December 10, 2018
Memphis is a unique city. From being named after an Egyptian sister city that contains the Sphinx to being the hometown of the one and only king of rock n’ roll, there are many reasons why travelers and lifelong residents love to visit Memphis. With all these fun attributes, it is easy to miss out on some of the more basic services that this great city offers, but when it comes down to it, Memphis is home to the 18th largest population in the United States, and those residents have needs that extend beyond tourism. In our humble opinion, one of the greatest things about Memphis is its ability to provide for those in need. As providers of loans to a wide range of Tennessee residents and residents of neighboring states, we are proud to contribute to the diversity and livelihood of our city.
Are you a Memphis resident or live in the area and are interested in taking a title loan? Here are some reasons why getting a title loan in Memphis might be helpful to you.
If You Need Cash Immediately
Anyone who has gone through the process of taking out a bank loan knows that the time from application to release of the funds can be up to a week. For many who need this loan, they do not have time to spare. While common loan needs include payment of medical bills, down payments on cars, and overdue bill payments, money need is fiercely unique, and each person’s reason for needing a loan is dependent on their own reasoning.
Among the people who seek out title loans in Memphis are travelers who have run out of cash for one reason or another and do not have time to wait around in an unfamiliar city. Because Memphis receives 10 million travelers each year, Mid-South Title Loans often sees out-of-state visitors who are in need of quick cash. We do not judge the circumstances under which you need cash. We simply help you obtain it with our title loan services.
If You Have No Credit or Poor Credit
According to Experian credit statistics, almost 30% of Americans have a credit rating of under 601, the line that is drawn between fair credit and poor credit. But even for those with fair credit, receiving a loan with a less than satisfactory score can be troublesome. Minimum credit scores are between 580 and 600, and even if a loan company approves your loan amount with a score like this, your credit scores are more likely to be higher than those with good or excellent credit scores. Since loans usually are set for repayment over multiple years, this can spell financial disaster and or high repayment amounts.
Car title loans are easy to obtain regardless of your credit score, unlike financial institution loans. This is because you have physical collateral (your car) to show that you are making efforts to pay loans back. Additionally, for those with good or fair credit scores who are good about paying their bills on time, quick repayment terms mean that you often pay less in interest than a person who struggles to make payments on time or consistently.
If You Have a New Car that Belongs to You
Car title loans are especially generous to those who need quick cash and have a newer car that is in good shape. While many people with new cars are fairly good at budgeting for emergencies, there are always instances in which quick, convenient money lending is needed. After all, medical emergencies, housing emergencies, and travel emergencies happen to the best of us. Working with a title loan provider in Memphis to obtain a title loan quickly ensures that in the event of an emergency you can obtain a large sum of cash quickly.
However, to obtain a car title loan, it is important to understand that you must own the car outright. Leased vehicles or cars that are still in repayment from a dealership may not be offered as collateral for a loan, because legally you do not own it.
If You Want Better Control Over the Amount of Money You are Lent
Bank loans work well for some people because they offer more substantial sums of money through an organization that most people have worked with before. However, bank loans often have the disadvantage of being fixed-rate, meaning that you must take out a certain amount. Even if you pay back what you don’t intend to use immediately, interest rates on these loans can ensure that you eventually pay more than your original intent.
With car title loans, the amount that you are loaned is flexible. After a lender assesses the worth of your car, they will give you a quote. You may choose to take out a loan up to the full amount of the quote or for less. Be sure to go over the specific terms of your loan, however, to ensure that you understand any early payment fees or other time-specific loan terms.
If You Want a Loan You Can Pay Off Fast
For those who seek loans through financial institutions based on credit, building credit by paying off a loan over a set period is often an incentive. However, not everyone is interested in spending a period of years paying off a loan. When you know that you can make payments quickly and for more than the requested amount, a car title loan might be right for you. Car title loan repayments are almost always set over a period of months rather than years, which ultimately saves you time, money, and headaches.
Perhaps you’re dealing with something in your life that has left you with a need for cash. Or, maybe you’re just breezing through and looking for a way to extend your vacation. Either way, taking out a title loan in Tennessee at one of our Memphis locations could be the answer to your financial needs. For more information, stop by one of our sites or contact us.