Asides from not having your title in hand, another factor that discourages many people from applying for a title loan is a bank account. The good news is that it doesn't matter much whether you have a bank account when applying for a title loan. As long as you meet the essential criteria, no one cares about a bank account.
If you are applying for a loan in the bank, owning a bank account is sacrosanct. No one will listen to you if you don't have one. But for organizations that give title loans, you need not worry. If you have a security card and work history, be rest assured that the deed is already done.
Follow these steps to get a title loan without a bank account:
Apply for a loan without a bank account
The application process for a title loan without a bank account is similar to the traditional one. You would be required to fill a document online (that's if you're applying online). If you visit a physical office, you'll also be required to fill an application form.
Consider your sources of income
You need to prove to your lender that you're capable of repaying the money. They are business people and want to make a profit to expand their business to other shores. Therefore, they need the money as much as you do. Furnish them with the details of your income and how you intend to fund the loan. If it is a viable business, it increases your chances of getting the loan even without a title.
Provide the necessary documents
Since you don't have a bank account, the title loan office expects that you meet the following criteria:
• Have a valid form of identification
• Have a social security number
• Be up to the legal age of 18
• Own the title of the property that serves as a collateral
• Documents showing your source/sources of income
These and more would be required depending on the lender. However, ensure that the documents listed above are ready before you seek a title loan.
Approval
Approving title loans is not rocket science. The title loan office would not hesitate to endorse it provided the applicant meets the criteria. You would walk home with the amount you applied for provided you are cleared. Also, note that the amount you get depends on the worth of your property. One reason most people run to title loans is because of quick approval. Sometimes they are approved in two hours or less.
After the loan is approved, consider the repayment options. One of the most convenient payment methods is via credit cards, online apps, or cash payment depending on the location. So, if you don't have a bank account and don't plan on opening one, go ahead and apply for a title loan.