28 Jul 2021   /   0 comments

Can You Get a Title Loan Without a Bank Account

Loan Without Bank Account

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.

What Is a Title Loan?

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.

Is It Possible to Get a Title Loan Without a Bank Account?

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.

What Documentation Do You Need to Get a Title Loan Without a Bank Account?

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:

  • Car title: You need to bring the title to your car without any liens on it. It also needs to be in your name alone unless you bring the co-owner with you to sign for the title loan.
  • Vehicle registration: It’s essential that the vehicle has its current registration and that the registration is in your name alone.
  • Proof of car insurance: Since the car is being used as collateral on the loan, the title loan company needs to make sure that there’s insurance on the car to protect it in case of an accident or if it’s stolen.
  • Personal identification: The title loan company needs a picture ID from a government agency. It is probably best to bring your driver’s license although a state ID or a passport can work for this purpose.
  • Proof of residency: The title loan company must know where you live, and you need to prove it. For this requirement, you might bring a copy of your lease agreement, a recent utility bill, or some other form of proof. It isn’t enough that the address is on your driver’s license, so don’t forget this step.
  • Financial documentation: While you can get a loan without a bank account, you do need another way to show and prove your monthly income. This might be one of your paycheck stubs or a copy of your divorce decree showing that you receive monthly alimony and/or child support. If you receive Social Security payment or from another source, you might need to bring in a copy of the check or a statement outlining your benefits. The title loan company wants you to successfully repay the funds, so it’s essential that you have a reliable monthly income.
  • Personal references: While you don’t need to bring in letters of recommendation from friends, you do need to have the information available for three people who are willing to provide you with a personal reference. This includes their names, addresses, and phone numbers.

By bringing in these essential documents, you can get the money you need more quickly and without a lot of stress and headaches.

Benefits of a Title Loan

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:

No Credit Check Needed

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.

Cash Fast

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.

Keep Driving

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.

Fast Application Process

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.

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