No Income Verification Title Loans Near Me | Interview with Maggie Gallagher

October 11, 2022

Interviewer: Justin

  • Title Loans continue to grow in popularity as they help people with different types of credit apply and receive funding as quickly as possible. However, can people without traditional jobs get money and cope? Popular financial consultant Maggie Gallagher will answer these and many other answers today. Hello Maggie, nice to see you today!
  • Good afternoon name! I'm also happy to be here to help you better understand title lending as this type of financing continues to grow in popularity year after year.
  • Excellent! Let's start by giving our readers some basic information about what a Title Loan is and how it differs from other types of loans.
  • Certainly! A Title Loan is a short term secured type of loan that allows borrowers with virtually any type of credit to apply for and receive funding. However, it is important to note that this type of financing requires collateral, so your vehicle title secures the loan. The borrower must be in full title and temporarily transfer it to the lender until the loan is fully repaid. Please note that the Loan is short-term, so it often has to be repaid within 30 days.
  • What about the loan amount? How much can a potential borrower get?
  • It is rather difficult to answer this question unequivocally, since the amount of the loan that a borrower can receive using the Title Loan near me will depend on a large number of factors. For example, the lender will look at the make, model, mileage, condition, value of the car, and so on. Most often, lenders offer from 25% to 50% of the value of the car.
  • Thanks a lot, Maggie! Let's move on to the question that worries our readers the most. Is it possible to get a Title Loan near me with no income verification?
  • Many people ask this question, and more often than not, they are happy to know that they can get a Title Loan even if they do not currently have traditional income. Lenders will often accept other types of income and approve applications because Loan is already secured by the car. Of course, borrowers themselves must understand that applying for a Loan without a traditional income is risky. If for some reason they are unable to repay the debt, the lender will be able to take their car in order to consolidate the debt on the loan. Every lender wants to be sure that the borrower will actually be able to repay the debt. However, proof of income is not the same as proof of employment. Thus, if a person does not have a job, this does not mean that he does not have the money to pay off the debt. If the borrower can confirm that he is receiving alternative payments, he is more likely to be approved.
  • Thank you very much Maggie for such a high-quality and comprehensive answer! Could you also tell us about what is considered alternative sources of income?
  • You are right, when applying for this type of funding, it is important to know what qualifies as income. First of all, of course, this is government benefits. The borrower can use any regular payments from the government as proof of income, such as unemployment benefits, Social Security benefits, disability benefits and so on. Another type of alternative income is under the table income. To be eligible for a loan, the employer must sign a letter with the name, services, and the amount the borrower receives. Most title lenders also qualify child support, alimony and inheritance as proof of income.
  • Maggie, besides income, what criteria must be met in order for a funding application to be approved?
  • In fact, title lenders most often have only minimal eligibility criteria. These may include US citizenship, a regular monthly source of income, an active bank account, a government-issued ID, and a Social Security number. Also, borrowers must provide the required documents for the vehicle, such as original vehicle title with solo ownership, current registration, government issued identification matching the name on the title, insurance proof and proof of residency matching the name on the title.
  • And, the last question. How to get Car Title Loan near me as fast as possible?
  • If the borrower needs money as quickly as possible, then he can use the online application. Having visited the site of the selected lender, he must provide the necessary data about himself and his vehicle. When applying entirely online, recent photographs of the vehicle must be provided as required by the lender. Most applications are approved on the same day, so you won't have to wait long. After the borrower reads the contract and makes sure that it meets their needs, they can sign it and receive the money in their bank account.
  • Those were all the questions for today. Thanks again to our guest today, Maggie Gallagher, for providing an interview for our site.

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