Most lenders will want to see that their borrowers have a source of income. A source of income is not just a job, however. There are many sources of income other than jobs, such as government benefits, payouts from investments, and others. Whatever the source of income is, lenders will like to see that this income is substantial and is regular.
If borrowers have a source of income, this shows lenders that they have the means to be able to pay back their loans or credit cards. If they do not have a source of income, lenders will be unsure if the borrower will be able to pay off the loan and they will likely not approve the borrower.
However, not every lender requires borrowers to have a source of income. One such loan is a car title loan. While many lenders will require a source of income for their borrowers, not every car title loan lender will require that the borrower has a source of income.
Many of the lenders are satisfied with using your car title as collateral, and they will not necessarily need to see income documentation. For some of these lenders, they don’t exactly care if you have a source of income. If you default on their loan, they will simply be able to take your car and sell it; oftentimes for thousands of dollars. Lenders like these will allow their borrowers to get their car title loans without income verification.
How Much Money Can I Get from a Car Title Loan?
The amount of money you can get from your car title loan mostly depends on how much your car is worth.