At Panhandle Title, we have experienced a variety of different scenarios with different applicants when it comes to proof of income. Traditionally, applicants will use a paycheck stub or a bank statement showing their direct deposit of their proof of income, and this is probably the most common proof of income that we see but we also have customers and applicants that are self-employed and have provided their proof of income from their business in which they are the owner/operator of. Depending upon your situation will determine what we will need to see in order to verify your income. Below are some different scenarios that may fit your current source of income and what we can accept to verify it for your title loan application
The most common proof of income for applicants would be your most recent paycheck stub. Although we do only require the most recently issued paycheck stub, if for some reason your recent paycheck stub was less than you normally receive due to lack of hours worked for personal reasons, we can look at that paycheck stub along with previous full paycheck stubs and your year-to-date net pay to get a complete picture of your typical bring home monthly income. Your most recent paycheck stub can also be provided and used for proof of income if you receive direct deposit or are regularly depositing your paycheck into your bank account. Unfortunately, we cannot accept a transfer from one account to another as proof of income, so if your income is deposited into a specific account and then transferred into another account, you would need to bring in your most recent bank statement for the account that is receiving the majority of your income directly into it.
Retired or Social Security Benefits
A recent statement of your retirement or social security benefit award letter can also be accepted as proof of income or your most recent bank statement showing the deposits can also be accepted as proof of income when you are retired and/or receiving social security income.
Self-employed applicants can provide their most recent bank statement for their business account along with proof of ownership of the business, showing that they are sole owner/operator of the business can also be accepted. For self-employed business owners, we will always need their proof of ownership as the sole owner/operator in order to be able to accept any verification of self-employment income. We can also accept invoices and receipts given to your customers or credit/debit card statements from your processors to determine the amount of cash flow that your business is regularly receiving. In some circumstances, we may request more than just one month worth of income to determine your typical monthly income.
Investment Property Income
If you own additional properties that you rent or lease out to parties for income, we can review the current lease agreements that you have with your tenants to consider this source as additional or primary income sources for your title pawn application. In addition to the lease agreement, you can provide your bank statement showing your rental property income or copies of your receipts provided to the tenants of your rental properties as proof of income.
Although proof of income is not required for your title pawn application with Panhandle Title, providing proof of your income can help maximize your approval amount! If you have an alternative proof of income that is not listed above and want to discuss with our staff on if we can accept it, please call our staff directly at (850) 785-2274! We look forward to assisting you!