Do you need some emergency funding in Tennessee to get you through a hard time? A title loan in Germantown could be the right move to get you the money you need quickly. But if you don’t have impeccable credit history, you may be wondering if it’s possible to get a title loan in Germantown, Tennessee if you have bankruptcy in your past. This is a fair question and one that needs asking.
Title loans marketed by LoanMart have high approval rates and could help those with past bankruptcy in Tennessee1. This article will explain exactly how that is possible by first explaining what bankruptcy is and how title loans serviced by LoanMart could still give you the best funding experience possible.
What Exactly is Bankruptcy?
Bankruptcy is often misunderstood. It’s not quite as scary as it’s made out to be. Basically, it is a federal legal process in which an individual or a company applies for a fresh start when their debt amount has become unmanageable. The two most common types of bankruptcy filing include Chapter 7 and Chapter 13.
- Chapter 7 Liquidation
This is the most common type of bankruptcy filed in our country. It is meant for individuals who can’t afford to pay back any of their debt or use the payment plan provided in Chapter 13 bankruptcy. You must qualify for Chapter 7 through a calculation called the Means Test. Once you file for Chapter 7, all your debts are liquidated except a few standard exceptions.
- Chapter 13 Bankruptcy
This is the second most common type of bankruptcy filed in our country. Chapter 13 sets people up with a payment plan to repay at least a small portion of the debt they have over a timeline of about three to five years.
Qualification for a Car Title Loan in Tennessee Despite Past Bankruptcy
While it is true that bankruptcy can temporarily wipe out your credit report and badly affect your score, it doesn’t have to ruin your chances of being approved for a car title loan.
What makes title loans so special? Car title loans are a kind of secured loan. They are secured because they use the title of your vehicle as collateral for the amount of money you borrow. When a loan is secured, the borrower’s credit doesn’t matter nearly as much as it would for an unsecured loan. Instead of just basing eligibility on your credit, car title loan options generally use the equity of your car and your ability to repay the loan as the main qualifying factors.
The qualification process for a car title loan is pretty straightforward in Tennessee.
After completing the initial inquiry with title loans serviced by LoanMart, potential borrowers will be asked to provide some basic documents, such as:
- Government-issued photo identification
- Current proof of residence
- Current proof of income
- Qualifying car title in your name
- Pictures of your car
Benefits of Title Loans Serviced by LoanMart in Germantown, Tennessee
When you choose title loans serviced by LoanMart in Germantown, Tennessee for emergency funds, not only may you be able to get the funds you need despite bankruptcy in your past, but you may also receive these awesome benefits:
- Affordable Monthly Payments
Title loans serviced by LoanMart work hard to make loans as budget-friendly as possible. This means keeping monthly installment payments as affordable as possible.
- A Flexible Timeline
So many other car title loan options make borrowers pay off their loans in under a year. This can make the monthly payments super high and cause a crazy amount of added financial pressure on the borrower. Title loans serviced by LoanMart make it possible to get years for repayment!
- Qualify Online
The qualification process can be done completely online. If you choose, you never have to leave the comfort of your home. If it’s inconvenient for you, then you can do every single step online!
Title loans serviced by LoanMart are all about convenience as the top priority. You may be able to get your emergency money as fast as the very next business day in Tennessee after approval1. Plus you can choose how you receive your approved funding. You could either get it through direct deposit, wire transfer, through the mail, or in person at a MoneyGram location near you in Germantown, Tennessee!