Title loans in Parma, OH
When the House of Ohio and Senate legalized auto title loans in the state, it was never thought that taking out fast cash would be as hassle-free as it is today. Thanks to the lenders of title loans in Parma, OH who make it possible and help the cash-strapped people get quick cash when they need it urgently. Specifically designed for the financially-straits and bad credit people in Parma, OH with flexible payment options, the title loan works as the best mode to deal with unplanned and unexpected expenses. It is truly like a godsend for the people who have to face a lot of problems due to the financial crisis.
Whether you need cash to pay off your pending bills, kids’ tuition fees, medical emergency fees, or want to cover any other suddenly arisen expenses, securing title loans has today become the first and foremost choice of financially-tight residents in Parma, OH. But nothing comes free in life! Hence, in order to take advantage of this quick source of money, you must own a vehicle with no pending dues. Besides, you should also know the title loan process, which is too easy to believe.
What is Auto Title Loan?
An auto title loan or car title loan is a type of secured loan that a borrower can obtain by keeping the title of his/her vehicle as collateral. This loan is made available only to the person who owns a lien-free vehicle without any pending payments. Since the nature of this loan is short term, so duration to repay it is between 15 to 30 days.
How Does Title Loan Work?
Securing title loans in Parma, OH is very simple as compared to the other traditional loan process. It is just a game of few minutes. It is just like answering a few questions. Merely following below five steps are enough to get you title loans!
- Fill out the loan application with all your required and relevant information
- Submit documents such as ID proof, proof of your income, car title (free of any liens).
- Receive a free quote for your vehicle after it has been evaluated by title loan experts
- Sign the contract after agreeing to the terms and conditions of the lender
- And now obtain fast cash!
Title Loan Laws In Parma, Ohio
The Truth in Lending Act: Introduced by the Federal Reserve back in 2000, this Act legally binds all lenders in Parma, Ohio to disclose all the details related to title loans before the contract is signed. This helps borrowers to make an informed decision without being manipulated.
CSO License: To operate legally in the state of Ohio, every title lender is required to procure a CSO license under Ohio’s Credit Service Organization Act. Around 1,400 licensees are currently operating under the Ohio Mortgage Loan Act.
Section 1321.39, Loan Requirements: As per this section, the title loan contract must include a provision allowing a borrower to choose the option of extending the payment plan. The borrower can avail of this choice by amending the original loan agreement. However, no additional costs must be charged for this purpose.