Title Loans Lebanon, Tennessee
Title loans are secured loans. In the case of automotive title loans, the loan is secured using the physical title of a car or truck that the borrower owns outright. The value of the vehicle dictates the maximum borrow amount up to the state limit. However, most passenger vehicles have enough value for your average title loans and even salvage car title loans are an option. Since these loans are secured, the lender takes on little to no risk. That means that you have options regarding how much you borrow, the repayment schedule and so forth.
The flexibility that title loans in Lebanon provide is quite different from the personal loans, flex loans and lines of credit that are available from a bank, such as CedarStone Bank or Wilson Bank & Trust. Banks will certainly lend secured loans, but they demand certain requirements in order for those loans to be profitable enough for them to bother. This is why many area financial institutions have a borrow minimum of $5,000 and a loan period of at least 90 days. Many will also penalize early repayment, which lets them ensure that they earn a minimum profit.
Title Loans Lebanon: Applying Online
Although title loans in Lebanon are available locally, you can also get them via the Internet. Loan Cheetah, for example, is a leading provider of title loans online and can help you finalize the entire process via the Internet. You’ll just need but a few bits of information, including:
- Full name and zip code
- Phone number or email address
- Year, make, model and style of your vehicle
- Estimated mileage or an odometer reading
Once you’ve submitted this information, Loan Cheetah will respond in just seconds. You’ll first receive an estimate through the website, and that quote will be quite accurate as long as the information you provided is as well. If you choose to continue, a loan specialist will contact you. He or she can answer any questions you may have, discuss your concerns and then, walk you through the process of completing the title loan.
How Tennessee Governs Title Loans
In Tennessee certain rules apply to title loans:
- Initial borrowing period is no more than 30 days
- 30-day extensions are allowed but restricted
- Interest rates and fees are capped
All lenders of title loans in Nashville and throughout the state must be licensed, and they’re monitored by the state on an ongoing basis. Whether you borrow through Loan Cheetah or a local lender, you can be confident this is the case. You can also be sure that any title loans in Lebanon will have fees capped at 5 percent of the borrow amount and that effective interest rates will be about 2 percent overall.
Benefits of a Title Loan in Tennessee
Title loans in Lebanon provide a number of benefits over standard bank loans and lines of credit as well as other short-term borrowing options, such as payday loans and flex plans. For starters, you can begin and finalize the borrowing process in just minutes, even online, and that’s not an exaggeration. Since title loans are secured, you have great flexibility concerning how much you can borrow and how long you can borrow for. These loans also don’t require income verification, which means that you can be collecting unemployment or have no source of income at all. Credit history also doesn’t matter, so you can borrow with a new credit history or one the includes bankruptcies and other negative marks that can prevent you from getting a loan from a bank.