How Do Title Loans Work If You Don't Have A Job?

January 28, 2022 | Mason Roberts

how do title loans work without a job

While getting a traditional loan can be a challenge when you’re unemployed. Knowing how do title loans work can provide an alternative option that helps you get the funds you need when you need them the most.

Title loans are a type of loan that does not require you to show proof of employment to qualify for the loan. But if they don’t require proof of employment, then how do title loans work when you don’t have a job?

It is quite simple. Title loans work by using your car title as collateral. As such, a title loan is viewed as a secured loan, thus negating the need for proof of a job.

What Is Needed For A Title Loan?

While title loans don’t require proof of income when you acquire them through Idaho Title Loans, Inc., there will still be a few simple requirements to satisfy to make sure that you can qualify for the title loan you need.

As we mentioned, the answer to how do title loans work is simply that your title works as collateral that secures the loan, which is why you will be asked to provide the following documents in order to apply and obtain a title loan in Idaho:

  1. Your driver’s license or state-issued photo identification.
  2. Your lien-free title to your vehicle (meaning the vehicle is fully paid off and has no outstanding financial obligations against it).
  3. Your vehicle for an inspection, which will be performed by one of our loan representatives.

These three items are everything you need to get a title loan through Idaho Title Loans, Inc. By satisfying these requirements, you are basically avoiding any need to find or provide proof of income or employment.

However, while we will not ask you for your proof of income, it’s smart to have a method in mind that you plan to use to pay back the loan in due time. 

what happens to my car title

What Happens To My Vehicle Title?

 As we mentioned above, providing proof of income is not necessary when you get a title loan. However, since you are essentially engaging in a secured loan, you provide your lien-free title.

When you provide the title of your vehicle as collateral along with your agreement to the terms and conditions of the loan, you’d be allowing us to keep your title at our store until you are done with your loan payments. Once this is completed, the title will be transferred back to you.

As for your vehicle itself, you will continue to use it just like you did before since we don’t keep the vehicle itself, only its title.

How Is My Title Loan Amount Determined?

Understanding how do title loans work also means understanding how your loan amount is determined. When you inquire about getting an Idaho title loan, a loan representative from your local Idaho Title Loans, Inc. store will contact you to go over the three required items mentioned above (ID., vehicle title, vehicle). Once you have those three items, you will need to bring your vehicle in for an inspection.

Unlike traditional loans that base your loan amount on a combination of your credit score and monthly income, your loan amount will be determined by the overall state of the vehicle whose title you will be handing over for the duration of the loan. By performing an inspection of your vehicle, the loan representative will be able to determine its value according to a national standard.

You will then be informed of this amount. If the loan amount meets your needs, you can complete the title loan process, temporarily hand in your vehicle title upon approval, and leave with your vehicle as you continue to use it for the duration of your loan.

The Simple Method To Get The Title Loan Process Started

Idaho Title Loans, Inc. has store locations all throughout the state of Idaho and offers a simple and easy title loan process. We also welcome all types of credit. Whether it is good or bad, meaning you will have a chance to qualify even if you missed payments in the past or had some credit issues.

Once you have the three requirements on hand, you can get your process started for a title loan of up to a maximum of $15,000 by following these steps:

  1. Begin the process by submitting an online title loan In a few minutes, a loan representative will contact you to answer any questions you have and make sure you’ve got the requirements.
  2. The loan representative will then schedule an appointment with you. To make it even more convenient for you, instead of having you drive to the store location for the vehicle inspection, you can choose the vehicle inspection location, which can be your home or any other place!
  3. Once you meet the loan representative, they will review your documents and inspect your car.
  4. If you are found to be qualified, you can sign your loan agreement to finish your loan process.
  5. Lastly, you’ll receive the title loan money on the same day or the following business day. 

qualifying for title loans

Inquire About A Title Loan Today

Now that the answer to how do title loans work is clear, you can see why proof of employment is not necessary to get a title loan at Idaho Title Loans, Inc.

Get your process started today by submitting an online request form or calling 800-514-2274 to get connected with your local Idaho Title Loans, Inc. store today.