Title Loans in Roan Mountain, Tennessee: What You Need to Know
Are you in need of quick cash to cover unexpected expenses or bills? If you’re a resident of Roan Mountain, Tennessee, you may already be aware of title loans. Title loans are a type of short-term loan that allows you to borrow money using your car as collateral. This type of loan is legal and popular in Tennessee, but there are some important things you need to know before applying. Read on to understand how title loans work in Roan Mountain and how you can apply to get the cash you need.
How Title Loans Work in Roan Mountain, Tennessee
First things first, it’s important to understand how title loans work. If you own a car with a clear title that’s in your name, you can take out a title loan. In Roan Mountain, title loan amounts typically range from $100 to $2,500, and the amount you can borrow is determined by the value of your vehicle.
Once you submit your application, the title loan company will assess the value of your vehicle and offer you a loan amount based on that value. You’ll then need to sign the loan agreement and give the lender your car title until the loan is repaid in full. In most cases, you’ll have 30 days to repay the loan plus interest and fees in full. If you can’t repay the loan in full by the due date, you can extend the loan term by paying additional fees.
Benefits of Title Loans
While title loans should only be used as a last resort, they do offer some benefits over traditional bank loans or credit cards:
- Quick access to cash: If you need money urgently, title loans can provide the funds you need within a day or two of your loan application.
- No credit check: Title loan companies don’t perform credit checks, so you can still borrow money even if you have bad credit or no credit history at all.
- No employment verification: You don’t need to have a job or income to be approved for a title loan. As long as you own a vehicle and have a clear title in your name, you can apply for a loan.
What to Consider Before Applying
While title loans can be a lifesaver in emergencies, they can also be risky if you don’t use them responsibly. Before applying, consider the following:
- Interest rates: Title loans often come with high interest rates, sometimes up to 25% per month. You should calculate the total cost of the loan, including interest and fees, before submitting your application.
- Repayment terms: If you can’t repay the loan by the due date, you’ll need to pay additional fees to extend the loan term. This can add up quickly and make the loan more expensive than you initially thought.
- Vehicle repossession: If you can’t repay the loan and extend the loan term, the title loan company can repossess your vehicle and sell it to recoup their losses. Make sure you have a plan to repay the loan before applying.
Interesting Facts and Statistics About Title Loans in Roan Mountain, Tennessee
- According to the Tennessee Department of Financial Institutions, there were 295 licensed title loan locations in Tennessee as of December 2020.
- The average title loan amount in Tennessee is $1,443, and the average loan term is 30 days.
- Repossession rates for title loans in Tennessee have decreased over the past few years, from 7.8% in 2017 to 6.9% in 2019.
Apply Now for a Title Loan in Roan Mountain, Tennessee
If you’ve considered the risks and benefits of title loans and are ready to apply, TheGuaranteedLoans can help. We’re a connector service that works with a network of trusted lenders to match you with the best loan options for your needs and budget. Our online application process is quick and easy, and you could receive your loan funds within a day or two of approval. Remember, we’re not a direct lender, so we won’t loan you the money directly, but we will help facilitate your connection with potential lenders. Apply now to get the cash you need to stay on top of your bills and expenses.