Title loans in Tennessee are secured loan that uses your car as collateral. You can borrow up to the value of your car, and the loan is typically paid back over 30 days. If you can’t repay the loan, you may be able to roll it over into a new loan, but this will come with additional fees. Title loans are a quick way to get cash but are also very expensive. A title loan’s average annual percentage rate (APR) is 300%. That means if you borrowed $1,000, you would have to pay back $3,000 after one year.
What Are The Benefits of Title Loans?
Title loans come with a lot of benefits to borrowers. The main advantages of title loans include:
- Convenience: Title loans are very convenient. You can apply for a loan online or in-person and have the money in your account the same day.
- Fast: Title loans are one of the quickest ways to get cash. You can usually get the money within 24 hours of applying for the loan.
- No credit check: Most title loan companies do not require a credit check. This makes them an ideal option for people with bad credit or no credit.
- Easy to qualify: Title loans are easy to qualify for. You only need a car with a clear title and a source of income.
- No early repayment fee: Some lenders charge an early repayment fee if you pay off your loan early, but this is not the case with title loans.
- Keep your car: You get to keep it and continue driving it while repaying the loan.
What Are The Rates and Terms?
The rates and terms of title loans vary from state to state. In Tennessee, the maximum loan amount is $2,500, and the minimum loan term is 30 days. The maximum APR is 25%. If you borrowed $1,000 for 30 days, you would have to pay back $1,250 after one year.
How do I get a title loan in TN?
You can apply for a title loan online or in-person at a title loan company. To qualify for a loan, you will need to provide the following:
A clear car title:
You must have a clear car title to qualify for a loan. This means you own your car outright, and there are no liens or loans against it.
A source of income:
You will need a steady source of income to qualify for a loan. This can be from a job, government benefits, or any other regular income source.
Proof of residency:
You will need to provide proof of residency in Tennessee. It can be in the form of a driver’s license, utility bill, or lease agreement.
What’s the lowest amount I can get for a title loan?
The lowest amount you can get for a title loan is $100. However, most title loan companies require a minimum loan amount of $200-$300.
Can you have more than one title loan in Tennessee?
No, you can only have one outstanding title loan at a time in Tennessee. Ensure that you understand your needs before taking out the loan. It will help you borrow the correct amount and avoid taking out other title loans.
What are the repossession laws in Tennessee?
If you default on your loan, the lender may repossess your car. The lender must give you written notice of their intent to repossess at least ten days before taking action. Once your vehicle is repossessed, the lender may sell it to cover the cost of the loan.
What is the most common type of title loan?
The most common type of title loan is a single-payment loan. You will need to pay back the entire loan amount, plus interest and fees, in one lump sum.
How long does it take to get a title loan?
It usually takes 24 hours or less to get a title loan. This includes the time it takes to apply for the loan and has the money deposited into your account. You will get instant approval at Greenday Online after applying for the loan. It will include the amount approved and the loan terms. If you agree to the terms, you will get the money in your account as soon as the next business day. Contact us now to find out how much you qualify for.
Do title loans affect your credit?
Title loans will not affect your credit if you make your payments on time. However, if you default on the loan, it will damage your credit score. This is because the lender will report the delinquent loan to the credit bureau.
What happens if I can’t repay my title loan?
The lender may repossess your car if you cannot repay your title loan. The lender must give you written notice of their intent to repossess at least ten days before taking action. Once your car is repossessed, the lender may sell it to cover the cost of the loan.
How can I get a title loan with bad credit?
You can still get a title loan with bad credit. However, your interest rate will be higher than someone with good credit. This is because the lender perceives you as a higher risk.
How can I get out of a title loan?
The best way to get out of a title loan is to repay the loan in full. This includes the principal amount, plus interest and fees. You can also refinance the loan to get a lower interest rate.
What Are The Risks of Title Loans?
There are several risks associated with title loans. The most common risks include:
If you default on your loan, the lender may repossess your car. Once your vehicle is repossessed, the lender may sell it to cover the cost of the loan.
Title loans typically have high-interest rates. This means that you will pay more in interest than you would with a traditional loan.
Short Loan Terms:
Title loans have short loan terms. This means that you will need to repay the loan quickly. If you can’t repay the loan, you may be forced to roll it over into a new loan. This can lead to a cycle of debt.
If you default on your loan, the lender may contact you to collect the debt. The lender may also contact your family and friends.