Car Title Loans Cuyahoga Falls, Ohio
Sometimes, a situation comes in your life when you are in dire need of money to cope with the suddenly arisen expenses. In such case, title loans in Cuyahoga Falls are a good option to turn your car into fast cash as using this quick fix for your financial dent you can efficiently and comfortably handle all your unplanned and unexpected financial expenses like paying medical bills, house renovation or other unforeseen expenses. Auto title lenders in Cuyahoga Falls, Ohio are willing to help you get the money you need to deal with cash emergency.
There are numerous licensed auto title lenders in the city who offer title loan at competitive interest rates to enable the customers to take out the loan and repay it effortlessly. Like many other cities in Ohio, an auto title loan has also been gaining unprecedented popularity in Cuyahoga Falls, Ohio, since 2008 following the government's attempt to prohibit payday loans by making the Short-Term Lender Act that imposed 28% cap on the APR on paycheck.
What is an Auto Title Loan?
An auto title loan in Ohio can also be called as collateral loan as the loan is given on the basis of equity of a borrower's vehicle, irrespective of its creditworthiness. It is a short-term loan which is secured with the title of a borrower's vehicle. To get a car-title loan, it is necessary to own a car outright. The title lender puts a lien on the title and keeps the hard copy of the car title as a security against the loan. Once the loan is repaid, the lien is removed and the title is returned to its owner.
How to Apply for a Title Loan in Cuyahoga Falls, OH
- Contact the licensed auto title lender in your neighbourhood over phone or apply for online auto title loan.
- A rep from the selected company would get back to you to confirm your information. You can also clarify your doubts related to auto title loan deal at that time.
- When you reach at a title lending office with your car, an associate will inspect the car to determine the cash amount you can avail and verify all the documents.
- An agreement would be signed between both the parties (borrows and lenders) after the verification.
- It takes just 20 to 30 minutes to handover the cash to you.
Documents Required for Verification:
- Age proof document to show that borrower is minimum 18 years old
- Proof of monthly income
- Lien free vehicle title
- Residential proof
- Photo ID Proof
Title Loan Law in Ohio
- As per Ohio law for title loan, the auto title lenders in the state must operate their lending business through a credit service organization (CSO), which acts as a middleman between the lender and a borrower.
- Ohio's Short-Term Lender Act caps the interest rates on short-term loans at 28%.
Regulations to Protect Consumer's Interest
The Ohio Attorney General has enforced over 25 consumer protection laws to protect consumers' interest which include:
- Short-Term Lender Law - Restricts auto title loan to 28% annual percentage rate, bans unfair debt collection and requires online lenders to have Ohio location.
- Title Insurance Act - Restricts title insurance agents from pressuring or misleading consumers regarding loans of seventy-five thousand dollars or less.
At the same time, the state also pursues the following consumer protection law:
- Fair Debt Collection Practices Act
- Consumer Product Safety Act
- Truth in Lending Act
- Anti-Spam Act
In case of any illegal activities from the title lender, one can also register his/her complaint to the police station in Cuyahoga Falls, Ohio.
- Cuyahoga Falls, OH 44221, United States
- Phone:+1 330-928-2181
So, don’t get nervous during your financial crisis, just rush to the licensed auto title loans in Cuyahoga Falls with all the necessary documents and get instant money against your car, no matter how bad you have been in your past credit history.