ACE Cash Express notes that applicants for a car title loan do not have to be employed, but should be able to prove a consistent income stream. Applicants who apply for a title loan online are required to provide banking account information to facilitate the transfer of funds if approved for the loan. In-store applicants are not required to have a bank account to apply for a title loan.Continue Reading
TitleMax notes that applicants for a title loan may substitute proof of retirement income, unemployment income or disability payments in lieu of check stubs from a job. Applicants are required to bring the vehicle being used as collateral to a TitleMax store for appraisal. The staff issues the loan in cash upon approval of the loan. Because the loan is issued in cash, applicants may not be required to have a bank account if proof of income can be provided in a way other than displaying copies of bank statements.
The requirements to issue a title loan vary slightly by state, though most states require a lien-free car title, government-issued identification and proof of income to approve a car title loan. ACE Cash Express notes that an applicant for a car title loan should be the only owner listed on the car title.Learn more about Personal Loans
Getting a loan without a bank account is not impossible, but the lack of a savings or checking account rules out loans from most traditional lending institutions like credit unions and banks. HowStuffWorks explains that lenders view a consumer's lack of a bank account as a liability since those who do not have bank accounts are often unable to obtain one due to financial hardship or a bad banking history.Full Answer >
ACE Cash Express is a payday loan company. It also offers long-term loans, car title loans, check cashing, auto insurance and prepaid debit cards both online and at select retail locations.Full Answer >
Quicken Loans notes that no income verification loans (or NIVs) are loans that do not require applicants to prove income through pay stubs and W-2 forms. These loans are often mortgages and are primarily for the self-employed and those paid through commission.Full Answer >
Payday loans refer to loans from lenders for small amounts of money, usually less than $500 at a time, with loan payment due on applicants' scheduled pay days, as stated by the Consumer Financial Protection Bureau. Payday loans coordinate with individuals' payment schedules. Much like other monthly payments, such as credit card bills, people establish set times for repaying payday loans; lenders typically withdraw requisite payment directly from individuals' bank accounts.Full Answer >