Title Loans For The Unemployed

Title Loans for the Unemployed

Is it Possible to Get Title Loans for the Unemployed?

If you are without a job and are wondering how in the world you could ever manage to take out a loan, rest assured that title loans for the unemployed are an option through Velocity Cash. We understand that sometimes life throws our customers a curve ball. That is why we are flexible with our title loan application process and even provide cash loans for unemployed customers. In fact, our title loan process is so fast and convenient that we offer same day loans for unemployed customers.

The most important thing in qualifying to borrow a money from a title loan is being able to present a free and clear title to your vehicle to the lender. The title to your vehicle should show that it is free and clear of any other loans by having an indication of “no liens” on the title.

The other thing that you need to be able to show is that you are at least 18 years old. You need to have a government-issued I.D. to be able to prove this. When you go to sign for your title loan agreement, you will be asked to provide the required documentation to prove that you are eligible to borrow money from a title loan.

When you take out a title loan, you get fast cash in exchange for being able to post up the title to your car or truck as collateral for the car title loan. You also get a very competitive interest rate because your loan is secured so there is some extra protection that you will eventually pay off the full loan amount.

Legal Requirements for Qualifying to Borrow Money from a Title Loan

Depending on which state you live in, there are some different regulations on the way that title loans work. In some states, you will only be required to show that you have a free and clear title to your car that will secure the loan. In other states, you will be required to show the free and clear car title as well as some proof of income or means by which you can pay off the loan.

Just because you are not receiving regular income from a paycheck does not mean that you do not have other resources to use to pay off a title loan. This is why a title loan lender will consider more than simply a pay stub in determining whether same day loans for unemployed customers are a possibility.

For some title loan borrowers, they are business owners who are self-employed. While these borrowers may not be able to show proof of regular income, they may have other assets that show they are capable of paying back a title loan. Small business owners may need a title loan to help them borrow cash to get through a difficult time in their business without having to sell off their inventory or resources. In these situations, having access to fast cash can make all the difference in keeping business operations afloat.

If you are currently receiving checks for unemployment benefits, this can also serve as proof of income to be able to take out a title loan from Velocity Cash today. Even though this income is obviously not from a regular job, it is still proof that you will have a way to eventually pay off the amount of the title loan that you borrow, which is the main concern of the lender.

If you are unemployed right now, another way that you could satisfy any requirement to be able to show that you have the means to pay off the car title loan is to provide proof of a future start date for your employment. This works because it shows the lender that you will eventually have a source of income that could help you to pay back the loan. As a result, cash loans for unemployed borrowers can be a real possibility as long as you are able to show some proof of future income stream.

In addition, if you have another income stream from something like a settlement or annuities that are paid directly to you, then this could satisfy the lender of your financial means to pay off the amount that you borrow from a car title loan.

When you are going through the car title loan application process at Velocity Cash, you can find out right away the amount that you will be able to borrow because this estimate is based on details that you fill out on the title loan application. You can contact one of our title loan representatives to ask any questions you may have about your particular application and circumstances. If you are concerned about your borrowing status because you are not currently employed, this is a good opportunity to ask a representative of the lender about any particular regulations in your state and what impact they have on whether you need to be employed to take out a title loan.

Title Loans With Bad Credit or No Credit at All

If you have been unemployed for an extended period of time, your credit score may have suffered as a result of your inability to pay your bills. This means late fees and high interest rates can mount quickly. If this is true, you can still take out a title loan because your credit score does not really come into play. By taking out a car title loan, you are able to get the cash in hand that you need to start paying off your bills and building back up your credit score again. In this way, a title loan can be one of the best ways to boost your credit score when you are unemployed or waiting for your next job to begin.

Title Loans With No Insurance

Title Loans With No Insurance

In America, almost half of the states allow title loans, but is it true that not all of them allow you to borrow money without insurance on the vehicle? When you search the internet, it appears that there are no states that bar you from taking out a title loan with no car insurance, but there are a few exceptions. However, if you need a title loan, there are less hindrances than most borrowers first expect.

Why title loans and not bank loans?

One of the main reasons that people will seek out a title loan over a bank loan is the quick and convenient process. Unfortunately, bank loans versus title loans no insurance can take a considerable amount of time just to find out if you have been approved. On top of this, the amount of paperwork required can take awhile to compile for a bank loan. One other drawback is that, even if you have a good credit history, you can still not be approved for a bank loan. Alternatively, a title loan application only takes a couple of minutes online, and you are given the loan amount based on the title instead of your credit history.

Why some states ask for car insurance on title loans

Interestingly, most title loan companies do not require car insurance in any state for their purposes or by law. In fact, Tennessee is one of the only states that requires full-coverage for any title loan amount. Nonetheless, you could be asked to provide proof of insurance because the title loan business wants to know you are insured. This is especially true if the loan amount exceeds $1,000 or more.

How to get insurance on your vehicle for a title loan

If you find that your insurance coverage is not high enough because your state requires full coverage (for example, the state of Tennessee), more must be obtained before the title loan application can be completed. In some cases, the title loan company will offer to give you the insurance you need on the vehicle. Nevertheless, some states will not allow the loan company to also offer you insurance. One alternative that exists is to buy insurance online and have the title loan company approve your insurance coverage from the computer printout.

Other ways to get a title loan without insurance

While the title loan office may not be able to award you the full amount without insurance, there are a few other options that they might offer. The first is to give you a loan with a lower amount and it is essentially a payday loan. The second option is to give you a title loan without insurance on another piece of property that does not require insurance such as a boat, motorcycle or ATV. Finally, there is a title loan that is based on a car that is going to be salvaged or scrapped for parts.

Car equity title loans versus salvage title loans

When the value of a car is in question, it may not be eligible for a car equity title loan that gives you cash based on the Kelley Blue Book value of the vehicle. An alternative to this is a salvage title loan for title loans without insurance. This type of loan is common when a car has been wrecked, scrapped and needs to be replaced by purchasing another car. In other words, if you need extra money to buy a new car, see if the scrapped title can be used at a title loan company to bring in extra money for the down payment.

Things to bring to the title loan office

In some cases, the car title and state-issued identification is all that is required to get a car loan. This is why so many websites offer an estimate for car title loans no insurance within minutes since the car title tells all the information the lender needs to know. When you get instructions from the car title lenders, they will let you know if you will need to bring in other types of information. Regardless, the one thing you can count on is that no one will run a background check on your credit history.

Other helpful paperwork to increase title loan amounts

One of the worst things about applying for a title loans with no insurance at a business is having to go back and forth to your home to find all of the required pieces of paperwork. This is especially true if you are traveling from out-of-state or far from home. To get a better understanding of some items commonly required to get a title loan, take a look at the list below.

  • A set of spare keys that match the vehicle on the title
  • Social Security card
  • Copies of recent bank statements
  • Car title (no copies)
  • A recent piece of mail such as a utility bill
  • Car registration
  • Proof of insurance
  • Recent payroll stubs
  • References or potential co-signers

Simple rules about the states that allow title loans in America

Do you still have questions about insurance as it relates to title loans in your state? For your convenience, we have listed a few of the laws associated with each state that offers a title loan. Keep in mind that title loans with no insurance companies can still ask you for proof of car insurance based on their own needs or high loan amounts and not because it is required by law.

Alabama – According to the Pawnshop Act, it is prohibited for a title loan company to sell insurance to a customer on the customer’s vehicle.

Arizona – No title is required in the legal language of Arizona’s Motor Vehicle Time Sales Disclosure Act.

California – Unique laws in this state mean they are not allowed to loan smaller amounts of money due to small loan laws.

Delaware – A vehicle title is required for a loan by this state’s Code Title 5 laws. Title loan businesses are prohibited from advertising a “teaser rate.”

Georgia – In this state, they are not allowed to advertise a title loan as a loan and in order to complete the application, a title is required.

Idaho – Special restrictions in this state include forbidding a loan that is worth more than the vehicle itself. The loan can only be placed with a cleared title and the title itself is required before the loan is completed.

Illinois – The maximum loan amount is $4,000 and can be limited based on income. A car title is required to finish loan paperwork.

Kansas – Loans in this state are structured as open-ended credit to comply with state laws.

Louisiana – The minimum award amount in this state is $350 and the loan must last for more than two months.

Mississippi – Maximum loan awards are $2,500. Other restrictions include that the loan cannot be paid off with another title loan. The loan giver cannot sell insurance to loan recipient and a title is required at the time of application.

Missouri – Loan maximums by law are $5,000 and a title is required. There is also a restriction on using words that related to pawn or pawnbroker businesses.

Nevada – One of the only states that allows you to borrow the full value of the vehicle. One unique law they have is that the lender cannot be added as a lien holder on the title.

New Hampshire – Applicants can get up to $10,000 and this is one of the few states that does not require a title. Despite this, they will still want to see the original title.

New Mexico – The maximum loan amounts for state is $2,500 and a title is required.

South Carolina -Like California, South Carolina is not allowed by law to award small dollar amounts for title loans.

South Dakota – Title is required.

Tennessee – A clear title is needed to place a title loan of $2,500 or less. In this state, it is prohibited to give a loan on a vehicle with no insurance.

Texas – This state does not have a cap that restricts the loan amount, but a title is required.

Utah – Only one loan per vehicle is permitted, and you must have a title and a job to apply for the loan.

Virginia – There are some restrictions found in Virginia and nowhere else. For example, you must file the lien with the DMV, you cannot be charged prepayment penalties, you must have a title to the vehicle, but you can get up to 50-percent of the value of the car.

Wisconsin – This state stands out because they prohibit the loan businesses from requiring a second set of keys from you that they keep. However, you can get up to $25,000 on your vehicle if it is worth at least twice this amount.

Car Care

Best Ways to Keep Your Car in Good Shape

Cars can be loyal machines that serve an owner for years and years, or they can break down at the first sign of trouble. The type of car driven depends mainly on how well it is taken care of. Here are the best ways to make sure a car remains in the best shape it can.

1. Change the Oil

Changing the motor oil regularly and on time is the single best thing anyone can do in order to maintain the quality and health of a vehicle. A car’s oil is its blood. It helps the engine run without damaging any of the internal parts. An engine with old oil will lead to costly repairs as the oil breaks down and lets the metal parts chip into each other. There are two major choices to make when choosing an oil.

  • Synthetic Oil – A newer type of oil, synthetic oils usually only need to be changed every 6,000 miles or more. However, this oil is more expensive and can cause damage in an old car that is used to regular oil.
  • Regular Oil – Refined crude oil has been used for well over a century to lubricate engines. While cheaper, the oil breaks down much faster than synthetic as little as 3,000 miles per oil change.

Quality motor oil can be easily found at a reputable seller like Napa Auto Parts or a local dealer.

2. Wash the Car

It may seem like a minor thing to wash a car. After all, what else does washing a car do other than make the car shine and feed one’s ego?

The truth is that washing a car is key to maintaining a car’s health. Washing removes dirt, grime, bugs, and debris that can cause the body of the car to rust. Not only can this spread to the rest of a car, but rust on the body greatly reduces a car’s resale value.

After washing a car with soap and water, applying wax or a paint sealant can extend the life of a car’s finish. Auto Geek has an excellent article about how to wax a car by hand or machine, which also includes video demonstrations.

3. Drive Defensively

This tip seems like a trick to make people drive more carefully, but in fact, driving defensively really can extend the life of a car.

When a car is aggressively accelerated, the engine has to work harder. Even the most well-designed engine will damage itself in these conditions. Driving slower prevents this. When a car is gently accelerated, the engine can easily keep up and doesn’t have to push its cylinders to stress levels. This extends the life of the engine parts for many more years.

4. Use the Proper Octane Gas

It can be tempting to think that the 91 octane fuel at the pump, far more expensive than the regular 87 octane fuel, would be a better choice if someone really cares about the quality of their car.

This is rarely true. While higher octane fuel has its purposes, using it in a car that doesn’t call for it, especially a new car, is improper. Engines have an octane rating too. Most engines in consumer vehicles are made to burn 87 octane fuel efficiently and without additional wear.

The exception to this is when an engine starts to knock. A knock is heard as a rattling sound in the engine when the car accelerates. There are many reasons this can happen, but one of them is improper octane. After years of use, the inside of an older engine builds up carbon scoring. This changes the way the engine works and makes it require higher octane fuel to function properly.

5. Protect the Interior

The engine and exterior are what most people think of when they think of caring for a car, but the interior needs care too. Without proper precautions, the interior of a car can peel, crack, rattle, and discolor.

To prevent such travesties, a car needs to be parked in the shade, or sun blinders need to be used. This prevents the damaging UV of the sun from reaching the sometimes sensitive interior of a car. A liquid protectant against the sun’s UV light can be applied to further prevent damage.

As well, any interior spills should be cleaned up as soon as possible. The small interior of a car is not conducive to deep cleaning to remove odors that can quickly set in the absorbent carpet.