Low-Income Loans For Your Path To Quick Cash

It's no secret that a low income can make qualifying for a loan challenging. However, you are not without options; low-income loans exist!

As their name suggests, such loans are offered to people who are on the lower end of the income spectrum but can meet other requirements. The criteria could be anything from credit scores, debt-to-income ratio, or collateral, depending on the type of low-income loan you request. 

With that in mind, we're taking you on an in-depth tour of the three types of loans offered by Idaho Title Loans, Inc., so you know exactly where to turn for quick cash when you need it most.

3 Types Of Low-Income Loans For Quick Cash

1. Title Loans

Title loans from Idaho Title Loans, Inc. allow you to borrow up to $15,000, depending on the value of your van, car, or truck. As is customary with our loans, you do not need to have a good credit score or earn a lot of money to gain approval. Instead, you'll need the following three items:

• State-issued identification (e.g., driver's license, passport, student ID card, etc.)
• Vehicle (cars, trucks, or vans only)
• Lien-free title to your vehicle

We will inspect your vehicle to figure out how much you can qualify for. While it's tricky to ascertain the specific value, understanding the influential factors can help you estimate your borrowing limit before starting the process. The factors impacting its value include:

• the make and model. 
• the age and mileage. Average mileage is deemed to be 10,000 to 12,000 miles per year.
• any customizations, such as spoilers, custom paint jobs, or decals.
• the condition (both mechanical and cosmetic). 
• a full-service history.

2. Payday Loans

This is perhaps the first loan that springs to mind when thinking about quick cash — for good reason. They're incredibly easy to obtain without a good credit score, making them a convenient choice for those with low income.

Unlike title loans, the limits are rather small. We can lend you anywhere between $100 and $500. While this won't be helpful for larger emergencies, a few hundred dollars may be all you need to deal with relatively minor unexpected expenses.

To get a payday loan from us, you only need the following three things:

• State-issued identification (e.g., student ID card, driver's license, passport, etc.)
• Most recent pay stub showing the last 30 days
• A blank check from an active checking account in your name

Provided you have the above, you can kickstart the process by filling out our short online request form. It sends your information straight to your nearest storefront, so we can set up a meeting as soon as possible. 

Don't worry; we won't keep you for too long. The in-person process isn't as laborious as you may believe, lasting as little as 30 minutes. After you've signed a few forms, you're free to get on with the rest of your day and wait for the amount you qualify for to come rolling in.

3. Signature Installment Loans

With one of our signature installment loans, you can borrow up to $1,250 to fund emergencies.

You don't need to provide collateral to qualify. All you need is a signature confirming your promise to repay the loan and the following documents:

• State-issued identification (e.g., student ID card, driver's license, passport, etc.)
• Checking account statement from an account in your name
• Proof of income (i.e., your most recent pay stub)

While you don't need to have a perfect credit score or high income to receive signature installment loans from us, you may only qualify for smaller amounts with a lower credit score/income. If you need a larger loan to cover a severe crisis, you might have more luck with a title loan.

The Loan Process

Our process is practically the same for all of our loans, but here are the basic steps for your convenience:

1. Complete the short request form or give your local branch a call.
2. We'll confirm your information, answer questions, discuss the requirements over the phone, and set up a time to meet.
3. Bring the requirements to the meeting.
4. We'll look at your documents to figure out how much you qualify for. (If you are applying for a title loan you will need to provide your lien-free title and vehicle for a quick inspection.)
5. If approved, sign the paperwork if you're happy with the amount. 
6. Receive your money on the same or the following business day.

Get Fast Cash From Idaho Title Loans, Inc. Right Now!

Low-income loans provide convenient money-borrowing services to those who would face rejection from traditional bank loans due to their level of earnings. You don't always need a good credit score to receive said loans, but you'll need to meet other (easier) requirements to qualify. 

So, if you need some quick cash to pay for an emergency, complete our form to send your information straight to your nearest branch. We'll process your request and reach out as soon as possible.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.