The Difference Between Payday Loans And Title Loans In Murfreesboro TN
July 21, 2021 | Louis Tully
Loans are an option to consider when a need for cash arises due to emergencies or urgent financial problems. But if you’re unfamiliar with loans, then the terminology can get a little confusing. You may know about traditional bank loans, but you also heard about payday loans and title loans Murfreesboro has. So, what’s the difference between payday loans and title loans in Murfreesboro TN?
There are a few differences between payday loans and title loans, but the main two are maximum loan amounts and the items required to get the loan. Let’s dive a bit deeper and see which option could work best for you.
What Are Payday Loans And Title Loans?
Payday loans are small loans with short terms that require proof of income. These loans are usually used for short-term urgent money needs.
Title loans are loans that use your lien-free car as collateral. Your loan depends on the value of your car and doesn’t require proof of income.
Maximum Loan Amounts
When you’re looking at loans in Murfreesboro TN, the first thing you’re going to want to know is how much money are you able to get? The maximum loan amount can differ quite a bit between payday loans and title loans.
Potential Amount Of Payday Loans Murfreesboro TN
With payday loans, you can expect to get between $100 and $400. The amount you will receive depends on your income.
When you work with us at Tennessee Title Loans, Inc., you can receive your loan in as little as 30 minutes, as long as you bring all your required documents (listed below)!
Potential Amount Of Title Loans Murfreesboro TN
Title loans can usually get you more than payday loans. So, if your financial needs are a bit higher, these are the type of loans you may find beneficial. With title loans Murfreesboro TN you can expect to get between $300-$2500. This depends on the value of your car.
Just like payday loans at Tennessee Title Loans, Inc., you can start your Tennessee title loans online and finish the process in-store in as little as 30 minutes. An inspection of your vehicle will be necessary, so make sure it’s in a good shape. And as always, check that you have all the right documents before heading out to get your loan.
The second big difference between payday loans and title loans is the items you will need. To avoid making multiple trips, always double-check your requirement list!
Requirements For Payday Loans Murfreesboro TN
There are 4 main required items for payday loans Murfreesboro TN. They are as follows:
- Government-issued photo ID, like a driver's license.
- Your most recent bank statement. These can usually be found on your online bank account or by visiting your local bank’s location.
- Your most recent pay stub. If you work more than one job, be sure to bring your most recent paystub from every job that you currently have!
- A blank check from your active checking account. If you don’t have any checks on hand, your bank can provide you with single sheets of checks, so you don’t have to purchase a whole checkbook.
Keep in mind that you will need to be 18 years of age or older to receive a payday loan.
Requirements For Title Loans Murfreesboro TN
There are 3 main required items for title loans Murfreesboro TN. They are as follows:
- Driver’s license or state-issued I.D.
- Lien-free title to your vehicle. Lien-free means that you own your car outright, and there are no loans against it. If you are still making payments on your car from a dealership, it is not lien-free and won’t qualify for a title loan.
- Your vehicle for inspection. Make sure your vehicle is in your name! If your vehicle is in someone else’s name, the DMV can help you transfer the title into your name.
Facts About Title And Payday Loans Murfreesboro TN
Now that you know the fundamental differences between title loans and payday loans, here is a list of facts about both title loans and payday loans that could help you make a decision:
- When you are looking to get title loans or payday loans Murfreesboro TN and you’d like a store near you, you can easily find a Tennessee Title Loans, Inc. location by using our store locator.
- With a title loan, you get to keep your vehicle while your loan is still standing. You don’t need to worry about getting to and from work.
- At Tennessee Title Loans, Inc. all credit scores are welcome.
Getting Your Process Started
Once you’ve decided which type of loan you’d like to acquire, it’s time to get the process started:
- Fill out a short form on Tennessee Title Loans, Inc. and wait for a representative to contact you.
- Once you’ve talked to the representative, gather all your required items listed above and head over to the location you chose.
- With a payday loan, the representative will help you with the final steps after your required items are reviewed.
- With a title loan, they will inspect your vehicle and review your required items, and if you’re qualified, they will walk you through the rest of the process.
Find A Loan That Works For You Today
It’s that easy! If you’re trying to find loans in Murfreesboro, contact Tennessee Title Loans, Inc. today to get your process started and acquire the money you need by the end of the day.