Title Loans Collierville, Tennessee
The idea of car title lending is rapidly growing in popularity as a means of making quick cash for most people in Collierville and Memphis. A car title loan is a short-term loan. The debtor must hand over a vehicle title for use as security. Most car title creditors do not put into consideration an applicant’s credit history. However, the amount of funding the applicant is eligible to make is limited based on a few factors. These factors may include the value of the collateral, the amount of credit applied and the applicant’s ability to repay the funds.
Title loans are growing in regard because of the progressive effects they have on people’s financial well-being. Quick access to funding is directly related to faster access to financial normality. As the macro and micro-economic future performances remains blurred for most people, car title loans are offering a quick way of alleviating effects of undesirable economic conditions. During emergencies such as medical emergencies, funerals, and bills title loans come in handy as the best funding option. In sight of this, Loan Cheetah company is regarded as the best creditor around Collierville. The company is renowned for processing loan services quite fast for most of its applicants. Services offered by Loan Cheetah include advance financial flex loans, car title loan and salvage title loan.
Title loans Collierville; How to apply
Most title loans in Memphis and Collierville are offered online through the different lender’s website. Through the internet, applicant's request for funding quickly and efficiently. Besides, the internet scraps the need and costs of handling paper material.
While applying for funding, only two documents are required by the creditor. These documents are:
- A copy of national I.D. This is used as proof of age
- Title of property used as collateral
To apply for title loans in Collierville, visit the web page (https://www.loancheetah.com/) and fill in the application page. The page is used to collect simple data about both the applicant and collateral. The information may include:
- Make and model of the vehicle
- The car’s approximate mileage
- The applicant’s primary information, such as contact address
Upon successful completion of the form, a loan representative will communicate with the claimant to negotiate other contractual terms. Such terms of agreement may include:
- Title loan quote of the car
- Duration of the loan and interest charged
- Premiums payable
Legal stand on title loans Collierville, Tennessee
Title loans in Collierville are controlled by the law so as to prevent conflict between the lender and borrower. The legislation in Tennessee puts a limit on the loan amounts and loan duration. The rules stipulate that a creditor in Tennessee may not lend more than 2500 dollars. Moreover, the term of the title loan must not exceed 30 days. However, this period may be increased once the first installment is paid. Tennessee prohibits title loan lenders from charging more than 2 percent interest rates. Additionally, the creditor may not sell or charge a subscription for any insurance connected to the loan. Lastly, all title loans lenders in Tennessee must be licensed with the state.
Why should I consider a title loan?
More people, especially in Tennessee do appreciate the beneficial impacts title loans can have on an individual’s financial growth. Some of the benefits offered by the loans may include:
- Title loans require less valuable securities as compared to other lenders such as banks
- Title loans are quick and need little time investment. Title loans are often processed within 24 hours of application
- The material required to get title loan funding is quite minimal. The lender only requires an I.D and a car title.