The city of Memphis, Tennessee, is one of America’s must-visit destinations. For its musical history, this historical city is called Home of the Blues and the Birthplace of Rock n Roll. Sun Studio is a recording studio that is rich in talent. Numerous artists in the 1950’s launched their careers at the famous Sun Studio, such as Johnny Cash, Elvis Presley, BB King, and Jerry Lee Lewis, to name a few.

Beale Street is a famous street lined with restaurants and blues clubs that stretches 1.8 miles along the Mississippi River. This must-visit location is referenced in W.C. Handy’s song Beale Street Blues. Elvis Presley’s gorgeous home, Graceland, is located in downtown Memphis and can be toured.

Memphis is Tennessee’s most populous city, with 633,104 residents. Approximately 46.6% of Memphis residents own homes with a median value of $101,800. Homeowners with a mortgage generally pay about $1,191 monthly, while the average renter pays $901. Memphis residents make adequate income, as the median household income is $41,228.

Personal Loans in Memphis, TN

A personal loan is a popular loan option in Memphis, Tennessee. People who need fast emergency cash can apply online or in-person at a store location. Suppose you’re thinking about getting personal loans online in Memphis. In that case, you should first know why they are preferable to other loan options.

A personal loan can be personalized to fit the borrower. They are typically unsecured, meaning you don’t need to use collateral to secure quick money. There are secured personal loan options, but don’t think you have to use collateral. Secured loans are advertised as a fast loan choice for people that have a bad credit score, but there are bad credit personal loans you can qualify for!

Personal loans offer flexibility to individuals that do not have the best credit score or established credit history. These factors typically make people lean towards other fast cash options such as car title loans and payday loans. While convenient, these loan options can quickly trap people in a vicious cycle of debt.

A Memphis resident with a bad credit score can still potentially qualify for a personal installment loan. Suppose you have the ability to repay the loan on time. In that case, you could still get loan approval and affordable repayment terms. Personal loans stand as a great alternative to most loan options in Memphis, Tennessee.

Alternative Loan Options in Memphis, TN

These are some alternative loan options available to residents in Memphis. Learn a little about them and why personal loans may still be preferable if you need money in your bank account.

Pawn Shop Loans

Pawn shop loans are convenient for Memphis residents because there are plenty of locations in urban areas. You can use various items as collateral for funding, such as gold jewelry, kitchen appliances, instruments, and more.

The downside to Pawn shop loans is loan amounts are dependent on the value of the item you use as collateral. You may only get a small percentage of the resell value, typically 25% to 60%. If you need more than a few hundred dollars to pay bills, then you’re better off with another loan option. The interest rates vary but can be pretty excessive.

Car Title Loans

The convenience of car title loans is that most Memphis drivers have a car. By allowing a lien to be placed on the car title, a borrower can get a significant amount of money in their bank account. However, the interest rates can make repayment a struggle for many people.

If you fall behind on payments, your car could be repossessed and sold at auction! It may be better to consider other loan options if you only have one vehicle. The risk may not be worth the convenience of a car title loan.

Payday Loans

A payday loan is meant to help people in between paydays. Suppose you are faced with an unexpected financial emergency and can’t wait until payday. In that case, you may feel inclined to get a payday loan. But payday loans have excessive interest rates and short repayment periods of two weeks. These factors can quickly overwhelm borrowers who are already struggling to get their finances back in order.

Rollovers occur when a person cannot repay their loan within two weeks. The due date is extended, and borrowers are charged a rollover interest fee based on the total borrowed amount. Payday loans are considered predatory loans because the repayment expectations are set up to make paying off the loan extremely difficult.

Credit Cards

Most Memphis residents have credit cards. Using a credit card to cover hospital bills or veterinary bills can seem like a good idea. But borrowing money with credit cards is expensive due to the high-interest rates that financial institutions offer.

The credit line you are given is based on your credit history. Though you may get credit approval, you may not receive a substantial amount of credit to use. In addition, if you have been actively using your credit line, you may not have a lot of money available now to pay bills.

What Can I Use a Personal Loan for in Memphis, TN?

One of the key benefits of personal installment loans in Memphis is that they can be used for just about any expense. Some lenders limit what borrowers can do with their funding due to certain restrictions, but there is flexibility with personal loans.

Take a look at some financial emergencies you can cover with a personal installment loan:

  • Covering the cost of an emergency veterinary bill
  • Paying a mechanic for unexpected car repairs
  • Affording the high costs of medical supplies
  • Consolidating all of your monthly bills
  • Covering this months auto loan payment
  • Avoiding eviction due to late rent payments
  • And much more!

When you apply for personal loans in Memphis, don’t feel stressed about disclosing what you intend to use your funding for. Not everyone is comfortable disclosing their private financial struggles, and you shouldn’t have to justify your need for fast cash.

What Types of Personal Loans Are there in Memphis, TN?

Suppose you are considering applying for a personal loan in Memphis. In that case, you should know that there are various options to choose from. The type of personal loan you choose depends on your financial circumstances.

These are some personal loans available in Memphis:

Same Day Personal Installment Loans

A same-day personal loan is perfect for Memphis residents that need money as soon as they can get it. Even if you are financially responsible, you may be forced to come up with a significant amount of money in a hurry.

If your heater fails during the winter, you may need to quickly pay a heater repair technician. Depending on the part that needs replacement, the repair can cost thousands of dollars. A same-day personal installment loan could help you get money in as little as 24 hours.

Bad Credit Personal Installment Loans

A bad credit personal installment loan is designed for people that struggle to qualify for an unsecured loan. Bad credit is not always an indication of a bad borrower. Life is unpredictable, and you may be forced to juggle more bills than you can reasonably pay on time. With a bad credit personal installment loan, you could qualify to get financial protection despite a low FICO score.

Cash Advance Personal Installment Loans

Cash is king, and you may find yourself in need of it at a moment’s notice. If you ever received money from the ATM, you may have used the cash advance feature of your credit cards. A cash advance personal installment loan offers eligible borrowers fast cash that is conveniently sent to their bank account. Best of all, the interest rates are typically much lower than credit cards. If you want money in your bank account, apply for a cash advance personal installment loan.

No Credit Check Personal Installment Loans

Credit checks can deter people with bad credit from getting the money they need. But there are loan options available for people who want to avoid further damaging effects as a result of a credit inquiry. No credit check personal installment loans come will all the perks without the credit check.

Benefits of Getting a Personal Loan in Memphis, TN

There are numerous advantages to getting a personal loan in Memphis. The versatility of a personal installment loan may be enough to convince you that this loan option is superior, but take a look at the additional benefits below:

Competitive Interest Rates

When deciding on a loan, it’s essential to consider the interest rates. Even if you need money now and are stressed out about a financial predicament, don’t settle for fast cash options with high-interest rates. Luckily, you receive competitive interest rates with personal loans.

No Spending Restrictions

There are no spending restrictions with personal loans. Feel free to use the money however you deem necessary. For example, you could use half of your approved loan amount on house repairs and the other half on credit card debt consolidation.

Simple Qualification

The two main qualifying factors with a personal loan include credit score and income. Don’t feel defeated if you have low credit or even no credit. Many lenders look down on individuals who have a low FICO score. But some lenders understand how easy it is to lose control of your finances. Rest easy knowing that you may still be eligible for a personal installment loan online with bad credit.

Fixed Payments

There are loan options that offer variable interest rate loans. This may seem convenient because lenders say rates can drop incredibly low. But the issue is that interest rates are unpredictable, and you could end up with monthly payments that you simply can’t afford.

With personal installment loans in Memphis, your monthly loan amounts are fixed! You don’t have to stress about your monthly budget since you know exactly how much you are expected to pay each month.

Quick Loan Approval

Traditional bank loans can take days to approve someone for a loan. And even fast cash loan options can waste your time by making you visit a store location and then wait in line. With online personal installment loans, you can start and finish the approval process right from your home office. If you want convenience, there’s no better financing option.

Flexible Repayment Terms

Most loan options in Memphis have a set repayment length. While this can work out in your favor, personalization is preferable. Personal installment loans give eligible borrowers the possibility of a short or long repayment length. The average repayment length is twelve months, but you could talk to an agent about your preferred financial needs.

Collateral Optional

If you have low credit, you may find it challenging to qualify for unsecured loans. Using an asset as collateral lowers the lending risk, and you may get approved for funding. But what if you’re not comfortable risking the loss of your car or another valuable item? Luckily, you could qualify for unsecured loans with personal installment loans and avoid using collateral.

Work with CreditNinja for Personal Loans in Memphis, TN

There are different easy-to-borrow money in Memphis, but working with CreditNinja could help you get the money you need through direct deposit in no time. CreditNinja has helped nearly 200,000 people get the cash they need despite low credit or unestablished credit history.

If you need money as soon as you can get it in Memphis, there is no better option. Eligible borrowers could get affordability and convenience instead of having to choose between the two. This new way to borrow money is the first step toward regaining control of your finances. And once you get your finances back on track, you can start building a savings fund for future financial emergencies.

  • A complete online process for convenience
  • Competitive interest rates
  • Money in as little as 24 hours
  • Flexible qualification requirements
  • Apply at any time online

What our borrowers are saying

  1. Memphis Census
  2. Memphis, Tennessee History
  3. Disadvantages of Pawn Shop Loans

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.