Simple Ways to Get Title Loans Without Income
A little research on title loan will reveal the need of having a proper job or income source as a compulsion for getting a title loan to you. There are a number of reasons as to why you may not have an income source. In case of retirement, the absence of income is obvious but this does not mean that you cannot get a title loan. But the question is “are title loans without proof of income okay?” The answer is yes, they are. There are a number of lenders which are willing to offer title loans without an income source and you can easily get help from them to fulfill your emergency financial needs. Following are the ways which can help you get title loans without any income:
“Under the Table” Income:
Under the table, income refers to your income sources other than a formal job. Submission of a simple letter of employment from your employers can get you a title loan without any income. Make sure that the letter of employment includes your name, date of employment, the services you provide, the amount you get paid and the signature and contact number of your employer.
Use Your Social Security Benefits:
Retirement shall not be able to hinder your way of getting title loans from lenders. Once you have retired, you receive social security benefits from the state or pension amount from your retirement plan. Both ways are good for getting title loans without income. All you have to do is mail or fax a copy of your social security benefits or retirement plan statement to the lending company.
An Annuity Can Help You:
An annuity can be defined as a lump sum invested in something in order to gain a steady income from it. Annuities help in generation of retirement savings or for the generation of retirement income after you have left the job. If you have a currently working annuity or have one for the future, it can help you getting title loan without income. All you have to do is mail or fax a copy of your statement to the lending company for approval of title loan without income.
Worker’s compensation is given to the workers in case if they are injured on the job-site while performing their tasks. Worker’s compensation can be used for the attainment of a title loan since it works in a similar way as wages paid to you by your employer or company. You can easily get title loan without a job or income by making use of worker’s compensation.
Settlement/Court Ordered Award:
In the case of lawsuits, if a company has been found guilty of wrong-doing, it can offer a monetary settlement to the opposing party in order to evade legal punishments. The court-ordered award can be paid to you in form of income and you can easily use it to get a title loan.
If you have an inheritance as a source of income which has been passed down to you after the death of your family or friends, it can help you in getting title loan without income. You can show your inheritance as your proof of income to the lenders for getting a title loan without a job.
Severance pay is an amount which is paid to the workers which have been let go from the company. This amount is usually paid to keep the worker going on for a while. Since severance pay works as a substitute for the income which the company would have been paying to you if you were employed, it can be used to get a title loan.
Experienced borrowers know that it is comparatively very easy to get a loan in which a guarantor is involved. Moreover, the good credit history of the guarantor makes it easy for the direct lender to approve the loan because of the guaranteed security that the co-signer brings to the table during the loan deal.
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