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A title loan is a great solution for fast cash, but it is not the only option. Payday loans are often considered alongside title loans but are only offered in small amounts (usually up to $500) and require either a post-dated check or pre-authorization for a debit from your bank account. A cash advance is another quick option, but typically carries a high-interest rate and other fees.
Unlike title loans (which require your vehicle as collateral), bank loans can be secured or unsecured, meaning they may not require collateral. In the case of an unsecured loan, your credit history will be the primary factor in your approval and interest rate. Since a title loan is a secured loan, your credit history will not be the primary focus during the approval process and can be one of the best options for those with bad credit or past bankruptcies.
Are you looking for a reputable lender near you? Titlelo can narrow down your search in seconds. Tell us a little about yourself, your car, and what you need and we'll take it from there. No endless googling and no questions about quality: we do all the research for you, and we only work with the best title lenders in Parsons!
Selecting short-term financing of any kind can be overwhelming, and the amount of paperwork can become frustrating. To compare rates, you would need to provide your personal information to each lender you would like to review. In contrast, Titlelo only asks what we need to know, and then we give that information to the lenders that will work best for you. You only have to provide your information once, and Titlelo will take care of the rest.
Online loan processing has revolutionized the way consumers can manage their expenses. Rather than waiting in line at a bank and then days (if not weeks) for processing, with a title loan, you can receive pre-approval instantly and have cash in hand the same day.
Even with a broker, you could still face wait times of several days before receiving your loan disbursement. Fortunately, Titlelo works with numerous companies that provide far more options, lenders, and expertise than other brokers. Typically, time is critical for all title loan recipients, but if your situation is especially urgent, Titlelo will select a lender that provides immediate processing.
If you have researched title loans before, you know there can be strict requirements for the vehicle: mileage, equity, and age. Many lenders will not consider a car that is more than ten years old, but cars retain value for most of their lives. Titlelo works hard to select quality lenders near Parsons that have different requirements and loan processes for this very reason. Even if you have an older model, we can still match you with a lender that offers competitive rates without disqualifying your vehicle for age.
Lenders in Tennessee may also require additional documentation, such as the title of the vehicle, proof of registration and proof of insurance (but not always). The loan amount will be based on the actual value of the car as determined by the lender's inspection.
Unlike most installment loans and many short-term loans, you do not have to be actively employed to receive a title loan. Lenders will request documentation proving a source of income, but this can include proof of any of the following:
Proof of income will not be necessary to pre-qualify you for a title loan Parsons, Tennessee. If you are not sure whether you have the proper documentation, you can still receive instant pre-approval online or over the phone with just your contact and vehicle information. We will be able to answer any and all questions you have about the loan process, documentation, or fund disbursement.
Applying for car title loans online shouldn't be difficult. Complete our simple online application and enter basic information about yourself and your vehicle. Once you're pre-approved, one of our friendly experts will contact you.
Titlelo will assess your needs and match you with the best lender in your area. Once you've accepted the terms and conditions of your lender, we'll help you gather everything you need to make the process simple and swift.
Visit your local title lender and bring your title, ID, and any other required documents. Review and sign your loan documents and get the cash you need instantly. Drive away with your car and get back to what matters in your life.
The title loan laws in Tennessee do not allow lenders to apply an interest rate higher than 2% per month. However, they may add a customary fee that can cover any costs related to having the vehicle appraised, launching an investigation on the title, reporting to local law enforcement, and other similar expenses. This fee is also regulated, and may not exceed 1/5 of the principal amount.
Borrowers who are securing a title loan in Parsons must be at least 18 years old. The title should also show the borrower’s name as the outright owner. To validate the borrower’s identity, a photo ID is usually required. Some lenders may also have additional requirements, depending on the amount of the loan.
Title loans in Parsons, TN should not go beyond a 30-day period. However, it is possible to have the loan renewed for an additional 30 days. The renewal is usually automatic unless the borrower decides to surrender possession, interest, and title to the lender completely, or has explicitly expressed that they do not want the loan to be renewed.
Should the borrower renew the loan a 3rd time, an additional payment of at least 5% of the original principal amount is required. This is on top of the interest and customary fees.
Under the Tennessee law, lenders should wait for 20 days after the payment deadline to repossess a vehicle should the borrower fail to make a payment. Within that 20-day period, the borrower may pay for the principal, interest, repossession fee and other customary fees to redeem the vehicle.
If the borrower fails to pay the necessary amount by the end of the 20-day period, the borrower automatically loses all rights to the vehicle. The lender may then decide to sell the car or dispose of it the way the lender sees fit.
If there is a surplus after the loan’s principal amount, interest, and other fees have been deducted from the sale, the amount will be given back to the borrower.