Title Loans Knoxville, Tennessee
Title loans in Knoxville provide a convenient way for customers to get a quick infusion of cash to pay for unexpected events or monthly expenses. If you are experiencing a shortfall with your cash, you may want to consider applying for a short-term title loan.
What Are Title Loans Knoxville?
You may not be familiar with the way in which title loans work. Here is some information that will help you understand title loans.
Every car has a title. Cars that are not used as collateral for a loan have free and clear titles. This means that you own the car, and there are no lien holders listed on the title.
When you apply for a title loan, a lender estimates the value of your car. Using your car as security for the loan, you can borrow up to the amount of the value of your car depending on the laws in your state of residence.
The lender places a lien on your vehicle with the motor vehicles department. When you pay the loan in full, the lender will release the lien on your title.
Title Loans Knoxville Laws
Tennessee has enacted strict laws that regulate title loans. Every title lender must adhere to these laws, or they will face severe penalties.
It does not matter how much money your car is worth, you may not borrow any more than $2,500 for a title loan at one time. All loans must have an initial term of 30 days. If you need to renew the loan, you can only renew it in 30 day intervals. After the third renewal, you must have at least paid 5 percent of the original amount of the loan.
In Tennessee, you have the right to repay the loan early without prepayment penalties. Legislation in Tennessee strictly forbids lenders from penalizing you for repaying your loan early.
In terms of effective interest rates for title loans in Tennessee, the state has placed a cap of 2 percent per month. Lenders may charge title loan fees that are no more than 20 percent of the original amount of the loan.
State officials in Tennessee are committed to making your title loan process as fair as possible. When you apply for online title loans with Platinum Lending, our goal is to help you secure a loan that meets Tennessee’s strict legal guidelines.
Online Lending Services
We are Platinum Lending, and our title loan representatives work with hardworking people to help them through challenging financial times. Our company provides a quick and easy way for you to get the money you need. We welcome the opportunity to help you.
The first thing you will need to do is complete an application that provides details about your car and personal information. This information includes your name, address, telephone number, make, model, year and mileage. Once this information has been submitted, you will receive a free estimate of your car’s current value. A Platinum Lending title loan representative will contact you to complete the process.
Title Loan Qualifications
The good news about applying for a title loan is your credit history will not be evaluated. The only thing you need is a source of income, identification and a clear title.
If you have recurring monthly income such as Social Security benefits or alimony, you may be able to qualify for title loans without a job. The process to apply for a title loan has never been easier. Our representatives at Platinum Lending are ready to help you secure a title loan today.