Personal loans Tennessee is one of the most popular types of loans to individuals. It implies the issuance of money at interest for personal needs (repairs, vacations, shopping, etc.).
Personal loans Memphis TN are divided mainly according to the methods of issuing. The main types of loans are:
- to a bank card;
- in cash;
- to an e-wallet or mobile phone.
Otherwise, the terms in most companies are approximately the same:
- review of the application in 5-10 minutes;
- transfer of funds within 24 business days;
- up to 30 days.
You can also highlight the following first Tennessee personal loans:
- offline loans, which can only be issued at the payday office;
- online loans taken out remotely.
The latter are issued without the need to visit a department of the company. Issuance is carried out around the clock.
Pros of personal loans
Personal loans also have many positive properties:
- Instant registration and processing of the application. On average 5-10 minutes. Funds are transferred within 24 business hours.
- Sending an application online and around the clock. When depositing money to a card or e-wallet, a personal visit to the office is not required.
- Minimum of documents. Most MFIs only need an ID.
- No proof of income source.
- Lots of convenient repayment options.
Bank loans vs payday loans
Personal loans and banks ones have a lot of positive and negative sides. Despite some similarities, the two types of lending have specific features. It is unambiguous to say that it cannot be better, since much depends on the characteristics of a particular situation and the goal pursued by the borrower.
Personal loans in TN are better suited if a small amount is urgently needed. MFIs often run promotions, bonuses. But it is not recommended to take large loans because of too high interest rates. Expect the payment to be comfortable to repay.
Bank loans require more time and other options, but there is an opportunity to get a larger amount to make a large purchase. If you’re lucky, you can get minimal interest or even an interest-free installment plan.
How to qualify for a personal loan in Tennessee?
- Be at least 18 years old;
- Be a U.S. citizen;
- Be employed and have a reliable source of income;
- Have a checking account;
- Have a valid email address and phone number.
How to get an online loan?
- Submit an online application by filling out a simple form on the website in 5-10 minutes.
- A couple of minutes after submitting the application, an email will be sent to your specified in the application with a preliminary decision.
- To get a final decision, a minimum package of documents will be required, which can be submitted to the office or attached remotely in a mobile application.
- After receiving the final decision, extra funds can be credited to your account without going to the office through your personal account on the Internet or mobile bank.
To repay the loan, pay the required amount of the monthly payment to your bank card or personal account. At the same time, you no longer need to remember which card to use for the loan. If, on the date of debiting, there is not enough amount on the account to repay the loan, the lender will automatically debit the account where the funds will be in order to avoid delays.
There are other ways to repay a personal loan:
- online resources (mobile application or Internet banking, card-to-card transfer service);
- service account + third-party services;
- online terminals.
So, sometimes the purchase of a thing or service on credit is fraught with negative consequences. But what if the purchase is really necessary? Some trading companies, especially small ones, are willing to provide customers with an interest-free payment plan.
If the store you are interested in does not engage in this practice, try to find the same product elsewhere.
Unfortunately, it is not always possible to find options for buying goods in installments, but do not despair, there are other alternatives to a loan. Among them there are:
loan at a pawnshop secured by some thing;
long-term loan from an employer.
The latter option has a significant advantage – the management of the company will not lay off the debtor employee, as it is interested in the earliest possible return of the money.
How to get a Tennessee personal loan correctly?
Personal loans are in stable demand, because many Americans cannot immediately pay for an expensive item or service. Thanks to banks, shoppers don’t have to save for months on a new TV or kitchen set, but sometimes credit can be a heavy burden.
Assess your career prospects
If you have the slightest doubt about the reliability of the employer, you should postpone the execution of the loan agreement. Loss of permanent income in itself brings serious financial difficulties, and together with debt on a loan can make life unbearable.
Assessing an employer’s financial position is not always easy, but there are a few things you can do. Chat with colleagues and read company news. In the latter case, any source of information will do, including print publications and news sites.
Assess your health state
Banks oblige borrowers to insure life and health in case of disability or death. However, such insurance does not cover illnesses that occurred before the loan was received. In case of an exacerbation of a chronic disease, the insurance company will not pay compensation.
But is it worth giving up a loan because of illness? A serious illness means a decrease in permanent income and significant spending on medical treatment. Check with your doctor in advance about the prospects of treatment.
Take a loan only for yourself
Positive credit history and official income are the main factors in issuing a personal loan. This fact becomes the main argument in an attempt to convince a person to take out a loan for a friend. But who can guarantee that a friend or even a relative will not later refuse to pay the loan back?
Use the right to choose
Some retailers only work with one bank, which makes it impossible for the buyer to choose the best loan program. In fact, the borrower agrees to the terms of the loan not because of the good loan terms, but because of the quality of the purchased product.
In such circumstances, do not rush to buy a product or service on credit. Find out the terms of a similar loan in two or three banks. If they turn out to be more profitable than in the partner bank of the store, it is wiser to get a personal loan from a third-party credit institution and pay for the goods in cash.