January 22, 2019
Top 5 Misconceptions of Short-Term Loans
The internet is a wild place, and on its frontier is a lot of misinformation. Many of the sites and social media pages through which people get their information are no better than supermarket tabloids. The sad truth is, people believe it. Statista reported a startling statistic about a viral fake news story regarding a lottery winner being engaged with nearly two trillion times. With those types of statistics, it’s easy to see why so many people choose to believe what they hear about short-term loans. However, misinformation about short-term loans pre-dated the internet, and it is likely that misinformation about short-term loans will outlive the internet, as well.
Title loans. Payday loans. All different types of short-term loans have a bad reputation. From these type of lenders being referred to as pirates or worse to stories about those who have been “swindled” by short-term loan providers, the stories that you hear about short-term loans are often far from pleasant. But, when you think about it, a person is more likely to complain about something they didn’t like than praise a company they did. Take it from a trusted short-term loan business: the vast majority of the bad things you’ve heard about short-term loans are rumors at best.
Here are the top five misconceptions we’ve heard about short term loans and what you should expect from these types of lenders instead.
Claim #1: Title lenders do not check your credit report and therefore do not care about whether or not you make payments. They are only interested in getting your car so they can sell it.
The Truth: Many title lenders do check your credit on free credit sites like Credit Karma but do not run an official report. Running a report can hurt your credit, and we realize that many of our customers are interested in working with us to better the credit. But just because we don’t do lending like a bank doesn’t mean we aren’t careful about how we lend. We verify your income, check your references, and ask you honestly about how much you can afford to pay each month. Based on this we lend on a short-term basis in a way that is comfortable for our customers and also makes them want to work with us again.
Claim #2: Title loans and other short-term loans have sky-high interest rates and short repayment terms designed to make you lose your car or other owned collateral.
The Truth: Mid-South Title Loans is extremely clear about our lending practices. Initially, our credit rates might seem higher than those that come from the bank. However, the bank is basing your interest rate off your credit score. Because we don’t run credit checks, our risk of losing money is higher, so our interest rates often reflect the perceived risks. However, our repayment terms are much shorter than traditional loans, which ultimately equals out. Over the life of a traditional, credit-based loan, a borrower can expect to pay back hundreds to thousands in interest. Short-term loans are repaid over a much shorter period which potentially means thousands of dollars saved in interest payments over the life of your short-term loan. The truth is - it stings a little at first, but ultimately you’ll be breathing a sigh of relief.
Claim #3: Only people with bad credit take out title loans, and because of their bad credit they pay more.
The Truth: People from all walks of life take out short-term loans because almost everyone experiences the need for money they don’t have. Our interest rates are figured out using the information our customers provide us -- including the state of their car and the amount of money that they make. To make payments more comfortable for some of our lower-income customers, we sometimes extend the period of their loan, which ultimately means they do pay more interest. However, this is something that even student loan companies do and is not exclusive to the short-term loan industry.
Claim #4: All short-term lenders are untrustworthy, and none are worth your time.
The Truth: There are untrustworthy sorts in all industries, and it is up to the consumer to research the company before doing business with them. The same goes for short-term lenders. Unfortunately, short-term lenders flooded the market after the 2008 economic crisis, and not all of them were good. This influx in unreputable lenders followed by the increase in internet usage allowed reviews about short-term lending institutions to run amok, which in part gave them their reputation. Mid-South Title Loans is one of the businesses you can trust to give you honest service, reliable employees, and fair rates. With ratings listed from real customers on our site, you can see what type of service you get from our locations.
Claim #5: Taking out a short-term loan is terrible for your credit, and you should avoid taking one out if you have poor credit.
The Truth: Title loans, payday loans, and other short-term lending options actually help your credit when you need it! The myth that short-term loans are bad for your credit is a result of people not paying their loans per the terms. As with any loan, failure to pay a loan per the conditions of the agreement will result in the lender reporting the payment failure to credit bureaus. Lenders and borrowers avoid this by working together to figure out lending terms that do not put a financial strain on the borrower. Successful loan payments are reported to credit bureaus, which ultimately raises the credit score of short-term loan customers.
Don’t let wild claims stop you from getting the cash you need to take care of unexpected financial situations. Mid-South Title Loans in Memphis, Tennessee provides short-term loans to Tennessee residents. Make an appointment at one of our three Memphis short-term loan providers: 1680 Winchester Road can be reached at (901) 346-1040, 4965 Summer Avenue can be reached at (901) 821-9211, and 2798 S. Perkins Road can be reached at (901) 794-5460. We look forward to doing business with you.Read more
January 15, 2019
Mid-South Title Loans Makes Getting a Loan with Bad Credit Easy
No one likes jumping through hoops. In fact, very few living creatures try to make their own lives as comfortable as humans. From using tools to taking shortcuts, the way modern life works now is dependent upon ease. However, some things in life are not meant to be easy. Traditional lending is one of those processes. Its very structure is designed to be hard to “weed out” the potential customers that don’t fall under banks and financial institutions’ desired qualifications. It is a system that unnecessarily punishes those of lower incomes and is not a system that is designed to help people out of poverty (or even out of a poor credit situation).
For those with poor credit, it is nearly impossible to get a loan -- even after going through rigorous loan application processes. Almost a quarter of the United States has poor credit, and that doesn’t always mean missed payments. Credit is dependent on the length of a person’s credit history, the amount of credit they use on their credit cards, and a slew of other factors that are not solely dependent upon timely payments. A person could pay their credit cards and loans on time every month and still be denied a loan for a variety of reasons.
Even for people with excellent credit scores, getting a loan is hard. It can make signing up for any sort of loan, short-term or otherwise, seem like an extreme hassle and something not worth doing. Luckily, there are places like Mid-South Title Loans in Memphis, Tennessee to help get you money when you need it. Mid-South Title Loans is a short-term loan company with a knowledgeable staff and quick process. Here’s a little more about what it is like to get a title loan through Mid-South Title Loans.
What to Bring to a Mid-South Title Loans Appointment
As with any appointment, having the right documents makes the process much more manageable. Although this is listed in more detail on our online info sheet, the main things to remember for your appointment will be:
- Photo Identification: this is so we can verify that you are the owner of the car and that the vehicle is not stolen or being liened without the owner’s knowledge.
- Proof of income: although not the only thing we look at, your proof of income is one of the ways that our loan advisors get you a loan rate that works for you. Your proof of income will verify exactly what type of payment you can afford each month as well as the possible length of the loan. If you have a smaller monthly income, lenders can often work with you to extend your range of repayment for more comfortable monthly options.
- Your car’s title: this is the legal paper that says who owns the title. With title loans, you hand over the title to the lending company, and they hold on to the title while you pay them back. Mid-South Title Loans offers 30-day renewable contracts that range from $250-$2500, depending on the person’s needs and ability to repay.
- Your car, in working order: Your working vehicle is one of the ways we determine how much money we can lend to you. In essence, your car is your collateral, and its aftermarket value is how much we can lend to you.
To work with Mid-South Title Loans, you will need these documents and things and will need to be at least 18 years of age. Following these guidelines before setting up an appointment will help your appointment go more smoothly!
What to Expect After You Get a Loan
After you sign all the papers for your loan, you can expect to start paying off your loan amount shortly after that. Rest assured that the experts at Mid-South Title Loans will not let you borrow more than your paperwork shows you to be able to pay, which should make repayment quick and easy. As someone with poor credit, your prompt and full payments will be reported to credit agencies, which will help boost your credit score eventually to where it needs to be. If you received a title loan, once you pay it off you are done.
Mid-South Title Loans tries to make our loan application process as timely, understandable, and efficient as possible. We can get applicants through in as little as 20 minutes as long as they bring in the needed documents. However, if this is your first time taking out a title loan, we recommend taking a little extra time. Ask questions, explore your contract, talk about any potential concerns. Your questions and openness with our staff will make things easier for you in the long run.
To set up a Tennessee title loan appointment, contact one of our three Memphis locations. With a shop on South Perkins Road, one on Summer Avenue, and one on Winchester road, we make sure that our customers from around the metro have a location that is convenient to them. Or, feel free to contact one of our stores today by phone or by email. We will return your call as soon as possible if you leave a message.Read more
January 8, 2019
How To Manage the Financial Strain of the Holidays in the New Year
It’s 2019: people are hitting the gym, watching Marie Kondo’s special and getting rid of items that no longer bring them joy, and are taking the time to learn new hobbies. January is often touted as a time where people find ways to recreate themselves, but there’s a familiar feeling that surfaces in January that is felt by many around the western world - the sense of financial strain after holiday pleasantries.
The Strain of December Takes a Toll on January
If you think gyms are more packed because of January, try being a therapist. During the holidays and the month after the holidays, therapy attendance spikes as people battle feelings of depression, anxiety, the impact of eating disorders, and more. And one of the most significant stressors during this time of year? The lack of money. While some think ahead and try to purchase Christmas gifts well before the holiday season, some do not. Pre-planning is not universal - as much as 53% of all shoppers wait until Super Saturday (December 23rd) to get their holiday shopping done.
People expect a lot during the holiday season, but bills still need to be paid, and emergencies always happen. For the average American, it is impossible to balance the demand of Christmas, Hanukkah, and New Year’s with necessities. This contributes to mental health beyond the holiday season as well as to the heft of credit card bills.
But there are ways around the strain of the financial season. Here are some of the ways that people deal with the financial demands of December during the year and the season.
Take Out a Car Title Loan
Many people spend thousands on Christmas purchases each year, and for those who cannot afford thousands of dollars, credit cards often become an unwanted second option. In fact, in 2017 people with credit card debt before the holidays ended up adding an extra $1000 on to that debt. Purchasing all your gifts on credit cards is not always the best choice. Most people pay off this debt over a series of years, which hikes up interest on the balance and ultimately asks you to pay for way more than you usually would.
Instead, taking out a title loan gives you a lump sum of money to purchase gifts with. Use as much or as little of the loan as you want, but any way you use it, you pay off the loan much more quickly than you would a credit card. This makes big purchases a little easier by spreading out their payments and lessens the load your wallet takes from interest payments over a long term.
Make a Yearly Budget
This one requires forethought, and while it is something that you likely missed the boat for this year, it’s something you can get started on for next year. Take a look at what you’ve spent on critical people in your lives in the past year and come up with a budget per person. For instance, you might spend an extra two hundred dollars on your child than you do your spouse. Once you have this figured out, start saving. If you save and check off when you hit your budgets per person, you’ll be confident about spending money on them in the 2019 shopping season without overspending on their purchases during December.
Opt For a Few Handmade Items
Everyone has something they are good at. Even if you are not a particularly crafty person, you can find ways to make presents that people love and remember without stressing about the quality of the craft. Good at planning? Plan out a romantic date for a future event! It’s easy to make reservations without having to pay for the full amount of the event, print up an itinerary of activities, and come up with cute little ways to show a person they are in for a big surprise. Crafty folks can use Pinterest to come up with sweet and memorable gift ideas that are hard not to love. Great at cooking? Write up a menu for your partner or best friend complete with an “RSVP by” date. Planned trips or events are creative IOU gifts that no one is ever disappointed by. These type of gifts also give you time to budget better, and ultimately end up being more fun than the last-minute target bargain gift you could afford with the tag-end of your paycheck.
Declutter (and Sell Things!) Before the Holidays
Many people make it a goal to declutter after they receive all their Christmas or Hanukkah gifts, but this is not always the best option! In fact, trying to go through piles of old stuff you don’t want while trying to find places for the new things you just got can create a lot of chaos. Even worse, charity shops often become so inundated with donations in January that they end up throwing a lot of stuff out. Instead, choose to go through your old clothes, electronics, movies, and other items in October or November. Find things you don’t need or want anymore and list them on Craigslist or a sales app. You’ll clear up space for the stuff you get in December, save yourself the stress of organizing after the pressure of the holidays, and you’ll likely end up with a little extra spending money to buy presents with.
Have you hit most of the things on this list but are still experiencing financial stress after Christmas 2018? You’re not alone, and Mid-South Title Loans Can Help. Just bring in proof of income, a title without a lien, photo identification, and your car, and we can come up with a title loan solution for your emergency needs. Stop in one of our Memphis title loan locations on 1680 Winchester Road, 4965 Summer Avenue, or 2798 South Perkins Road. Our Winchester Road location can be reached at (901) 346-1040, our Summer Avenue location can be reached at (901) 821-9211, and our South Perkins Road location can be reached at Phone: (901) 794-5460. Let us know some of the other ways you are taking the stress out of the holiday season in 2019!Read more
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.Read more
November 26, 2018
Having bad credit might seem embarrassing, but it’s not as life-threatening as it is made out to be. In fact, more than half of Americans have “subprime” credit scores, which means that they fall beneath the credit range that makes applying for cards, obtaining loans, and taking out mortgages easy. Additionally, there is strong evidence that low credit scores and trouble with obtaining credit-related services strongly correlate with race and gender, implying that the system can actually be stacked against you for reasons that are entirely out of your control. If you are in a situation where you need a loan but have no credit or bad credit, Mid-South Title Loans is uniquely qualified to help you get the money that you need. Read more to find out why.
Why Poor Credit Prevents You from Getting a Loan
Borrowing is an age-old tradition that has both helped and hindered humanity for as long as it has been on earth. Most financing works on incentives – even modern couples who pay for dinner often do so with the expectation that their partner will return the favor the next time they go out. In the same way, banks use incentives to determine how much, if anything, they are willing to lend to their customers in the form of a loan. As large companies, however, they have ways to protect themselves from consistently losing financial assets, and this is how credit works.
Credit is the standardized method of monitoring personal financial health. It is set up to examine how many lenders trust you, thereby verifying your credit-worthiness, how often you make late payments, and how much debt you carry. For many, the credit scoring system allows for a much easier loan and credit card application, streamlining everything that lenders need to know about a loan applicant. But for others, this can unfairly vet the loan industry against them.
If the credit system is set up to be a foolproof way to show your spending habits, then how can people who pay off their bills on time have lower scores? Some of the reasons include having many loans still out with high balances and having balances of over 30% on credit cards. In this way, despite the best efforts of loan and credit payments, the system can still be set to work against you. It can make obtaining a loan seem like a distant dream even if you have your credit card payments under control.
But with title loans, there is no need to evaluate your credit score. Title loan providers are uninterested in the statistics that make up your credit score, and in turn deal with the physical collateral that is the ownership of your car. When you seek out a title loan, you will visit a title loan agency like Mid-South Title Loans and you will talk to an agent about your needs. When the agent determines the blue book value of your vehicle they will then make an offer on your car and will pay you during the same visit. Most title loan offices will even let you drive away with your vehicle. The catch? You just make payments toward the full price of the loan until it is paid off. When that happens, you receive your title back and the car once again legally belongs to you.
There are many reasons why a person might choose to take out a title loan, but one of the most obvious reasons is if a person has low/no credit. Some of the other reasons why it might be beneficial to seek out a title loan through Mid-South Title Loans include:
- Local service you can trust. Many times, loans through large banks can take a while to be processed, and service through large banks can be lackluster at best. Working with a local institution like Mid-South Title Loans in Memphis allows you to get to know your loan providers, as well as allowing your loan providers to get to understand you and your unique loan situation.
- Quick turnaround. Sometimes, traditional loans are not optimal because of the amount of time it takes to process them. Generally, with traditional loans, you meet with a banker who evaluates your credit history, number of loans, and loan references prior to approving you. Even after approval, which can take days, it takes quite a long time before those funds are available to you. In the event of an emergency, title loans can be processed on the same day, which allows you to pay for whatever you might need almost immediately.
- Less payoff time. Title loans generally have a faster repayment time, which is ideal for those who need a payday loan or another type of loan quickly. Quicker payoff times can ultimately lead to less payment interest, which is ideal when preparing for the long-term. Other quick cash loans, like trading credit for cash, can rack up your credit card balances and increase the amount that you pay off in the long term.
- You don’t need to borrow a certain amount. Many bank and credit union loans require you to take out a certain amount, and while smart financial planners might just opt to repay this immediately, it’s probable that they will end up paying more than they bargained for. Title loans are flexible, allowing you to take out as much as the car is worth or as little as you need in return for the transfer of your lease until the completion of the loan payment.
- Direct Deposits are Available. While traditional loans do have the benefit of direct deposit, most title loan providers (including Mid-South Title Loan) also offer the option of direct deposit for your convenience.
Mid-South Title Loan is committed to making the lending process more straightforward for those for whom the credit industry is set against. If you live in the greater Memphis metropolitan area and need financial assistance, stop by one of our locations on Summer Avenue, Winchester Road, or Perkins Road for further assistance. For further contact methods, visit our contact page.Read more
November 5, 2018
In the United States, it is estimated that nearly half of adults have less than $400 tucked away in savings in the event of an emergency. This is a problem. Nearly every person experiences one emergency in their life, ranging from medical to family to personal. Since the average rent bill well surpasses $400, in the event of a layoff many United States citizens could face homelessness or worse. This is exacerbated by the fact that many people who find themselves in dire financial situations rely on credit cards for sustenance, which can ruin a person’s credit score and prevent them from being approved for loans in the future. Poverty, at least in reference to a person’s physical money, comes with interest.
What people tend to forget, however, is that worth is not completely dependent on the amount of money that a person has at a certain time. Assets contribute to a person’s value, which is how car title loan lenders in the United States help those in need access the cash to get them through trying times. Cars are an asset that can be traded for loans, and title loan companies aim to help customers get back on their feet by using their assets rather than their credit to give them a loan. Mid-South Title Loans is Memphis Tennessee’s premier title loan lender. Here’s why we are the right place for you if you’re in need of a quick loan.
Benefits of Title Loans in Tennessee
We personalize our loans to fit with your unique situation.
First and foremost, Mid-South title loans is a hometown business. That means that we try and get to know our clients prior to providing them with the loans they need. No two financial situations are alike, which means that our solutions cannot be cut and paste. Especially in relation to finances, it is proven that customers prefer personal, face-to-face experiences. When you apply for a title loan at one of our Memphis locations, our dedicated lender staff provides a consultation based on you and the state of your car. After evaluating the amount of money you are looking for, as well as the value of your car, we offer flexible loan offers valued at up to the full amount that the car is worth.
Unlike financial institutions, there is no fixed-price on a loan. You can choose to take a loan for the full amount of the car or a partial amount, and you are usually paid the price of the loan on the same day. Then, you make payments on the loan over months until the loan amount is paid off. You can rest assured that we will help you make the right decision based on your situation, and unlike utilizing a credit card there will be no rash, last-minute purchases that lead to high interest balances.
Loans are generally dispersed on the same day, and direct deposit is an option.
Sometimes, emergencies can’t wait for financial institutions. The process of obtaining a loan through a bank, even a community bank with fewer customers, takes an average of 7 days. This is due to the process through which a loan is carried out. Banks first evaluate your financial standing, usually through observation of your credit history. Then, once you are approved, it takes even longer for you to see the funds. Because most small loans come out of situations of urgency, there is not usually time to gamble on the process.
Car title loans, however, take much less time to approve because they are dependent only upon the presence of your car’s title. While it can take a few hours to hammer out the details – such as how much your car is worth and how much the company is willing to lend to you—in most cases the funds from this type of loan are available on the same day. And because traditional loans have the benefit of direct deposit associated with them, many car title loan agencies will work with you to set up a direct deposit into your bank account as well. This offers greater flexibility, and lets you have access to cash much sooner than a traditional loan.
You get to keep your car and the process isn’t dependent on your credit.
Those with poor credit are often familiar with the process of applying for financial help through national financial institutions. At first, you apply and then you wait to hear the details of your application. If you’re not denied based on your credit, chances are you will see loan rates with a soaring interest rate. Interest rates for those with fair to poor rated credit scores are usually around 1.75% higher than those with good to excellent credit scores. This can mean the difference between paying hundreds of dollars more over the length of a loan. It’s enough to make anyone, good credit or not, want to give up on the entire process.
That’s part of the reason why car title loans are so appealing to a wide range of loan customers. While some argue that the interest rates are much more than traditional loans, they fail to remember that the loan is paid off over a period of months rather than years, which allows customers to make manageable payments that ultimately save them money. Additionally, it allows customers who do not have good credit the opportunity to obtain a loan regardless of their credit. While some title loan companies do hold the car outright until the loan is paid, Mid-South Title Loans lets our customers drive away with their cars so that their work and personal life schedule remains uninterrupted.
Situations that require quick cash can leave a person feeling helpless and with the feeling that they will never be able to make ends meet. But Mid-South Title Loan offers financial relief through our comprehensive title loan services. To schedule a meeting, or to find out how Mid-South Title Loan can help your situation, contact us here or visit one of our Perkins Road, Winchester Road, or Summer Avenue location in Memphis.Read more
October 8, 2018
Fall is here, and with it come all the joys and pains of the seasons. The Blue Ridge Mountains come alive with the changing of the maple, sweetgum, and hickory leaves and the air starts to get crisper and cooler as winter approaches. However, fall also comes with an extra set of responsibilities to ensure that your home is ready for cooler temperatures. Weatherproofing your home, buying firewood, blowing out sprinklers, and maintaining the yard all cost money that can put a toll on other fall activities like school supply purchase and holiday shopping. Holiday shopping, a popular fall event, racked Americans an extra $1,000 average of debt last year.
Certain times of the year are harder on people, but that shouldn’t stop people from doing normal fall activities. Here are some ways you might utilize title loans to make the most of your fall.
Take a look at some of the best ways to utilize your title loans
Get a Head Start on Holiday Shopping
Most people want to get started on Christmas and Hanukkah shopping well before December. No one likes shelling out hundreds of extra dollars all at once, even if it means putting a smile on their kid’s face. But that doesn’t stop 76% of adult Americans from making Christmas purchases right up to the big day. This makes buying the perfect gift that much more stressful and harder on the wallet, and it often means that many shoppers do not have the time or the money to buy everything that everyone wants on their list.
The secret to this? Successful holiday shoppers say that it is to buy often and early. Buying early ensures that no one misses out on a Christmas gift and that purchases are spread out over time rather than all lumped in at once (during a time when heating bills begin to skyrocket due to winter weather). Obtaining a car title loan in the fall gives shoppers flexible spending money to get started purchasing and putting things on layaway while making more manageable payments on their purchases.
Pay for an Unexpected Emergency When Money is Tight
Perhaps you are the type of person that does budget for Christmas shopping, Halloween costumes, school-related costs, and cool-weather preparation. Even if you start saving for these things well into mid-summer, the budget still does not include medical or other emergencies. The truth is, no one can plan for emergencies effectively, which makes paying for their aftermath harder than ever during the busy autumn season. To make matters worse, autumn increases the risk of the typical person experiencing a medical emergency. Fall-related accidents are heightened due to decorating for holidays like Halloween and Thanksgiving and the likelihood of catching an infectious disease doubles as college students head back to the dorms.
In times when emergencies rear their ugly heads and dredge up unexpected expenses, car title loans can help quickly pay for these emergencies. Title loans can be obtained quickly and do not require the standard wait period that many financial institutions’ loan applications take. Getting your kid who is sick with the flu the medical supervision they need requires fewer than seven business days.
Go All-Out on Your Winter Preparation
For many homeowners, proper housing upgrades start with a trip to the bank for a home improvement loan. They prepare in advance, apply well before they need to, and even make sure that their credit health looks normal. Some homeowners, however, walk away from the bank with a denied loan application despite their better-than-average credit or their stable jobs. This leaves homeowners with anxieties about how they are going to keep their homes warm and safe after the fall. In Australia, homeowners reported paying up to 30% of their gross income on housing costs, which is far more than anyone should have to spend on basic human necessities. Facts like these are what keep people up at night, and the same Australian study indicated that severe housing stability anxiety can take a toll on mental health.
For extra help with the cost of living, taking out a car title loan can provide predictable, more easily handled payments than emergencies due to ill-preparedness. Additionally, those that might not be able to obtain a loan otherwise are able to get the money they need from these types of loans.
Get Ahead on Paying Off Student Loans
The fall also means school starts, which can be a blessing and a curse. While parents tell their children to consider paying off their loans while they are in school, many do not heed their parents’ warnings and wait the full four years before considering payment. This can lead to thousands of extra dollars in payments and can prevent bright young graduates from waiting to obtain the job of their dreams.
Opting for a car title loan in lieu of private loans is a way to motivate young adults to take hold of their financial future while paying off loans in college. With short-term car title loans, loans for up to the amount of their tuition can be procured (depending on the car being evaluated) and will be paid off in much less time than the traditional private loan, saving students potentially thousands of dollars.
Bring the Family Together on Thanksgiving
Title loans don’t need to be for budgeting and emergency purposes always, however. A recent study showed that Millennials, in particular, struggle with holidays as reflections of the things that they have neglected to do. This causes them a great deal of anxiety and causes 10% of that demographic to spend major holidays alone and another 10% to refuse to ask for monetary help during the holidays, which directly impacts their ability to be with family. A car title loan taken out in the fall can secure cheap, early funding for a relative that may usually spend holidays alone, giving them the opportunity to pay for their travel over a longer period while reaping the benefits of being with others during the time that matters most.
If you live in Memphis and want to take advantage of savings this fall, ask the folks at Mid-South Title Loan about how we can help you secure the funding you need. You can contact us here.Read more
October 8, 2018
Tennessee residents are a diverse crew of people, and the diversity that has made our state so interesting is also what has brought it so much attention. Housing both the Bonnaroo music festival that pulls in thousands of people from all around the country each year and being the most religious state in the nation, Tennessee is so popular because there is so much to do for such a diverse set of people. Tennessee is also one of the least expensive places to live in the United States, with housing rates hundreds of dollars below the national average. But despite there being massive amounts to do on the cheap in this state, as well as the state having a fair living wage, there are always reasons that people need a little extra money that they cannot get in other ways. That’s where obtaining a Tennessee title loan can help.
Here are some reasons to get a Tennessee title loan and how they might help you.
You get to talk to someone you know and trust
Ads for title loans can be seen nationally, and they make it tempting for those in need of a little extra cash to reach out to them for help. However, Tennessee title loans through trusted lenders combine knowledgeable service from those who have been in the title loan business for a long time with the local expertise that you can trust. Reputable loan lenders, like Mid-South Title Loans, see their customers as unique individuals and members of their community with struggles that are inherently linked to themselves as members of the community.
This helps your lender find you not only the most for your money when it comes to getting a title loan but work with you on a personal level to find a way to pay it off. Working with local businesses isn’t just a Tennessee preference, however. Studies across the United States and the UK show that people prefer local products because of the time and the passion that is put into them.
You can get the cash for the down payment for your move to Tennessee
Perhaps you aren’t a local, but you want to be. Moving is expensive, and even with Tennessee’s lower than national average rent rate, it can be hard to save up enough for first month’s rent, last month’s rent, and security deposit payments, which average to a little over $2500 to move into a new place. Put that on top of the cost to move from out of state, and that can bump your moving average up to almost $5000. Even with stringent saving, you’d have to make more than minimum wage over a period of months to save up that much money.
If you need to move quickly, for a job or for other reasons, and cannot afford the high cost of moving, you should consider taking out a title loan. Title loans can be taken out without needing cash collateral or down payment and take less time than a traditional bank loan to apply for. This leaves more time for packing, moving, or scoping out the perfect house or apartment.
You can take advantage of the quick cash to fund your business venture and invest in our culture
Those who already live here know how diverse our culture is. We are home to an unprecedented number of entrepreneurs. As many as two-thirds of entrepreneurs are optimistic about buying and sustaining a small business in Tennessee right now. The underlying meaning in all this? Tennesseans are hoping to make it on their own, but many of them cannot afford to. This is a big hit to Tennessee as a whole, as its musical culture, local foods, and craftsmanship all contribute to the state-sustaining tourism. For those without good credit who have a big idea, those realities hardly ever come to fruition because of the lack of funding.
With title loans, however, it is possible to make big dreams happen regardless of what your past credit has to say. Title loan providers understand that credit does not always define a person’s determination or responsibility, and those who have failed to make a living in the past find new opportunities in funding their entrepreneurialism with the help of a title loan. In fact, economists have said that those who are willing to put their time and effort into a cause, adjust to meet with changes over the years, and those who are continually willing to learn are very successful in their future ventures. Therefore, taking out a title loan could help put a business idea into practice.
You can support our economy, and ultimately yourself, by spending money in our state.
Title loans are not always taken under financial duress. Sometimes, a person might be making a consistent income but might also want something that is a little over budget. They have room in their budget for extra payments, however, they might not have enough to buy a local artisan’s craft or go see a big concert at the time it is happening. In this way, investing in a TN title loan helps more than one entity. It boosts the local economy, allowing loan companies and the local craftspeople whose items you buy with your loan to benefit. Additionally, it saves you from working with corporate banks who make more money than locals, and sometimes even has more competitive APRs.
Supporting the local economy through the purchase of local goods helps everyone, including you, out. It supports local taxes, which ultimately allows the town or city that you live in to thrive.
Are you ready to benefit from a Tennessee title loan? Let one of the experts at Mid-South Title Loan help you out with your application today. With locations on Winchester Road, Perkins Road, and Summer Ave. in Memphis, there are multiple offices to work with your locational needs. Or, you can contact us today by visiting our website and filling out the convenient form at the bottom of the page.Read more
September 8, 2018
How Can Car Title Loans Help Me?
Title loans can get a bad rap for no reason. Critics of title loans say that APR rates are too high, risks are too great, and the payoff time is too quick for it to be worth it. But these risks exist with all types of money lending services, including credit cards and bank loans. What credit cards and bank loans don’t come with are personalized service and face-to-face meetings with your lenders. If you are offered a loan or credit card in-person in a banking institution, it is a one-and-done type deal. Car title loans are excellent opportunities for those in need of quick cash to work with a local lender who gets to know you as a person and continues the lender-client relationship for an extended time. That way, if you ever need to take out a title loan again in the future, you will be able to do so easily.
Here are some ways that car title loans can help you if you need a little extra cash and might not have other ways to obtain it.
Getting cash without credit or with bad credit
Those who have bad credit know that it is very hard to obtain a loan or credit card if they have poor scores or high credit card balances. But paying off high balances in a manner that indicates “creditworthiness” can take years, even if you are paying all your bills on time. In fact, the average American is in just under $5,000 worth of debt, and it can take 10 years to pay that debt off. That makes applying for loans with a good credit score bleak. But people with no credit are not better off—even if you have no credit and make plenty of money to live comfortably, the bank is still likely to deny you a loan. The reason? They need collateral to ensure that you will pay them back.
With title loans, your car is your collateral. Title loan providers don’t need to dive into your personal credit history to assess your worthiness. Not only does this save time, but it ensures that those with poor or no credit can obtain loans using their assets rather than a made-up symbol of your financial health.
Getting cash during a medical emergency
Then, there’s the matter of emergencies. Emergencies happen right after you’ve paid all your bills for the month or after you’ve used a little extra money to splurge on yourself. They happen at the best and worst of times, and this is most likely why fewer than 40% of Americans have enough money in savings to pay for a medical emergency of $1,000 or more. This means that in the event of an ambulance ride, most Americans are only able to for the ride to the costly emergency room visit. And this just counts for medical emergencies, neglecting things like car emergencies, deaths in the family, and housing emergencies that can total much more than $1,000.
And applying for a bank loan takes time, which often does not leave the borrower the room that they need to make timely payments. Title loans can be acquired in much less time than a bank loan, and offer flexible solutions when emergencies happen.
Planning for future events
From the purchase of the ring to the honeymoon spent in a tropical location, weddings are often one of the number one causes of financial stress in young Americans. In fact, the average cost of an American wedding totals out at a little more than $25,000. Although many couples end up spending much less than that, there is always an associated cost with getting married, even if it means just purchasing the marriage license and paying to get your own identification documents changed. Many young couples do not have the money up front to afford a wedding ceremony, and this is causing the rate of married couples to continue steadily declining. When parents do not help with weddings, banks will not give out loans, and you are working hard enough as it is to make ends meet, having a beautiful wedding ceremony seems out of reach.
But if you have a car and a little extra monetary wiggle room, taking out a title lien with a car title loan provider can give a young couple a little extra money to make a ceremony happen in a way worthy of showcasing their dedication. Title loans are also great for planning quinceaneras, bar and bat mitzvahs, retirement parties, and other events that take a little extra to make extra special.
Making a mid-sized purchase when the bank has denied you a loan
Believe it or not, banks can deny you a loan based on many factors. Most believe that good credit is the best qualifier for bank loans, but even those with good credit are denied loans on a regular basis. In an article about mortgages, a whopping 32% of loan applicants with excellent credit scores were denied access to a mortgage for other reasons. One of the biggest reasons? Having too many prior loans. This makes obtaining a loan as a college student or someone still paying off their college loans nearly impossible. Banks don’t see the reason for private loans, they just see that you have them taken out and get suspicious at the number you have.
With car title loans, the lender does not consider the number of loans you have out, your credit score, or other factors relating to your financial history. Instead, they use your vehicle as collateral. If you are someone with an excellent credit score but other loans or an alternative job (such as an independent contracting job), this type of loan is very beneficial.
If you live in Memphis or the surrounding area and are seeking help to fund a major event in your life, consider working with Mid-South Title Loans. They can help you get the money you need in a timely and efficient matter. For more information, contact us, or come to one of our Memphis, Tennessee locations.Read more
August 30, 2018
When you’re in need of quick cash through a loan in Memphis, TN, you have a lot of choices.
You can find so many different types of loan providers who offer different types of loans, different amounts, and have different requirements. Some of them specialize in loans that are long-term and can take a while to get, and some of them have loans that are created to be short-term, quick cash options, like Mid-South Title Loans.
When you’re ready to get a quick loan in Memphis for short-term financial support, here are some options near you.
Where to Get a Quick Cash Loan in Memphis
A payday loan provider
When people need money quickly, one of the most attractive options that comes up is a payday loan provider. That’s because, like a title loan provider, you can get your money quickly. At a payday loan provider, you can get your loan in as little as 15 minutes, but it comes at a hefty cost.
One of the biggest downfalls of going to a payday loan provider is the unbelievably high interest rates. If you trip up at all during your repayment process, you could be paying a lot more money in the end – sometimes double or even triple your loan amount. This is extremely risky, because you never know what may happen, when it comes to finances.
Plus, unlike a title loan provider, you’ll have to provide income verification documents and undergo a credit check. If you have a rocky credit history, you may not be able to get as much money as you need, or you may not even be able to get money from a payday loan provider.
While payday loans seem like a good option for quick loans, there are better options out there.
While banks don’t specialize in quick loans, many people think banks are the only resource for loans, so even when they need money quickly, they turn to a bank. When you need money quickly and you use a bank for a loan, you’ll have to put off your outstanding payments or your important car or home repair even longer. The process to get a loan here can take days or weeks.
Banks often have in-depth vetting processes for both approving you for a loan and determining how much they will loan you. You need to have great credit, a great job, and also have a steady housing history. They will jump through hoops to ensure they know everything about you, before lending you money.
In addition, while you may just need money to cover you for a short time, you’re usually signing up for a long-term loan with a bank. They make it seem like a good option, because you’ll only be making small, monthly payments. However, you’ll be paying much more interest in the end, rather than going to a short-term loan specialist. If you’re just looking for a short-term loan that covers you during an unusually tough financial time, you need to find another solution.
Mid-South Title Loans
Mid-South Title Loans’ three Memphis locations are the best choice for you, if you are simply in need of short-term cash. It is flexible to fit your financial needs. If you don’t have good credit, you don’t need to worry. Your credit won’t be pulled and won’t affect either your loan amount or your ability to get a loan. In as little as 20 minutes, you can get a title loan at Mid-South Title Loans. All you’ll need to do is:
1. Fill out an application. You’ll fill out basic info about you and your financial situation, so we can learn about your needs and your repayment ability.
2. Gather your required documents and drive into our nearest location. In order to qualify for a title loan, you’ll need to have a few documents in hand, including:
- Your lien-free title - This means your car is paid off completely.
- Your valid photo ID or driver’s license - We need proof that you are 18 years of age or older.
- Your car insurance information - It simply needs to be active.
- In addition to your required documents, make sure you are driving in your title’s vehicle, so that we can inspect it. Upon inspection, we can find your car’s value, which helps us to determine your loan amount.
3. Review your title loan offer and terms. With one of our friendly title loan service professionals, you’ll review the loan amount and your loan’s contract. Our loans are under 30-day renewable contracts, so if you are in need of more time to pay your loan back, you can request a renewal. Once you’ve reviewed and agreed upon the offer and its terms, you’ll give us your title, temporarily.
4. Pay your loan off to receive your title back. Once your title is paid back in full, we’ll gladly give you your title back, and know that if you are ever in need of a quick loan in Memphis, we’d love to help you.
Get the Money You Need at Any of Our Memphis Locations Quickly
No matter which area of Memphis you live in, we’d love to help you with a quick loan that is perfect for you. We’re your best option for getting short-term financial support that helps, not hurts. When you want to get the money you need, when you need it, come to your nearest Mid-South Title Loans. We know you’ll love working with our helpful, knowledgeable team of professionals.
Do you have a question about a title loan that you need answered? We’d love to get in touch with you. Please call or stop by the store near you at your convenience or easily contact us online through our website’s contact form. We’d love to talk to you!
Proudly Serving Memphis, Tennessee & the Surrounding Areas
Mid-South Title Loans proudly provides quick car title loans to Tennessee’s Memphis and Shelby counties, including Germantown, West Memphis, Midtown, Cooper-Young, East Memphis, South Memphis, Parkway Village, Whitehaven, Berclair, Raleigh Bartlett, Southaven, and the surrounding areas.Read more