Quick Cash Title Loans in Memphis, Tennessee
Title loans in Memphis are designed to meet the urgent financial requirements of residents.
With title loans, you can use the title of your vehicle to secure a short-term loan worth 25%- 50% of the current car value.
Moreover, you can get approved for a title loan with a poor credit score, and you can keep driving your car while repaying the loan.
Important Information On Title Loans In Memphis, Tennessee
| Interest Rate | 25% per month |
| Loan Amount | $100 – $2,500 |
| Loan Fee | Not more than 2% per month |
| Loan Duration | 30 Days |
Source: Tennessee State Government
How Many Steps Are There to Get a Title Loan?
When you choose to apply for a title loan online, you need to follow the three quick and easy steps mentioned below:
1- Apply Online
You can start by visiting our website and filling out a simple online request form. You will be required to provide basic information about yourself and your vehicle.
2- Get Approved
Once you complete the application, the lender will go through all the information to make a lending decision. If everything looks appropriate, you will be offered a title loan agreement with a clear mention of loan terms and conditions.
3- Receive Funds
We advise you to carefully review the interest rates and payment terms before signing the loan agreement. Once you sign the loan agreement before 2 p.m. on a business day, you may receive the title loan funds on the same day.
Is it Better to Start the Process Online or in Person?
The decision to start the process online or in person for title loans depends on your personal preference and circumstances. However, we recommend applying online since you can quickly know if you are pre-approved without any fees/ charges.
Starting the process online can be more convenient, as you can do it from the comfort of your own home and at any time that suits you.
It allows you to compare different lenders and rates without having to physically visit them. Additionally, online applications are often faster and can provide instant approval.
However, some people may prefer to apply in person, as they may feel more comfortable discussing their financial situation with a representative face-to-face.
What Documents do I Need to Apply?
When you apply for a title loan, lenders require you to submit a handful of documents, which you can easily do using the online process. However, it’s advisable to keep all documents handy for a quick and hassle-free process.
- A Clear Car Title
- Proof of Identity
- Proof of Income
- Residential Proof
- Vehicle Insurance/ Registration
How Do I Find Out The Title Loan Value of a Car?
Getting pre-approved is the best way to determine how much cash you can obtain using your car title. When you submit an application for a title loan, you can get pre-approved within minutes just by providing some basic personal details and information about your vehicle.
Lenders will then access this information to determine the eligibility and title loan value of your car. They consider various factors like the make, model, and year of the car to determine its worth.
Are Online Car Title Loans Safe?
Car title loans in Memphis, TN, can be safe if you borrow from a reputable lender and understand the terms of the loan. Look for lenders that are licensed and regulated by state authorities, and check for reviews and ratings from past customers.
Make sure you understand the interest rate, fees, and repayment terms before signing anything. Additionally, with a car title loan, there is a risk to your vehicle if you fail to make on-time payments and default on the loan. Therefore, you must consider every aspect, including your financial condition, before taking a title loan.
Alternatives to Online Title Loans
If you’re looking for an alternative to online title loans, there are several options available. These include:
Payday Loan
A payday loan is a type of short-term loan that allows you to borrow a small amount of money until your next paycheck. Since these are unsecured loans, they typically have a higher interest rate than traditional loans, but they can be a helpful solution if you are struggling with poor credit.
Credit Card Advance
A credit card cash advance can be a viable alternative to title loans for people with poor credit scores. With a credit card cash advance, you can withdraw a portion of your available credit line in cash.
Additionally, you can pay back the amount borrowed over time rather than being required to make a lump-sum payment.
Credit Union Loan
A credit union loan is a type of loan that you may get with a fair credit score. Generally, you require a credit score of 640 to qualify for a credit union loan, though it may vary based on the lender you choose. Moreover, it’s mandatory to be a member of the credit union, so you need to meet the criteria to become a member of the credit union as well as to get the loan.
Number of People Employed by Top Industries in Memphis
| Transportation and Material Moving | 107,020 |
| Office and Administrative Support | 87,440 |
| Sales and Related Fields | 58,170 |
| Food Preparation and Serving | 52,180 |
| Healthcare Practitioners and Technical | 41,960 |
| Production | 40,760 |
| Laborers and Freight, Stock, and Material Movers | 39,160 |
| Management | 35,880 |
Source: CityTownInfo
Frequently Asked Questions
Do Title Loans Check Your Credit?
Lenders might run a credit check when you apply for a title loan in Memphis, TN. However, your bad credit history won’t have much effect on your eligibility. Instead, you should have enough equity in your vehicle and a steady source of monthly income. These are the main factors that lenders consider for approval of your title loan.
Can I Get a Title Loan With an Out Of State Title?
Yes, it’s possible to get a title loan even if your car’s title is from a different state. However, you’ll need to show that you currently live in the state where you’re applying for the loan. You’ll also need to meet all the title requirements for getting a title loan.
What Can I Do With the Money I Borrow?
A title loan can be used for a variety of purposes, including paying off debts, covering unexpected expenses, financing a business, or making a large purchase. You can also use it to consolidate debt, improve your home, or invest in assets that appreciate over time.
Need Quick Cash? Apply for an Online Title Loan Today
Facing an emergency and looking for some quick cash? Montana Capital Car Title Loans is here to help you with any questions you have regarding title loans.
With us, you can be assured of great customer service and a quick and hassle-free process. Apply Today!