Title Loans Mount Juliet, TN
If you ever need cash in hand fast in order to cover a check or get through to payday, title loans in Mount Juliet can be a great option. These are secured loans that use a vehicle title as collateral, but you don’t actually transfer ownership of the vehicle. Practically any vehicle that has value is suitable, so even salvage title loans are an option in many cases. Since these loans are secured, approval rates are often above 99 percent, and you have flexibility regarding loan size and term.
Title loans are generally more convenient than personal loans, flex loans and lines of credit from a bank. Consider that Wilson Bank & Trust prefers borrowers to have strong credit histories, and if you’re a new customer, than just receiving a yes or no can take a day or longer. Some banks, such as the National Bank of Commerce, will often demand loan sizes of $5,000 or even $10,000, and banks like the First Tennessee Bank consider short-term to be either 90 or 180 days minimum.
Title Loans Mount Juliet: Using the Web to Make Your Life Easier
Although title loans in Mount Juliet are available through many different local lenders, you can make your experience less of a hassle by applying and even securing your loan online. You don’t need much to get started. Loan Cheetah can get you going with just some personal information, such as a name, zip code and phone number, and some vehicle information, such as the make, model and mileage.
Once you have the information handy, go to the Loan Cheetah website. A brief application form is right on the homepage in the green box. All you have to do is:
- Enter the vehicle’s year, make and model
- Indicate the model’s particular style, if applicable
- Fill in the estimated mileage or an odometer reading
- Provide your name, number, email address and zip code
Within seconds of providing that information, Loan Cheetah will give you a loan estimate directly via the website. If you want to proceed, a loan specialist will contact you. He or she can discuss any questions you may and help you finalize the loan all the way to the point where you have access to the money.
Tennessee Laws Concerning Title Loans
Tennessee instituted the Title Pledge Act, which governs any title loans in Nashville and throughout the state whether those loans are secured online or in person locally. According to the law, these loans have no minimum but cannot be more than $2,500. Additionally, the cost of the loan is capped at 20 percent of the loan plus 2 percent interest each month. Entities that lend title loans in Mount Juliet and elsewhere are licensed and overseen by the Tennessee Department of Financial Institutions, and you should visit its website or contact the agency directly for additional information.
The Borrowing Advantages of Title Loans
Title loans in Mount Juliet are a great way to borrow because they:
- Process fast
- Have high approval rates
- Allow small amounts and short terms
Title loans aren’t only easier than personal loans from a bank, they’re generally more cost-effective than other short-term lending options, such as payday loans. A title loan can have a short application process and fast processing time because the loan is secured with the title that you provide and thus doesn’t require much additional information. That’s why most lenders don’t perform credit checks and why you can get a title loan with no credit, bad credit or even a bankruptcy on your record.
