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Business Loan Title Loans in Moss, Tennessee: What You Need to Know
Title loans are a popular way for people in need of quick cash to get the funds they require. If you live in Moss, Tennessee and you’re experiencing financial difficulties, and need a short-term loan, title loans might be an option you want to consider. However, before you make a decision, it’s important to understand how title loans work and what the legal requirements are. In this article, we’ll provide you with essential information about title loans in Moss, Tennessee, how they work, their advantages and disadvantages, and how to apply.
How Do Title Loans Work in Moss, Tennesse?
Title loans operate on the basis of using your car title as collateral for a short-term loan. If you own a car and have a clear title, you can take it to a title lending company and get a loan. The amount of the loan is based on the value of your car. Typically, title loans in Moss range from $100 to $5,000 and may even go higher. The loan terms usually last between 30-90 days. If you can’t repay the loan in the agreed-upon time, the lender can take possession of your vehicle.
What Are the Legal Requirements for Title Loans in Moss, Tennessee?
Like other states in the US, title loans are legal and regulated in Tennessee. The State of Tennessee Department of Financial Institutions (DFI) regulates the operation of title lending companies. Title loans in Moss, Tennessee, are subject to laws that regulate the maximum loan amount, interest rates, and other factors. According to the Tennessee Code Annotated, title loans can’t exceed $2,500. The state sets a maximum interest rate at 2% per month, or 24% per year. The loan term agreement can’t exceed 30 days nor renew for another term, and the lender must provide the borrower with a written agreement disclosing the loan amount, interest rate, and repayment terms.
Advantages and Disadvantages of Title Loans in Moss, Tennessee
- Advantages
- The application and approval process is usually quick and easy.
- No credit checks are required since the loan is secured by collateral.
- You can continue to use your vehicle while repaying the loan.
- You can get a title loan even if you have poor credit or no credit history.
- Disadvantages
- The interest rates for title loans in Moss, Tennessee, are higher than traditional bank loans.
- You risk losing your car if you can’t repay the loan in the agreed-upon time.
- You may face additional fees or costs if you fail to make payments on time.
- You may fall into a cycle of debt if you repeatedly borrow using title loans.
How Can You Apply for a Title Loan in Moss, Tennessee?
If you want to apply for a title loan in Moss, Tennessee, you can check online for licensed title loan lenders or visit them in-person.
Remember that TheGuaranteedLoans can help connect you with potential lenders by filling the online application on our website. Here are the steps you need to follow to apply for a title loan in Moss, Tennessee:
- Prepare the necessary documents including your driver’s license, proof of income, proof of residency, and the car title.
- Contact licensed title loan lenders in your area and compare their offers.
- Visit the lender’s office, provide your documents, and get your vehicle inspected.
- Agree to the terms of the loan agreement, sign the contract, and get your funds.
- Make your payments on time and retrieve your car title once you’ve paid the loan in full.
Interesting Facts and Statistics about Title Loans in Moss, Tennessee
- According to the National Title Loan Association, the average title loan amount is $1,000 to $5,000.
- Tennessee has more than 1,000 licensed title loan shops across its cities and towns.
- On average, the repayment term of a title loan is 30 days, but it can be renewed for more extended periods.
- The majority of title loan borrowers are in the age range of 25 to 44.
- More than 20% of title loan borrowers end up losing their cars to lenders for defaulting on their loans.
Apply Now!
If you’re in need of quick cash and you’re thinking about applying for a title loan in Moss, Tennessee, TheGuaranteedLoans can help get you started. Our platform connects you with potential lenders who offer title loans in your area, based on the information you provide. Remember, TheGuaranteedLoans is not a direct lender and does not make credit decisions. We are only a connector service that links borrowers to title loan providers. Fill out the online application on our website today!