever you receive a monetary award ordered by a court of law, you can split it up into regular and scheduled payments like an income you can use to get a car title loan.

Severance Pay

Lastly, severance pay can also be used as a source of income to get a title loan. It is an amount of money paid to an employee after they have been relieved of service by a company. There are a significant number of companies whose policies allow it to be a substantial sum of money enough to keep you stable for a considerable period. Thus, since severance pay is a substitute for what ordinarily would be income from the company, it can be used as proof of income to apply for a loan with no job.

Bank Statements

If you had been diligently saving money when employed, you could show all your savings by presenting your bank statements to a loan agent. This is proof of your ability to make monthly payments. Instead of using your savings or emergency fund at once during a financial emergency, you can get a title loan and repay in smaller installments.

Benefits of Title Loan With No Job

Quick access to cash

Some situations demand quick access to money. Since applying for a title loan doesn't involve lengthy credit and income checks, you don't need to wait long to get your cash.

Poor credit doesn't matter

You do not need a good credit score or even a credit history to get a title loan, as the amount of your loan largely depends on your ability to repay and the value of your vehicle.

Keep your car

Job loss or retirement can disturb your budget. When you're already facing many financial ups and downs, having your vehicle with you will make your life easier.

No additional collateral is required

One of the best things about title loans is that no additional collateral is needed. Your eligibility for a vehicle title loan is completely based on whether or not your vehicle holds enough value.

Documents Needed To Get A Title Loan Without A Job

For your application for a car title loan to be successful, regardless of whether you have a job or not, there are certain documents you will be required to submit. These documents often include:

• Proof of car insurance and registration
• Proof of income
• State identification
• The vehicle identification number
• License plate number
• The mileage of your vehicle
• Your vehicle

You can also be required to provide personal references, including their names and phone contacts, proof of residency, and your vehicle's title. All these documents must be complete. You will be expected to assemble them and present them to your lender. If you have issues submitting these files, you can ask the lender or their agent for clarification and assistance.

Where Can I Get Title Loans near Me?

Now that you know you can qualify for a title loan even if you have no proof of income, getting cash during emergencies can become easier.

On searching, you will find lenders willing to offer car title loans with no income verification. However, remember that although the lender may not do a credit check, you could lose your car if you fail to repay your car title loan.

If you own a car and need money fast, contact CASH 1 to find out how we can help you get a loan. Our loan officers can help you get better loan rates and repayment plans.