Online no income verification car title loans are taken by individual customers to achieve consumer goals – so if the customer suddenly needs money, is able to return the debt in the long term, and at the same time does not have the capacity to be in the bank, a quick loan of this type will be an ideal solution. You can see the main features of car title loans in the table below.
| Product type | No income verification title loan |
| Who offers | Loan companies |
| Amount | from $100 to $10,000 |
| Payback time | usually 30 days |
| Income certificate | Not required |
| Minimum age | 18 and older |
| APR | from 10% to 300% |
Table of Contents
What is no income verification car loan?
Loan with no income is an offer in which the lender does not require an income certificate from the employer to be attached to the application. For many people, this is a really welcome option. Why?
First of all, the lack of the need to arrange income certificates affects the pace of payment of funds. No income doc loan is one in which we do not have to arrange any papers from the employer. It is known that obtaining any documents takes at least a few days, and in larger corporations it can take up to weeks. In the case of no proof of income loan, this time is reduced to a minimum. We often have money in our account even within 15 minutes of submitting a short application via the Internet.
Can a Title Loan be Granted without Income?
According to the definition, a loan consists in granting funds at the borrower’s disposal for a specified or indefinite period. In practice, in the financial market, we can find a bank loan (such as a mortgage loan) or loans granted by non-banking institutions. And it is about non-bank financing that we most often think in the context of a loan. Especially since this type of loan is most often possible to grant a cash loan without income verification.
Non-bank loans can occur as the so-called short-term loans like payday and title loans and long-term loans such as personal and installment loans. These two types of products differ in terms of the repayment method. Installment and personal loan will be repaid in several installments over a longer period of time, while the payday and car title loan will be repaid in one installment, most often payable after 30 days. In the absence of timely repayment, additional fees are charged and the total loan amount is increased.
Where to get a title loan with no income?
Loan with no income is granted by loan companies. Most often these are products available from start to finish via the Internet.
There is no law that requires loan companies to collect such income certificates from customers. Therefore, some lenders try to meet the client’s expectations and propose offers where you can receive money without income certificates.
What can be the total car title loan amount?
The total amount of the loan without income verification can be up to $10,000. However, this is a universal border, theoretically available to everyone. In practice, the maximum loan amount for us may be different – it depends on the model and price of the vehicle. The total loan amount is as shown in the loan calculator.
What is the total cost of car title loan no income verification?
The total cost of no income car loan will always be given before the final decision on the loan. The cost of the loan depends primarily on the loan amount. As a rule, the more we borrow, the greater the total cost of the loan.
We must be aware, however, that all costs are given subject to timely repayment. In the case of timely repayment, we will pay exactly as much as it results from the repayment schedule. In the absence of timely repayment – we can pay much more.
Failure to pay the installment on time is equal to the penalty interest. The total cost of a title loan always increases in the absence of timely repayment.
However, let’s put ourselves in the lender’s position – if we lend money to someone, we also want him to give it back to us on time. If he does not pay back, we automatically think about charging some interest. The same is true of loan companies that, due to failure to meet the loan repayment date, cannot have their own money.
The annual percentage rate, or APR, actually has the greatest impact on the total cost of no income proof title loan. The lower the annual percentage rate, the cheaper the loan. Therefore, when choosing an offer, we should be guided mainly by this parameter.
We just have to bear in mind that the annual percentage rate is often determined not for all loans in a given company, but for a loan from a sample loan (i.e. the one from a representative loan example).
To compare the APR for the loan you are interested in, you must set the desired values in the loan calculators (specific loan amount and repayment period) and only then compare the APR parameter. Otherwise it does not make sense as what is given in the representative example will be different depending on the values assumed in that example loan.
Title loan no income – is it worth it?
Title loan with no income is really a minimum of formalities when it comes to any loan offers. Of course, the lack of income or employment certificates never equates to the possibility of no creditworthiness, but the issue of formalities is really very limited in these loans. Let’s indicate the main advantages of loans without earnings certificates:
1) Granting a loan even in 15 minutes
With the development of the Internet, making a commitment without income certificates is extremely simple. The repeated “15 minutes” is not only a slogan – you can really have money in your account at that time.
2) No waiting for a letter from HR
Nobody who is looking for a quick loan is interested in completing documents that confirm his income. Collecting documents is always a bit of a hassle, and we all prefer to save ourselves.
In the case of people employed under a contract of employment, it is usually necessary to contact the HR department with a request to send a relevant certificate which may take up to several days!
3) Completely discreet
Let’s be clear – if we ask the employer for a certificate of earnings, our loan application will no longer be secret. Only if we choose a loan without certificates, we can be sure that no one undesirable will know that we are in debt.
Many employees are reluctant to share with anyone they know that they are applying for a car title loan. This is not what we expect in the 21st century. When looking for additional financing via the website, we want it to be: fast, without leaving home and without any certificates. For this reason, no income loans are also very popular.
How to get a car loan with no proof of income?
- We need very little to get a loan with no income. In an optimal situation, we will apply for this type of product online, then there will be very little formalities.
- The main issue is reaching the age of 18, minors cannot take out loans in the US. A loan without certificates is therefore available only to adults.
- Another thing is access to the Internet (it will be useful for submitting the application), a mobile phone, an e-mail address. Without this and without a bank account, it is difficult to get any financing. A bank account is needed to withdraw the total amount of the loan.
- When submitting the application, you will also need an identity document – ID card. Thanks to it, we will be verified at all. What is most pleasing is that you do not have to present any income certificates.
- At most, we will be asked to make a statement about our earnings and their origin.
- It may also happen that the lender will ask us to send you a bank statement from the last few months or will automatically verify our account.
- You must also be the sole owner of the vehicle you are providing as collateral for the term of the loan. To be precise, you transfer 51% of the ownership of the car to the le The car must be no older than 12 years old.
Best no income verification title loans – what is worth remembering?
- First of all, it should be remembered that no proof of income loan does not mean that the lender will not require us to have any source of income. Companies that provide loans of this type tend to focus on the fact that they simply do not require the certificates themselves.
- However, the fact of employment or having income from sources other than work will be indicated. You will always be required to be solvent, and therefore receive some funds that will ensure the repayment of a car title loan.
- Simply put, you will not have to provide earnings certificates in the title loan process. It is enough for you to submit a declaration of income yourself. In such a declaration, you only indicate the amount of income and its source, and the source may be, for example, alimony, retirement and disability benefits or even scholarships.
- Your identity is usually verified on the basis of a verification transfer, so you do not waste any unnecessary time here as well. For this reason, no income auto loan is commonly known as a quick loan.