Payday Loan 
Title Loan 
Personal Loan 
Business Loan Are you in need of quick cash but don’t have any collateral to offer? Do you have a car title in your name? If so, you may want to consider a title loan. Title loans are legal and popular in Kentucky, and we’ll discuss them specifically for Grays Knob, Kentucky in this article.
What are title loans?
A title loan is a type of secured loan that uses your car title as collateral. When you take out a title loan, you give the lender your car title and they give you cash in exchange. You get to keep driving your car, but the lender holds onto the title until you pay back the loan, typically within 30 days.
Interest rates on title loans can be high, and if you can’t pay back the loan on time, the lender can repossess your car.
Are title loans legal in Grays Knob, Kentucky?
Yes, title loans are legal in Grays Knob, Kentucky. Title lending is regulated by the state of Kentucky, and there are specific laws that lenders must follow. For example, the maximum amount you can borrow is $2,500 or one-third of the value of your car, whichever is less. Additionally, lenders cannot charge more than 25% interest per month or 300% annually.
The application process for a title loan in Grays Knob, Kentucky
Applying for a title loan in Grays Knob, Kentucky is straightforward. To get started, you’ll need to bring your car and your car title to a lender. The lender will assess the value of your car and determine how much they can lend you. You’ll also need to provide proof of income, as well as your driver’s license, social security number, and proof of insurance.
If you’re approved for a loan, you’ll receive the cash and the lender will keep your car title until you pay back the loan in full.
Repaying a title loan in Grays Knob, Kentucky
When you take out a title loan, you typically have 30 days to pay it back in full. If you can’t pay back the loan on time, the lender may offer to renew the loan. However, this will come with additional fees and interest.
If you still can’t pay back the loan, the lender can repossess your car and sell it to recoup their losses. If the sale price of your car is more than the amount you owe, you’ll receive the difference. However, if the sale price is less than the amount you owe, you’ll still be responsible for paying the difference.
Interesting facts and statistics about title loans in Grays Knob, Kentucky
- In 2019, the average title loan amount in Kentucky was $591.
- 57% of borrowers in Kentucky are under the age of 45.
- The average interest rate for title loans in Kentucky is 25% per month.
Apply Now
If you’re considering a title loan in Grays Knob, Kentucky, TheGuaranteedLoans can help. We are a connector service that can facilitate your connection with potential lenders. To get started, simply fill out our online application. We’ll ask you to provide some basic information about yourself and your car, and we’ll match you with lenders who may be willing to lend you the money you need. Remember, TheGuaranteedLoans is not a direct lender, so the terms and conditions of your loan will depend on the lender you choose to work with.
Getting a title loan can be a good way to get quick cash, but it’s important to weigh the risks and benefits. Make sure you understand the terms of your loan and have a plan in place to repay it on time.