Title Loans in Lancing, Tennessee

Title Loans in Lancing, Tennessee: What You Need to Know

For many Tennesseans, unexpected expenses and financial emergencies can arise at any time. Title loans offer a way to obtain quick cash without a traditional credit check. If you’re considering a title loan in Lancing, Tennessee, here’s what you need to know.

What is a Title Loan?

A title loan is also known as a car title loan or auto title loan. It’s a short-term loan where the borrower uses their vehicle’s title as collateral. The amount a borrower can receive depends on the value of their car, truck, or motorcycle. Often, the lender will inspect the vehicle, perform an appraisal, and determine how much they are willing to lend. Because title loans are secured, borrowers may be able to borrow larger amounts than they could with other types of loans.

The Title Loan Process in Lancing, Tennessee

In Tennessee, title loans are legal, but lenders must be licensed by the state. Borrowers can apply either in-person or online and must provide several pieces of personal information and vehicle information, including:

• The make, model, and mileage of the vehicle
• The borrower’s contact information, such as name, address, and phone number
• The borrower’s regular income and employment status

Once the lender has all the necessary information, they can determine the loan amount and interest rate. Tennessee state law caps the maximum amount a lender can charge for interest at 30% on the first $2,000 of the principal and 24% on any amount above $2,000. In addition to interest, lenders may also charge fees, such as processing fees or late fees.

The Risks of Title Loans

Title loans can provide quick access to cash when you need it most, but they come with risks. Because a title loan is secured by your vehicle, there’s the chance that you could lose your car if you’re unable to repay the loan. Additionally, title loans typically have high-interest rates, and if you’re unable to repay the loan on time, the fees can add up quickly. Before applying for a title loan, it’s important to consider your ability to repay the loan on time and in full.

Interesting Facts and Statistics About Title Loans in Lancing, Tennessee

• According to a 2019 report by the Center for Responsible Lending, the average title loan in Tennessee is for $951 with an average interest rate of 227 percent.
• Another report by the Tennessee Department of Financial Institutions found that the average title loan in the state is for $2,536, with the average annual percentage rate (APR) ranging from 263% to 295%.
• Lancing, Tennessee has multiple title loan lenders within its city limits, offering borrowers a range of options to choose from.
• In Lancing, Tennessee, borrowers must be at least 18 years old to be eligible for a title loan.
• While title loans are legal in Tennessee, some states have outlawed or placed restrictions on them.

Apply Now for a Title Loan in Lancing, Tennessee

If you’re facing an unexpected expense and need quick access to cash, a title loan may be an option to consider. TheGuaranteedLoans is a connector service that can put you in touch with potential lenders in your area. Fill out our online application today to see if you qualify for a title loan in Lancing, Tennessee. It’s fast, easy, and secure. Please note that TheGuaranteedLoans is not a direct lender and will only connect you with licensed lenders in your state. Remember to borrow responsibly and consider all your options before applying for a title loan.