How Do Title Loans Work in Memphis?

Life is expensive, and if you are currently in a tough financial situation, an auto title loan can be a lifeline! If you’ve been thinking about applying for car title loans in Memphis, there may be some aspects of the loan process that you donā€™t know anything about.

So, how do car title loans work? Essentially, your vehicle’s title is used as collateral for the loan, and the total market value of your car and your income are the biggest factors that determine the total amount you can receive. If you are fully approved for a Memphis title loan serviced by LoanMart, you can get quick funding in as little as 24 hours and use your money to take care of any personal expenses that require your immediate attention.1 3 One of the biggest advantages of online title loans is that you don’t have to leave your home to find out if you qualify for the money you need!

If you are fully approved for a title loan, the lender will add a lien to your vehicle’s title after the loan is funded. As the vehicleā€™s owner, you can conveniently maintain access to your car as long as you make your loan payments on time. If you consistently struggle to make on-time payments, however, proactive communication with your lender or loan servicer is one of the best options to find title loan relief assistance.

Borrowers who choose to apply for online title loans in Memphis serviced by LoanMart can take advantage of competitive interest rates, flexible loan terms, and a variety of convenient payment options. If you’re ready to apply for emergency cash, keep in mind that you must meet the loan requirements and submit a few documents to qualify for a title loan online! Continue reading to learn more about the criteria for title loans or dial 855-422-7412 if you have any questions about the application process.

What are the Requirements for Online Title Loans in Memphis?

The application process for online title loans can be efficient and convenient, even if you have bad credit. When applying for an auto title loan serviced by LoanMart, you can expect to experience a streamlined process, but you must meet a few basic requirements in order to qualify for funding:1

  • Be at Least 18 Years Old
  • Have a Tennessee-Issued Car or Truck Title (Must Be in Your Name)
  • Provide Sufficient Evidence of IncomeĀ 
  • Have a Vehicle with Enough Value to Use as Collateral for a Title Loan

You will also need to have a few necessary documents on hand to verify your information. The required documents will be reviewed during your loan request, and you should have them handy when applying for online title loans in Memphis or nearby cities like Nashville, Jackson, or Knoxville. Besides proof of income and a vehicle title in your name, you can expect to submit the following items during your loan application:

  • Recent Phone Bills, Credit Card Offers from a Provider, or Utility Bills to Prove Your Current Address in Memphis
  • A Valid, Government-Issued Photo Identification Card (Such as a TN Driver’s License or a U.S. Passport) to Verify Your Age and Identity
  • Several Recent Photos of Your Vehicle to Complete a Virtual Car Inspection
  • Memphis Borrowers Must Generally Complete and Sign a Tennessee Department of Revenue “Noting of Lien” Form

You get to choose the document submission option that is the most convenient for you, such as: 

  1. Uploading Your Documents OnlineĀ 
  2. Sending Your Paperwork Via Email
  3. Texting The Documents To a LoanMart Title Loan Representative

If you meet the requirements and submit the right documents, you can potentially get fast cash in as little as 24 hours!3 Call a title loan agent at 855-422-7412 if you want more details about applying for online car title loans in Memphis.

Title loans in Memphis, TN

How Can Auto Title Loans in Memphis Help You?

Here are a few different reasons why people apply for car title loans during a tough financial situation:1

  • Handle Unexpected Expenses: Title loans are often used to cover unexpected and urgent expenses such as medical bills, home repairs, or plane tickets during a family emergency. When faced with a financial crisis that needs to be solved immediately, some individuals will turn to title loans in Memphis, Tennessee, to get quick cash.
  • Bad Credit is Usually Not an Issue: Getting an unsecured loan in Memphis or any other city in the U.S. can be difficult if you’re an applicant with a bad credit score. However, car title loans are often much more flexible than unsecured loans because you are required to use collateral to secure the loan. Although a credit check is typically an important part of the application process, you can still qualify for a title loan even if you have poor credit!1
  • Access to Quick Funding: If you are eligible for an auto title loan online, know that you can get the money you need for an emergency as soon as the same or by the next business day!3 You don’t need a bank account to receive your funding unless you want to get your money through direct deposit. With title loans serviced by LoanMart, you have the option to get a check in the mail or pick up your cash in person at any money transfer location in Memphis.Ā 

Can I Get a Car Title Loan Online in Memphis, TN?

Of course! One of the perks of applying for car title loans serviced by LoanMart is that you don’t have to leave your home to submit an application. No need to waste time driving around the city when you have a pre-approval form readily available 24/7!1

When you apply for a Memphis title loan serviced by LoanMart, you can expect a flexible online application process. Below are the steps to complete a title loan application as a resident of Memphis:

  1. Complete an Online Questionnaire or Call 855-422-7412 to Speak to a Title Loan Officer
  2. Verify Your Information, Vehicle Ownership, and Income Through the Required Documents
  3. Review the Terms and Conditions of Your Loan and, If You Wish to Proceed, Accept the Loan Offer and Sign Your Electronic Loan Contract
  4. Send Your Car Title Through the Mail, Along with the “Noting of Lien” Form
  5. Receive Your Title Loan Money if You’re Fully Approved!

If you want to experience a streamlined and successful application process, consider following the tips listed below that can help you achieve that goal:

  • Make Sure All of Your Information is Accurate Before Starting Your Application
  • Double-Check Your PaperworkĀ 
  • Talk to a Representative if You Have Questions

Ready to see if your vehicle qualifies for auto title loans in Memphis, Tennessee? Submit your application online or over the phone and get your money in as little as one business day if you qualify!3

emergency cash title loans in Memphis, TN

How Much Can You Borrow Through Title Loans in Memphis, Tennessee?

The average loan amount for a title loan in Tennessee serviced by LoanMart is $3,537. However, it’s important to remember that the amount you can get through a vehicle-secured loan is primarily determined by these two factors:1

  • The Value of Your Car, Truck, or SUV
  • Your Ability to Make a Loan Payment

The value of your vehicle is determined by a few different characteristics, including the make and model of your car, its age, current mileage, and overall condition. But, you don’t need a specific make or model to qualify for a Memphis title loan. Whether you have a Chevrolet Malibu, Ford F-150, or another eligible vehicle, you can apply for a car title loan online or over the phone and get your funding in as little as 24 hours.3

In addition to reviewing the value of your car, a title lender will want to be able to verify that you have the means to repay your loan. As mentioned above, you will need to submit proof of income and other relevant paperwork during your Memphis title loan application. If you qualify for a title loan, you can access up to half or more of your vehicle’s value and use your loan proceeds however you see fit!

When you need funding to get back on your feet, look no further than auto title loans serviced by LoanMart! Eligible borrowers in Memphis can get up to $15,000 through a title loan.5