Title Loans in Forest Park, OH
It’s not easy these days to get approved for a traditional loan. Fortunately for many consumers, the title loan industry has sprung up around the country to offer financing to those who are unable to be approved for a traditional loan. The title loan industry doesn’t rely on credit score or employment status so much in determining loan eligibility as it relies on a borrower’s vehicle.
Things to be aware of regarding the Forest Park title loans process
If you’re interested in this type of loan, the first thing you need to know is how it works. In some ways, title loans in Forest Park are similar to traditional loans. For example, with this type of loan you’ll need to fill out an application. However, one advantage is that the application is fairly simple in comparison to the application for a lot of different types of traditional loans.
The prospective borrower begins by submitting an application online that details his or her identification information and vehicle information. Information regarding the vehicle is important because the lender needs to be able to evaluate the vehicle being held as collateral. Details that are necessary on the application include the vehicle make and model. Also, the prospective borrower will also need to describe the overall condition of the vehicle and how many miles are on it.
Once the application is complete, the borrower submit it and waits for it to be evaluated. If loan approval is possible, the lender will send back a loan offer that the borrower can accept or reject. Anyone taking out a loan against car title needs to understand that they’ll have to send in their actual title, but they can continue to use their vehicle throughout the life of the loan. The title will be returned once the loan is paid off.
Ohio regulations and title loans in Forest Park
Each state makes its rules independently regarding title loans. Title loans Cincinnati OH must follow these regulations. One regulation placed on loans in the state is the regulation that loan amounts cannot exceed $800. The low loan amount keeps the cost of the loan low and make it easier for borrower to budget for it.
Another Ohio regulation when it comes to title loans in Forest Park is that loans cannot have a loan life of more than six months. In other words, these loans must be paid back in six months.
A last Ohio regulation is that the interest rate on these loans cannot exceed 28 percent.
Unique benefits offered by this type of loan
- It doesn’t require employment- For a traditional loan, a lender will be unlikely to work with a prospective borrower if he or she is not employed. Borrowers don’t have to be employed to be approved for title loans.
- It doesn’t require the borrower to give up use of his or her vehicle- Although the vehicle is technically held as collateral on the loan, the borrower continues to use it like normal throughout the life of the loan.
- It doesn’t require a high credit score- Perhaps the biggest reason to choose a title loan is because there are no strict credit history requirements. Those with poor or no credit can be approved.
- It is affordable- Loan amounts are kept low so that interest charges are limited and loans are not too expensive.
- It is fast and convenient- The entire process is fast and flexible. Prospective borrowers can conveniently apply online and receive a quick response.