Title Loans in Fairfield, OH
We all find ourselves in financial emergencies at one point in life. These emergencies may include medical bills due to sudden illnesses, car repair and water damage restoration. The way we deal with these problems differs. Others opt for financial assistance from family and friends while others resort to their backup savings accounts.
Unfortunately, some people may lack a backup saving account or a friend who can loan them the amount they need. A title loan takes care of this special group of people.
How Fairfield Title Loans Work
A title loan is a form of short-term credit where the borrower provides one or two of his assets as collateral. The asset can be a vehicle, motorcycle, electronics or any other valuable property. The most common type of title loan in Fairfield is a car title loan. In a car title loan, the borrower offers the title of his vehicle as collateral. The lender keeps the title until the borrower repays the amount in full.
In case the borrower fails to repay the loan as agreed, the lender reserves the right to repossess the vehicle and use it recover the amount borrowed. The amount the lender can loan out does not exceed 25 percent of the total value of the vehicle provided as collateral. The repayment period ranges between one and 30 days.
How to Apply for a Car Title Loan
You can either walk to the lending company’s premises or apply via their online portal. Online application saves a lot of time and is very convenient. When applying online, you will be asked to provide the details of the car as well as your personal information. The details of the car may include the year of manufacture, registration number and mileage.
Your personal information my include your full names, contacts and home address. Once you complete the application form, you will be provided with a car loan estimate. The company will then send one of their agents to your place to evaluate the car at your convenience.
Legal Regulations Governing Title Loans in Fairfield
The rules and regulations governing title loans in Fairfield are made by the State of Ohio. These regulations also guide those who apply for car title loans in Cincinnati. According to the rules, no lending company is allowed to repossess the borrower’s vehicle without a fully signed document indicating the borrower’s consent to such actions. Every lending company must not charge interests exceeding 30 percent of the principal amount.
All lenders must openly communicate any relevant information to the borrowers to help them make informed decisions when applying for title loans. Those who apply for title loans must be residents of Ohio and have a valid driver’s license and proof of income.
Benefits of Auto Title Loans in Fairfield
The increasing popularity of title loans in Fairfield is due to the fact that you can get quick cash to take care of emergencies. No any other form of credit has such a quick turnaround. As long as you are willing to sign over the title of your car as collateral and promise to repay the loan as agreed, expect to get your cash within a few hours after applying. Title loans do not require any credit history.
You can get the loan even with a bad credit report. Another advantage is that there is title loan no insurance. This means there is no extra expenses related to loan insurance coverage. The lending company does not gain full possession of the vehicle once you sign over its title. You can still use the vehicle they way you want.