Tennessee has a lot to offer residents from mountains to nightlife, food, and endless entertainment. Community and connection are important in The Volunteer State.1 Knowing that you can count on your neighbors is a benefit of living in a thriving community, and easymoney has made it a goal since opening our doors to always be a helpful neighbor to our customers. Personal loans are not the financial solution for long term financial struggles, but these loans can be helpful for qualified borrowers when facing a situation that requires quick access to cash. Before applying for a loan, it’s important to understand the options available to you at Tennessee easymoney stores, how those loans work, and best practices for responsible borrowing.
easymoney Loans in Tennessee
When you understand your options, it’s easier to make a decision that will work for your circumstances and help you get back on track. Taking out a loan to help with a financial situation that requires quick attention can feel stressful. Your neighborhood easymoney store is teamed with knowledgeable associates who are able to help you make an informed decision, apply easily, and help you get back to your day-to-day routine quickly. Payday Loans, Title Loans, and Line of Credit options are not always the solution for every situation, and our team will always encourage you to make sure you assess every avenue available prior to deciding. Once you’ve decided that a loan from easymoney is the right move for your current situation, we offer our Tennessee neighbors three loan types that work quite differently. Let’s dive into the details.
Line of Credit
A Line of Credit offers borrowers the ability to choose the amount of the funds they draw from an approved borrowing limit. This means the borrower can access the approved funds all at once or a little at a time up to their credit limit over a designated amount of time called the draw period. Interest accrues2 based on the amount borrowed vs the total borrowing or credit limit, and payments can be made over time according to the lending agreement. Choosing a Line of Credit may be an option worth considering, particularly if you are facing ongoing expenses such as a maintenance project and are unsure of the total amount needed. In Tennessee, Line of Credit borrowers at easymoney can access up to $4,000, apply today.
Payday Loans
States establish the amount3 that can be borrowed via Payday Loan. Tennessee Payday Loans are available at easymoney where up to $425 can be borrowed by approved applicants. The easymoney Payday Loan requirements are fairly simple and similar to the requirements for our other loan types. Make sure you have the following with you to make the application process move as quickly as possible:
- An Active Bank Account
- Government-Issued Photo-ID
- Proof of Income
- Most Recent Bank Statement
- Checking Account + Bank Routing Number
- Social Security Number/ITIN
There is no penalty for paying your loan back early, and borrowers are encouraged to assess their ability to fit repayment into their upcoming budget prior to applying.
Secured Line of Credit-Title Loans
In order to apply for an easymoney Title Loan, as with many Title Loan lenders in Tennessee, you will need the title to your vehicle4 which should be clear of any liens. In Tennessee, borrowers who are approved for a Title Loan at easymoney may be able to access up to $4,000. Our knowledgeable team members at your neighborhood easymoney store will do all they can to make the application and lending process easy. Title Loans are not for everyone, and it is very important that you assess your ability to repay the loan prior to applying or accepting a loan once approved. Paying off a Title Loan early will not cause you to incur any penalties, and borrowers are encouraged to pay their loans back as quickly as possible.
Borrowing Responsibly
Our team’s dedication to responsible lending practices is what makes easymoney a smart option for a Tennessee loan. Likewise, we encourage all potential applicants to consider what makes a responsible borrower. It’s important to always assess your need for a loan prior to applying. Using loans to meet unavoidable financial obligations could make sense when there is no opportunity to utilize existing funds, credit, or borrowing power from friends and family. Start by assessing your need for a loan, and if a loan makes sense for your situation further assess your ability to repay. Creating a budget that includes your planned loan repayment is a great way to ensure you’re ready when it is time to make your payment. Planning for responsible borrowing success makes the process of utilizing and repaying a loan much easier.
Sources
1Kiffel-Alcheh, Jamie Tennessee Retrieved from: https://kids.nationalgeographic.com/geography/states/article/tennessee
2Annie Millerbernd and Ronita Choudhuri-Wade (2023, Apr 19). What Is a Line of Credit? Retrieved from: https://www.nerdwallet.com/article/loans/personal-loans/personal-line-credit
3Consumer Financial Protection Bureau (2022, Jan 17). What is a payday loan? Retrieved from: https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/
4Consumer.gov Car Title Loans Retrieved from: https://consumer.gov/credit-loans-debt/car-title-loans#what-to-do
Jessica is hyper-focused on making information about the Personal Loans offered by easymoney including Payday Loans, Installment Loans, Line of Credit, and Title Loans accessible and easy to understand. Learning the basics about finances shouldn’t be complicated after all! The key to responsible borrowing is understanding the loans you’re considering, and it’s Jessica’s mission to help anyone considering a loan make an informed decision. Jessica is passionate about sharing easy-to-follow Budgeting Tips and helping readers increase their financial literacy in the Financial Corner of the blog. You’ll find great budgeting tips, Simplified Savings tips, and information that will help you improve your financial wellness sprinkled throughout each of her blogs.
