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Business Loan Title Loans in Sardis, Tennessee: Understanding the Basics and How to Apply
If you find yourself in need of quick cash and you happen to own a car, a title loan might be a viable option. Title loans are legal and popular in Tennessee, and the town of Sardis is no exception. In this article, we’ll dive into the basics of title loans, how they work in Sardis, and how to apply for one.
What is a Title Loan?
A title loan is a secured loan where the borrower uses their vehicle as collateral. In the case of Sardis, to be eligible for a title loan, you must outright own your vehicle, without any outstanding payments or liens against it. The lender holds onto your vehicle title, and you receive a loan based on the value of your car.
It’s important to note that while the loan amount is based on the value of your car, you don’t necessarily have to surrender your vehicle while the loan is active. You can continue to use your car throughout the loan period, but the lender retains a lien on the title until the loan is repaid in full.
How Do Title Loans Work in Sardis?
In Sardis, title loans are regulated by state laws. The Tennessee Title Pledge Act oversees the lending of title loans and sets out rules to protect both the borrower and the lender.
To obtain a title loan in Sardis, you must be at least 18 years old and have a clear, lien-free title in your name. The loan amount you receive is based on the value of your car, and you can typically borrow up to 50% of the car’s current value. The loan term is usually 30 days, but it can be extended if needed.
The interest rates on title loans in Sardis can be high compared to traditional loans, and it’s important to read the terms and conditions carefully. The lender is required to disclose the Annual Percentage Rate (APR) and other fees associated with the loan.
How to Apply for a Title Loan in Sardis
Applying for a title loan in Sardis is a simple process and can often be done online. The first step is to find a reputable lender by seeking recommendations or doing research online. Once you’ve identified a few potential lenders, compare their interest rates, fees, and terms before making a decision.
After choosing a lender, you will need to provide some basic information about yourself and your vehicle, including:
- Your full name, address, and phone number
- Vehicle make, model, year, and mileage
- Your car title
When you apply, the lender will evaluate and inspect your vehicle to determine its value. Once your loan is approved, you will receive the funds and a repayment schedule. Remember that it’s important to repay the loan on time to avoid additional fees or, in the worst case scenario, the repossession of your vehicle.
Interesting facts about Title loans in Sardis, Tennessee
- About one in six title loan borrowers in the US lose their car to repossession.
- The maximum interest rate for title loans in Tennessee is 2% per month or 24% per year.
- According to a study, 85% of borrowers renew their title loans, rather than paying them off and ending the loan cycle.
Apply Now and Get Connected to Potential Lenders
If you’re considering a title loan in Sardis or nearby, TheGuaranteedLoans team can help you find a potential lender. We can connect you to our network of trusted lenders so you can find the best deal for your situation. Apply now by filling out our online application, and we’ll get you the help you need.
Remember that TheGuaranteedLoans is not a direct lender. We are a connector service that can facilitate your connection with potential lenders efficiently. With our user-friendly online application process, you can complete your form within minutes and get connected with a potential lender fast. Get started today!