Title Loans Lancaster, Ohio
There is a near endless source of quick cash promises out there, and when you need cash fast knowing which one to turn to can be difficult. The short answer is to look no further than a car title loan. Why? Simply put, because title loans are different.
When you get an auto title loan, you aren’t just getting money for nothing or with major string attached. Instead, you are getting a real, legal collateral loan that uses your car’s title to secure the amount you borrow. The car itself stays with you, but your lender hangs onto the title while you repay your loan. Once you have repaid plus interest, your title comes right back to you.
The paperwork acts as security for the amount you borrow, so that you can get a real loan without having to go through a lengthy application process. Instead, with a title loan you can get your terms set up in just a few minutes, have the title loan quote offered immediately upon applying, and have your loan money in your account in as little as a few hours. Most borrowers get between a few hundred and a few thousand, and have up to a few months to pay everything back. All you need is a clear car title with no liens against it to get going.
The Ohio Title Loan Basics
Getting a title loan is easy, but it is still important to understand what you are getting and what you will be responsible for. A good title lender will actively work with their borrowers as well as other industry professionals and the state to create practices and policies that help protect borrowers, and it is always a good idea to make sure you are working with this kind of safe, proactive lender.
One easy check is to see if your lender is properly registered with the State of Ohio before you borrow. Only registered lenders can legally offer title loans in Ohio, and only these lenders can be actively monitored by the state to make sure that they are acting in the best interest of their borrowers. Do not trust an unlicensed or unregistered lender with your personal or vehicle information.
Just as important, have a look at the loan you are getting to make sure that it fits your needs. Before you sign up for a loan, you should receive a written loan agreement that details all the terms of your borrowing. Look carefully at this agreement. If a loan seems like it will be more than you can manage, find a different loan. To help let you know what will be expected of you as a borrower, pay attention to a few key figures, such as:
- How much you will be borrowing
- What interest rate will be charged to your loan
- What other fees you will be expected to pay
- How long you will have to pay in full
All of this information should be available for your review before you borrow. If you find a lender who is not willing to provide this information upfront, or if you feel a lender has abused your rights as a borrower in any way, report them directly to the Consumer Financial Protection Bureau.
If you ever want assistance evaluating a loan agreement, or if you want help finding a loan that you know you can trust, all you have to do is give our office a call. Our team will work with you to find you a loan that you will love, and make sure you understand every word of it before you borrow. All you have to do is pick up the phone.