Title Loans in Canton, OH
Title loans can do what few other loans can. Designed specifically to meet short term borrowers’ needs, title loans can put money in your pocket in as little as 24 hours. All it takes to get going is a clean car title with no liens against it, and a couple of minutes online or on the phone.
Title loans don’t work the same way as most other loans you may have dealt with. They are designed to be short term, easy to get, and easy to manage. Title loans are amazingly simple because all they require is a clear car title to help secure your loan.
This title acts as collateral for the loan, letting the lender know borrowers have something invested in the repayment process, as well. Borrowers keep the actual car when they get the loan. It’s just the title that goes to the lender as collateral for the amount being borrowed. The borrower has the duration of the loan to pay everything back and once the loan has been repaid along with any interest or fees, the title goes straight back to the borrower.
Since the value of the loan is right there in the title, lenders don’t have to worry as much about personal financial history. This means that there isn’t a lengthy application process, and title loans are open to people with all kinds of credit scores. In fact, depending upon your specific loan you could have money in hand in under 24 hours.
How To Get A Canton Title Loan
If you think a car title loan is right for you, it helps to know a little bit about what you should and what you cannot get from these loans. Lenders and the State of Ohio have together worked out policies that are meant to help keep borrowers safe and in charge while they get their loan, and knowing your rights as a borrower can make the whole process much easier.
In Ohio, many lenders operate under the Credit Services Organization Act, which requires all lenders are registered and bonded prior to offering their services. Checking on a lender’s registration is a good first step to ensure you are working with a lender that has your best interest at heart.
It’s also important to know that the Act gives borrowers a three day right to cancel their contracts with any organization, so if your circumstances change and you no longer need the title loan, there is an option to leave the contract.
Beyond that, transparency in lending is critical when you are making sure you’re getting a trustworthy loan. All lenders should provide borrowers with loan agreements that include:
- How long the loan will last
- How much will be borrowed
- What interest rate will be charged
- Any fees that may be assessed
Any borrower that is not willing to be open about their terms and rate structure from the beginning does not have a borrower’s best interest at heart. If you believe you have worked with a lender who has abused your rights as a borrower, report them immediately to the Consumer Financial Protection Bureau, as well as the Canton Police Department.
To better understand state regulation when it comes to title loans, or to find a trustworthy loan for yourself, all you have do is give our office a call. Our team has years of experience working with Ohio lenders, so we know what a good loan should look like and we know what lenders offer the best ones. We will take the time you need to make sure you feel comfortable in your decision to get an auto title loan, and we’ll match you with a lender custom selected to meet your unique needs as a borrower. One quick call is all it takes.