April 19, 2018
If you’re staying on top of your finances, you’re likely paying close attention to your credit score. You make sure to stay on top of when and why it goes up or down and how it will affect your major purchases. There’s a lot to know, and it can be confusing what affects it and what doesn’t.
Luckily, there are a lot of different apps and services that help you stay in the know. They go over the details of every little change, and sometimes, banks or credit unions even provide these services for free with an account.
However, it’s good to know what’s going to affect your credit score beforehand, so that you can make better decisions about your finances. When a credit hit comes out of the blue, it can be shocking and frustrating.
A credit score is something that will stay with you forever, so your best bet is to ask questions to make sure it is kept in good condition. When you’re considering a title loan in Memphis, TN, you might ask questions like: Will my credit be a deciding factor in my title loan application? Will I see an increase in my credit, once my loan is paid off? Is there anything about a title loan that will negatively impact my credit? We’ve got all these answers here.
How a Title Loan Affects Your Credit Score
Your credit won’t be negatively impacted by your title loan application.
Have you ever applied for a loan or line of credit and been blinded by a hit on your credit report? When lenders need to access your credit score and history during the application process, they may do a soft or hard credit check. A soft credit check won’t impact your score, but a hard credit check will.
At Mid-South Title Loans, we don’t perform either of these types of credit checks, so you don’t need to worry about your score being negatively impacted, when you apply for a title loan at your nearest Memphis Mid-South Title Loans location.
Your credit score, credit history, and current financial status aren’t a part of your loan application.
In addition to not doing a soft or hard credit pull, we don’t require any information about your credit history or score, upon application of a title loan at Mid-South Title Loans. It doesn’t matter what type of past credit issues you’ve had, when you get a loan from Mid-South Title Loans.
Plus, you won’t need to provide any type of financial proof to us, such as current pay stubs, employment information, housing, and beyond. Many of our Memphis area customers come when they are experiencing financial difficulties, so it would be counterproductive of us to expect our customers to be in perfect financial condition. We understand that there are times when finances aren’t perfect, so we only have a few requirements for our title loans:
- You must have a lien-free title, which is one that is completely paid off, and it must be issued within 80 miles from your Memphis Mid-South Title Loans location. It also needs to be in your name.
- Your car that you lien-free title is for must be driveable. It can be wrecked, but it must be in working condition.
- You must have current auto insurance.
- You will need to show us that you are 18 or older with a photo ID or driver’s license.
- You need to fill out our application.
You can also come to your nearest Mid-South Title Loans location to get a free inspection, at any time. We will give you an idea of how much we can loan you, once we can determine your car’s value.
Your credit may go up as a result of your title loan.
Since a title loan is like any other loan, you may see an increase in your score, once it is paid off. We love hearing from our customers that a title loan has helped improve their credit score, in addition to being a saving grace during a tough financial time. It is not likely that you will see a huge increase, since our loans are short-term, but you may see a slight increase.
How a Title Loan Works at Memphis’ Mid-South Title Loans
Getting a title loan at Mid-South Title Loans is quick and simple, and it can take only 20 minutes, from start to finish. Here’s how it works:
- You need to fill out an application, either on our website or in-store.
- You’ll need to gather your insurance card, photo ID, and lien-free title to show us at the store.
- Drive your car over to your nearby Memphis Mid-South Title Loans location to get inspected, in order to determine the amount we can loan you between $150 and $5000.
- We’ll give you the offer, along with the loan’s terms and conditions. Our loans are short-term and are on a 30-day, renewable contract.
- If you accept the loan amount and terms, you will get the money in the form of a check, in exchange for your lien-free title. We will hold your title, until you pay the loan back in full.
- You can drive off with your check in hand and use it for whatever financial needs you have.
- Pay off your loan within 30 days or renew your contract with us.
- Once your loan is paid off completely, we’ll happily give you back your title, and we will be here, if you ever need short-term financial help again.
Get the Cash You Need Today with a Title Loan
All of our Mid-South Title Loans locations in Memphis, Tennessee are standing by ready to help you get the funds you need, when you need them. Come by for a free inspection! Have a question or want more information? Contact us by phone or through our website or stop by your closest Memphis area Mid-South Title Loans location today!
Proudly Serving Memphis, Tennessee & the Surrounding Area
Mid-South Title Loans proudly provides title loans to Tennessee’s Memphis and Shelby counties, including the cities of Germantown, West Memphis, Midtown, Cooper-Young, East Memphis, South Memphis, Parkway Village, Whitehaven, Berclair, Raleigh Bartlett, Southaven, and the surrounding areas.