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Can I Get a Title Loan if I Have Bad Credit?

Can I Get a Title Loan if I Have Bad Credit?

Have you had past bumps and bruises, resulting in a less-than satisfactory credit score? Are you currently experiencing credit problems, and your score could be better?

In this economy, it’s common to experience credit problems, and it seems like nobody has a perfect credit score anymore. Job loss is common, especially in the last ten years or so, and in many cases, credit hits stay on your credit report for several years.

It can be hard to make big purchases and get good interest rates, when you have had or are currently having credit issues. You’ll apply for loans, only to see that you haven’t gotten approved. Sometimes, you don’t know where to turn.

When you need money now, having bad credit is a frustrating burden to bear. You may think that the only option you have is borrowing from friends or family, and a lot of people don’t want to do that. Luckily, you have another option: Mid-South Title Loans in Memphis. At any of our three Memphis locations, you can get the funds you need, without having to have perfect credit. Here’s how it works.

How You Can Get a Title Loan with Bad Credit

No Credit Check or Background Check

It seems like everywhere you go to apply for a loan, lenders need to check your credit and do a full background check. It’s vital to most large banks and credit unions, when you need to get a loan or line of credit. A lot of times, this can result in a hard credit pull. If you’re having credit problems already, not only do you have a smaller chance of getting approved, you also can see a small drop in your score, as a result of this type of credit pull. Even if it seems like having perfect credit is the only way to get the money you need, there are other ways to get a loan.

At Mid-South Title Loans in Memphis, we don’t require a credit or background check to obtain a title loan. When you are ready to apply for a title loan, we just need you to fill out our online application with your information. When you get a loan with Mid-South Title Loans, there isn’t any risk of a hard credit pull, and your score doesn’t affect whether or not you’ll be approved for a title loan. It is a perfect option for people with bad credit or are currently experiencing credit or financial issues. In fact, a lot of our customers are.

No Extensive Document Checks

Extensive document checks are a common part of the loan process for many lenders, like credit unions and banks. It seems like big lenders need to know every bit and piece about you, and they need proof, in order to approve you for whatever sum of money you need. Common documents needed to obtain loans include employment verification, such as your last three months of pay stubs or your last year’s W-2, and proof of residence, such as a utility bill or mortgage/lease agreement.

Gathering and sending all sorts of documents just to get a loan can be a hassle, and if you have to apply to more than one lender, it can get frustrating and time-consuming. We take the frustration out of the lending process and don’t require any of these documents. The best thing about a title loan is that the main document you’ll provide to use is your title. It takes care of all of those document requirements, for us. Even though we’ll keep it while your loan is still in repayment, you’ll get it back as soon as your loan is paid off.

Quick and Simple Process

Unlike getting a traditional loan with a bank or credit union in Memphis, the process at Mid-South Title Loans takes little time at all to complete, which means you can get your money quickly. You don’t need to wait days or weeks to get approved at Mid-South Title Loans.

How Our Process Works

  1. Start by filling out our application on our website.
  2. Gather your lien-free title, proof of car insurance, and valid photo ID to take with you to the Memphis Mid-South Title Loans location nearest you.
  3. Drive the vehicle your title is for over to your nearest Memphis Mid-South Title Loans location, and we’ll inspect it to help determine your loan amount.
  4. Once we analyze your needs, ability to repay, and your car, we’ll write up your title loan, in exchange for your vehicle’s lien-free title, temporarily.
  5. Get your check and drive off!
  6. Once your loan is repaid, we’ll promptly get your title back to you.

Short-term for Easy Payoff

One of the best benefits about a title loan is that it’s a short-term loan, unlike many traditional loans. Our title loan terms are 30 days, but you have a renewable option, if you need more time to get it paid off.

This is beneficial to our customers for a few reasons. First, you pay less interest, which is in your best interest over time. Also, you don’t have to worry about having a loan in repayment over many months or years, which ends up being more of a hassle than a blessing. Plus, it doesn’t affect your credit like a traditional loan.

Come to Memphis’ Mid-South Title Loans for a Loan with Bad Credit

No matter what your current or past credit issues have been, Memphis’ Mid-South Title Loans is ready to help you get the funds you need to cover your expenses, during a tough financial time. Ready to get started? Fill out our online application now or bring your car by one of our Memphis area locations to learn what your car is valued at. If you have any questions, call the Memphis-area Mid-South Title Loans location near you, contact us through our website, or stop by anytime. We look forward to helping you with your loan needs!

Proudly Serving Memphis, Tennessee & the Nearby Areas

Mid-South Title Loans proudly provides title loans to customers with bad credit in 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.

 

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OUR LOCATIONS

1680 Winchester Rd
Memphis, TN 38116
Phone: (901) 346-1040

4965 Summer Ave.
Memphis, TN 38122
Phone: (901) 821-9211

2798 S. Perkins Rd.
Memphis, TN 38118
Phone: (901) 794-5460