We all look forward to a day when we can take care of all of our bills and buy things comfortably with our own funds. However, at the present that may not be the case—and life doesn’t wait for you to get to that point.
If you’re in a pinch, you may be interested in getting a title loan. A title loan is a perfect way to get the money that you need quickly and will take care of any immediate bills that you can’t handle on your own.
But what do you need for a title loan to be successful? What are the requirements to get the money that you need? Keep reading to find out what you need in order to apply for a title loan.
What Do You Need for a Title Loan? For Starters, You’ll Need a Title
Here’s the first thing you need to know: you can’t go for a title loan without having a title to offer the lending company.
Title loan companies work through a trade-off. You give a title (something that they can hold on to for collateral), and in return, they give you the money that you need.
Of course, this title needs to be in your name in order for it to be an acceptable trade-off. In most cases, the title is for a car in your possession that the lending company can easily evaluate and give a small sum of money for.
You’ll Need Proof of Income
Another document you’ll need to bring is your proof of income. The lending company will want to see how much you make to ensure you earn enough to cover their monthly fees.
If you can show the lenders you won’t be a hassle on the monthly payments, they’ll be more inclined to give you your money.
You’ll Also Need Proof of Residence
Lastly, you’ll need to prove you are a citizen or permanent resident of the United States to get your money.
The insurance companies don’t want to give their funds out to illegitimate receivers and end up in trouble with the law, so your proof will protect both them and you. This may take the form of a government-issued photo ID, driver’s license, birth certificate, or social security number. They may also want proof of your current address in the form of a lease or recent mail.
Start Planning for Tomorrow’s Future, Today
Now that you know the answer to “What do you need for a title loan?” you’ll be able to apply for the money you need to take care of your financial concerns. However, that’s only the beginning of what you need to know in order to improve your life and the lives of those you love.
If you’re looking for more ways to take control of your finances and better your lifestyle, simply click on any of the links on our site to learn more. We’re sure we have something just for you.
Senior Outlook Today is your go-to source for information, inspiration, and connection as you navigate the later years of life. Our team of experts and writers is dedicated to providing relevant and engaging content for seniors, covering topics such as health and wellness, finances, technology and travel.