When you need money fast, you might not have the credit score or time to get a traditional loan. You can secure the funds you need if you own your car and have the title. There are title loans available for most people that can help you when you need money now.
However, if you don’t already have a bank account, you might wonder if you qualify for a title loan. You might think that you don’t qualify for a title loan without a bank account, but you need to know more. Here’s your guide to getting a title loan without a bank account.
A title loan is a loan where the lender places a lien on the title of your vehicle and loans you money. The amount of money you can borrow is based on the condition of the car and the resale value of the car.
As long as you repay the funds and the interest, you get your title back when the debt is paid in full. The title of your car simply secures the loan and protects the lender in case you default on the loan.
Yes, you can get a car title loan without a bank account. However, you do need to provide other documentation showing your income. When you repay the loan, you can do so in cash or money orders without a bank account needed.
The company needs to know that you have a monthly income, and without a bank account, you need to show a pay stub or some other type of documentation to show the income, such as court-ordered alimony and child support or paperwork from the Social Security Administration showing you receive a monthly check from them.
However, there is some paperwork that you’re going to need to get a title loan without a bank account. It’s always a good idea to gather the paperwork you need before visiting a title loan lender. It helps to make the process go a little faster and easier.
When you’re ready to visit a title loan lender, you want to take all the documents you need with you. It adds time and hassle if you need to leave to get more paperwork. Although you can get a loan without a bank account, there is documentation that’s essential, including:
By bringing in these essential documents, you can get the money you need more quickly and without a lot of stress and headaches.
Before you apply for a loan without a checking account, you need to know that there are benefits for you. Here are a few things to consider:
If you have bad credit or don’t want a ding on your credit file from an inquiry, you can get a title loan without a credit check.
If you go the traditional route for a loan, it can take anywhere from three days to a week. With a title loan, you can get approved and funded in as little as a day.
If you sell your car for quick cash, it’s gone. A title loan allows you to keep your car while using it as collateral. You can keep your car and continue driving as long as you repay the loan.
You want to get your funds as quickly as possible, which is why you aren’t going the traditional route. Many title loan companies have applications that you can fill out online and upload your essential documentation.
Even if you go into the office, the process is faster than with a traditional lender. You don’t need a credit check, so this saves time.
When time is of the essence, and you need money fast, an auto title loan without a bank account is a feasible possibility. You can get started by contacting us today.