Ever heard of Tennessee title loans? When it comes to lending options, knowing where to begin isn’t always easy. Indeed, in many cases, there are numerous different types of loans available, and this can leave people struggling to choose the most effective option for their requirements.

With this thought in mind, today, we’re looking at some of the key things you need to know about title loans explained, including how they work and what makes them valuable overall.

Here Is What You Should Know About Title Loans

What Are They?

Before taking the plunge, it’s critical to know what you’re subscribing to. Simply put, a title loan uses an asset - namely, your vehicle title - to secure the money, thereby reducing the risk associated with the service for the lender. This makes these types of loans readily available to individuals.

One key trait of such opportunities is that the individual must own the vehicle outright before applying. Thus, for those wanting to apply for a loan, checking that there is no outstanding finance on the car is important before taking things any further.

How Do They Work?

Title loans are different compared to most options since they do not rely heavily on credit checks and the like. Instead, when you take out one of these loans, a lien is placed on your title. Thereafter, once the loan has been paid off in full, this lien is removed and the title is returned to the original owner.

Often, these loans are short-term options, providing a sum of money when it’s needed as a last-minute help. For example, here at Tennessee Title Loans, Inc., we offer this loan ranging between $300 and $2,500. The amount is based on the value of the car, primarily.

Of course, there are numerous factors influencing a vehicle’s price, such as age, condition, and model. During the course of the loan repayment, the individual can keep and continue to use the vehicle as normal.

Are Credit Checks Carried Out?

Many people with bad credit find themselves feeling unsure of where to turn if they require funding for an unexpected expense. However, one of the most notable benefits of a Tennessee title loan is that you can still qualify even if you have poor credit.

This is based on the fact that the lending option itself is backed up by the car’s lien-free title as the collateral. Hence, so long as the car has value, getting an offer should be easy. And, since a credit check is not always required, the amount the lender offers in title loan funds will not decrease due to a low score.

Requirements For Tennessee Title Loans

Thus far, we’ve looked at the basics of how these loans work. But what are the main requirements of title loans? In order to see if you qualify, an applicant will first need to provide a few key documents.

These include identification (such as a driver’s license or state-issued ID) as well as the car’s lien-free title and proof of income. The car itself will also need to be presented for inspection so that the team can check its value and offer a fair amount accordingly. Generally speaking, checking a vehicle shouldn’t take too long. This often means that, if you are approved, an offer will be presented relatively quickly.

How To Apply For A Loan With Us

In order to qualify for this loan with us, make sure to first head to our Tennessee Title Loans, Inc. website to complete the online inquiry form. Then, as soon as a member of our friendly team is available, a representative will call you to discuss the next steps.

During the call, you can arrange a location to meet the representative to assess the vehicle and your other items. This can be at a location of your choosing, such as your home or office, or in person at one of our stores across Tennessee. Feel free to use the Store Locator function on our website to help you work out where to meet with your documents and vehicle.

The applicant should keep their documentation on them at all times for the meeting with the representative. Once everything has been checked, the representative can let the individual know whether or not they are eligible and – if so – how to proceed.

Generally speaking, the in-person process can take as little as thirty minutes, so it often doesn’t require a lot of your time. From there, approved customers should receive their money on or before the next business day.

Contact Tennessee Title Loans, Inc. Today

Finding the most effective lending solutions shouldn’t be a major challenge. However, if you have any further questions about how these loans work, don’t hesitate to get in touch. Our friendly team is here to ensure everyone has the information they need to make an informed decision.

Get in touch with us today to learn more about the different opportunities available to you, or to get title loans explained in a specific scenario.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.