No, you cannot secure a title loan without proof of income. Why? Well, there are a variety of reasons.
Lenders are facing growing pressure and regulations to ensure that potential borrowers can repay a loan before approving it. And this includes title loan lenders. Proof of income is a crucial document in demonstrating that they made sure a borrower could repay.
If you don't have adequate proof of income, you still have some options to consider though!
Proof of income comes in many different shapes and sizes. Here are some examples of solid documents you can use to prove your income:
- Pay stubs
- Bank Statements
- Tax returns
- Employer letters
- 1099 & W2 forms
Title loan lenders will also work with alternative income sources (as long as you have a lien-free title and running vehicle, of course). What are alternative sources of income that may qualify? 💡
- Unemployment checks
- Social Security benefits
- Family inheritance
- Annuities (ex., pension plan, Powerball annuity 👀)
- Court-ordered settlement
- Worker's compensation
- Severance pay
Remember that lenders only loan out money that they are confident they will get back. It's my humble opinion, you should first secure adequate proof of income before searching for a title loan. You're going to be spinning your wheels if you skip that step (pun intended)!