Is It Possible to Get an Auto Title Loan When I Am Not Working?Fast Action Finance SEO
One of the most efficient ways of getting fast cash is by using auto title loans. Car or auto title loans in Toronto maybe short-term compared to other credit sources. However, they are secured easily without much paperwork or hectic processes. Their interest rates, as well, might be high and you might still be required to pay off within the short period. However, this is one of the fastest ways of getting a legitimate loan.
Well, getting auto title loans in Toronto means that you have to hand over your carâ€™s official title to the company that is to lend you the cash. This allows the lender an opportunity to verify the information on the title and the current retail value of your car. The only time you can get your title back is after you have cleared payments on the loan. If this does not happen, then the lender automatically possesses your vehicle and is at liberty to sell it to cover your debt.
Most lenders are not concerned with your credit score. This is because the high interest rates make it possible to secure the loan without proof that you have a source of income. Once you have provided the necessary paperwork and your carâ€™s title, you can secure your loan within a very short time after application.
Securing your title loan without a job
There are more than enough lenders in the United States that do not require knowing whether you have a source of income or not. A car title loan usually requires you to provide the necessary information like your full name and contact details like email address and phone number. It also calls for you to provide vital information concerning your car. To gain approval of the loan, credit score checks are unnecessary. Some lenders will check your financial capability before they give you the money and will even go on to check whether you are in credit consolidation or bankrupt.
If you are of the right age, 18 and above, that gets you a step closer to getting your loan. The next thing that would be required of you is proof of citizenship. This is where your copy of an identification card comes in. As long as it has been issued by the government, then any form of identification will be valid. A driverâ€™s license can be used as the official identification. If the borrower happens to have a source of income, this might be an added advantage for your loanâ€™s approval. Usually, even an income based on social security or disabilityâ€™s reimbursements are accepted.
How much you can get without a job
The amount of loan that you can get without a job depends entirely on the state you are in and the lender you go to. Different states and lenders offer varied minimum and maximum amount borrowed.
Waiting time before getting the money
Once you have realized that you are eligible for the car title loan, then the rest is easy. Often, almost everyone who applies for this loan is eligible. This is because it has minimal requirements. The process has been simplified so much that you can even fill the required forms online. This takes a couple of minutes before completion. Moreover, submitting this online is free. Your application is reviewed after you have submitted it and a quick response follows. In case your application meets all the requirements, then you will be contacted through your email address. Therefore, it is vital that you keep on following the progress on your loan status.
After this, a call or text from your lender on instructions to complete the final process is expected. It is advisable to always read everything carefully before you agree to the terms and conditions set by the lender. Once you have done this, you will be able to receive your money within one working day. However, if you do not like what you read on the terms and conditions, you can always move on to the next lender. The important thing is to get what you are looking for and satisfy your needs.
Opting for a co-signer
If a lending company gives you trouble when it comes to approving your loan without any source of income, you can always opt to look for a co-signer. A co-signer is a financial guarantor. In case you have a problem clearing your auto title loan, this person is held accountable on your behalf. This means that they either clear the loan or have their credit score interfered with. For this option, it is advisable to consider a family member or a close friend who would be willing to trust you enough to bail you out.
As pointed out, the process can be tricky when you do not have a job, but it is very much possible as long as you are committed. It might not happen overnight, but when it happens you are assured of financial satisfaction.