Which Type Of Loan In Chattanooga, TN Is The Best Option?

October 27, 2021 | Louis Tully

loans chattanooga tn

If you need options for fast loans Chattanooga, TN, you will find that Tennessee Title Loans, Inc. can provide three different types of loans, each with its own advantages.

There’s no “king-of-kings” among our loans. No option will be the absolute best. But by learning their advantages, you can find out which situations each of them is best suited for. So rather than discussing the best loans Chattanooga, TN has, we will look into each option and define the situations it works for. 

Which Situations Do Payday Loans Fit Best?

Tennessee payday loans have the smallest maximum amount among the three fast loan options here. The maximum amount for a payday loan at Tennessee Title Loans Inc. is up to $400. However, it’s important to keep in mind that doesn’t necessarily reflect on how much you can borrow. You may, for example, qualify for a payday loan valued at $400 but only be able to qualify for a title loan valued at $200.

That said, they’re technically designed to help you hold out till your paycheck if you’re unable to cover your expenses out of pocket. That is why payday loans are usually paid off at once on your next payday. As such, they’re best suited for dealing with one-off emergencies that need to be handled quickly, but there’s little chance of the situation being recurring.

Think something like a planned visit to the doctor you cannot finance out-of-pocket, car check-up, a locksmith’s or a plumber’s assistance, etc.

Payday loans are unsecured loans, which means you don’t need to provide collateral, but you do need to prove you’re able to pay the loan off by providing proof of income, which will have an influence over the maximum loan amount you qualify for.

How To Get Payday Loans Chattanooga, TN 

All you need to do to start the process is to submit an online form for Tennessee payday loans and wait for the loan representative to call you to provide further instructions.

The loan representative will set up a meeting with you. You’ll need to bring your state-issued ID, a recent 30-day bank statement and a blank check from an active checking account in your name, and your most recent pay stub as proof of income to that meeting.

The loan representative will assess everything to determine if you qualify and if you do, the amount you qualify for. If they approve you, you’ll receive the money the same day or the following business day.

title loans tn

Which Situations Do Title Loans Fit Best?

Title loans are a type of secured loans. Secured means you’ll be asked to provide collateral. With title loans, it’s your car title (not your car itself) that will be put up as collateral – so you need to outright own your car to qualify.

Title loans can be larger than payday loans. At Tennessee Title Loans, Inc. the max amount for a title loan is up to $2,500. Another way title loans are different than payday loans is that they are paid off in pre-determined installments. They’re best suited for situations that may require a large amount of lump sum to cover, run a chance of escalating in the process, or you have trouble determining the final amount required.

Urgent medical expenses not covered by insurance, urgent repairs for larger home damage, unplanned move or travel, and large overdue bills such as rent would all serve as good examples.

How To Get Title Loans Chattanooga, TN:

As mentioned above, to qualify for a Tennessee title loan you need to outright own your car – its title needs to be in your name and completely lien-free.

If so, you can easily get started the same way as payday loans: submit a filled-out form for online title loans and wait for the loan representative from your local branch to contact you with further instructions.

The loan representative will schedule a meeting with you. You’ll need to have your car, along with its title and your state-issued ID (driver’s license will suffice) when you attend the meeting.

If the representative determines that you qualify based on your items and approves you, you’ll get money the same day or the following business day.

flex loans tn

Which Situations Do Flex Loans Fit Best?

Flex loans are less a loan and more a type of credit. Similar to a credit card, you’ll have a limit, and you can keep withdrawing cash until you hit that limit. This limit can be up to $4,000 with Tennessee Title Loans, Inc.

While the line of credit is open, you’ll only pay interest when you borrow money from it. When you pay down what you’ve borrowed, the same amount will be available to you, the same as before.

Flex loans are best suitable for when you may be dealing with a recurring problem and have trouble anticipating how long your need for financial assistance will last. It’s a flexible option that allows you to constantly rearrange how much you borrow as per your needs. 

How To Get Flex Loans Chattanooga, TN:

To qualify for flex loans, you’ll need a government-issued ID, your car and its lien-free title in your name, and proof of income.

Once you have these requirements, the process is similar to other fast loans offered by Tennessee Title Loans, Inc. You can get started by submitting the online flex loans Tennessee form and following the instructions provided by the loan representative.

The representative will determine the credit limit for your flex loans after inspecting your items. If they approve you, they’ll help you finish the paperwork then and there, and you’ll get access to your flex loan on the same day or the following business day.

Find The Loan Type That Fits You

You can get either payday, flex, or title loans Chattanooga, TN today through a very simple and straightforward process. So, the question of which to get depends more on your situation and which requirements you are able to provide. Submit an online form to learn more and start your process from home.