Title Loans Johnson City, Tennessee
It is a travesty and unpleasant experience for someone to endure harsh financial situation. This is especially true for a single mother, who is trying to make ends meet or a two parent household, but one person has lost employment and the bills are piling up. It could be a retired couple living on a fixed income, but have had some long term illnesses that have depleted their finances. It doesn’t matter what your financial situation appears to be. Once you are able to determine that you do have a financial issue, it is then time to find the right fix. Your financial future will depend on what you do next. Allow a title loan company to steer you in the right direction. You need all of the help you can get at this junction of your life. So, make an effort to contact a title loan lender today.
About Johnson City
Johnson City is located in the counties of Sullivan, Washington and Carter. However, most of it is in Washington County. The census report indicated that in the year 2010, the population was 63,152. In the year 2015, it jumped to 66,027. This has made it ninth on the list of largest city within the state of Tennessee. The first settler to the area was identified as William Bean. In 1769, he built a cabin close to Johnson City, along the Boones Creek. To know more about Johnson City, go to the city’s official website today.
Title Loan Laws
Governing the laws of the state of Tennessee as it relates to the title loan industry is the Department of Financial Institution. The laws fall in a specific legislature, namely the Title Pledge Act. Title pledge agreements are overseen by Code 45-15-113. In this legal agreement, loans are limited to thirty days initially. However, borrowers are allowed loan rollovers for an additional month. If the loan is rolled over three times, the borrower will be charged five percent of the initial title loan quote, in addition to interest rate and all fees.
The Title Loan
You did not get to this point without a series of things occurring. Life can serve you a difficult situation, but thanks to title loans in Tennessee, you now have the available assistance necessary to get out of your deep financial situation. The title loan process is smoother than that of a traditional lender. The one reason is the number of rules and guidelines that you have to follow and the required documents.
The Required Documents
The required documents are easy to gather because these are usually items that you already have. This includes:
- Driver’s license or government issued identification card
- Pay stubs, tax returns, social security benefits, worker’s compensation, unemployment benefits or disability benefits to prove steady income
- The certificate of title for the vehicle to be used for the collateral
The vehicle must be assessed in trying to find the true value. This is important because the lender must have a fair market value in order to establish the right loan amount. This is usually 25 to 50 percent of the fair market value. Your lender will use Kelly Blue Book to find the value.
You are all set now to proceed with a title loan application. Why wait, when you can obtain the money you need within 24 hours or less? So, do yourself a favor and submit an application today!