Title Loans in Pelham, Tennessee

Title Loans in Pelham, Tennessee

Title loans are legal and popular in Tennessee. One area that has experienced high demand for title loans is Pelham, Tennessee. For those unfamiliar with title loans, they are a type of secured loan where a borrower uses their vehicle as collateral. The lender will hold onto the title of the vehicle until the loan is repaid in full.

How Do Title Loans Work in Pelham, Tennessee?

People in Pelham, Tennessee who find themselves in need of quick cash can turn to title loans to get the funds they need. In order to qualify for a title loan, you must be at least 18 years old and own your vehicle free and clear. You will need to provide proof of income and a valid government-issued ID. Once you complete the application and are approved, the lender will hold onto the title of your vehicle in exchange for the loan funds.

It’s important to note that title loans have high-interest rates and fees, so borrowers should only take out a title loan if they are confident they can repay the loan on time. Failure to repay the loan can result in the lender repossessing your vehicle.

What Are the Benefits of Title Loans?

There are several benefits to taking out a title loan. Firstly, they are quick and easy to obtain. Unlike traditional bank loans, you can get approved for a title loan in as little as 30 minutes.

Another benefit is that title loans do not require a credit check. This is great news for people with poor credit or a low credit score who may not be able to obtain a traditional bank loan.

Title loans also provide borrowers with a way to access cash for unexpected expenses or emergencies. If you’re faced with an unexpected expense like a medical bill or car repair that you need to take care of right away, a title loan can provide the funds you need to take care of it.

Interest Rates and Fees for Title Loans in Pelham, Tennessee

The interest rates and fees for title loans in Pelham, Tennessee vary depending on the lender. Typically, the interest rate for a title loan in Tennessee ranges from 25% to 40% per month. Additionally, lenders in Tennessee are allowed to charge a maximum fee of $5 per $100 borrowed per month.

It’s important to shop around and compare interest rates and fees from different lenders before deciding on a title loan. This will help ensure you get the best rates and fees and can repay the loan on time.

Interesting Facts and Statistics about Title Loans in Pelham, Tennessee

• According to a report by the Consumer Financial Protection Bureau, around 20% of people who take out a title loan have their vehicle repossessed.
• According to data from the Tennessee Department of Financial Institutions, title lenders in Tennessee made $182.9 million in loans in 2018.
• Research by the Center for Responsible Lending found that the average length of a title loan in Tennessee is 30 days, but many borrowers end up renewing their loans multiple times and paying high fees and interest rates.

Apply Now

If you need cash and are considering a title loan, TheGuaranteedLoans can help. We are a connector service that will facilitate your connection with potential lenders. Our online application is quick and easy to fill out, and we’ll help you find a lender that meets your needs. Remember, we’re not a direct lender and we do not make credit decisions. Our service is completely free to use, and there is no obligation to accept any loan offers.

Fill out our online application today to see if you qualify for a title loan in Pelham, Tennessee.