Each of us can find ourselves in a difficult life situation, even if the person has never had problems with money before. It can be anything from an emergency purchase to medical treatment, but getting funding when you need it can be very difficult. Banks and credit unions most often do not work with bad credit borrowers, so people often do not know how to get money for their needs. However, if you have a title in your name, you can apply for a Title Loan. And what if you are currently unemployed?
Title lenders understand that anyone can find themselves in a difficult situation, so they even provide money with no income verification. After all, just because you are unemployed doesn’t mean you don’t have the money to cover your needs.
What Is A Title Loan?
A Title Loan is a simple secured type of financing that provides borrowers with different types of credit the opportunity to apply and receive financing for their needs. The loan is collateralized, so you must transfer the title of the car to the lender when the debt is paid off.
This loan is usually paid back within one month (on the day of your next salary), but you can also find a lender who provides Installment Title Loans. What’s more, you don’t even need to have a good credit history to get approved. Traditional income is also not required!
Can I Apply And Get An Illinois Title Loan Without A Job?
Many borrowers are wondering if they can get a loan without proof of income in Illinois, and the answer is yes. Now more and more title lenders are approving applications without proof of employment!
It is of course important to understand that proof of income is not the same as proof of employment. However, how do you get a Title Loan in Illinois if you are currently unemployed?
Even if this or that borrower does not have a job, this does not mean at all that he does not have the money to pay off the debt with interest. Thus, if you can prove that you are receiving monthly payments in Illinois, your funding application will most likely be approved.
What Qualifies As A Source of Income for a Title Loan?
Lenders in Illinois accept different sources of income. Below you can explore the main ones:
- Social security benefits. If you are receiving disability benefits or retirement benefits from the government, this counts as a source of income, so you are eligible for a Title Loan.
- Under the table income. Of course, not every person has a traditional income. Thus, under the table income means that you receive cash for your work or services. So, to prove this income, your employer must sign a letter stating your name, the services you provide, and the compensation you receive. Thus, it will also qualify as a source of income and you will be able to get money for your needs.
- An estate or trust fund. If you receive this money on a regular basis, it can also be considered income and accepted by the title lenders.
- Annuity. Annuities are funds that generate a stable income over a period of time. Some lenders also accept this as proof of income, so you should check with your lender or lending company before applying.
How Can I Get A Title Loan With No Job?
Getting a Title Loan without proof of income in Illinois is now as easy as possible since you don’t have to go to the lender’s store to get approved! Many lenders now offer a simple and convenient online application. Learn three easy steps to get an online Title Loan no income in Illinois:
- Fill out the application and provide basic information about yourself and your car. As a rule, filling out the form will not take you more than 10 minutes. You will need to provide your name, residential address, income, contact details, and more. Also, do not forget about recent photographs of your car, which are necessary for the lender to assess the condition of your car and you can get a loan completely online.
- After the lender examines your application, he will contact you to discuss the terms of financing and repayment of the debt. You can also ask all your questions and refuse the loan if it does not suit you.
- After you carefully review the loan agreement and transfer the ownership of the vehicle to the lender, you will be able to receive a direct deposit into your bank account within one business day.
Am I Eligible To Apply For A Title Loan In Illinois?
As you know, each lender has its own eligibility criteria that must be met in order for your application to be approved. In Illinois, lenders do not have a lot of eligibility criteria, however, you still need to review the basic requirements to ensure that you are eligible to apply and receive funding. They can vary from lender to lender, but the main ones remain the same:
- Be a US citizen or official resident who is at least 18 years of age or older
- Have a regular monthly source of income
- Have proof of identities such as a passport, driver’s license, or government-issued ID
- Have an active bank account
- Provide social security number
- Provide contact details such as phone and email.
Important! In order to receive money, you must also provide the following documents for the car: original vehicle title with solo ownership, proof of residency matching the name on the title, vehicle insurance proof, government-issued identification matching the name on the title, and current vehicle registration.