Title Loans Elyria, Ohio
You might know by now that there is a right way and a wrong way to do car title loans in Ohio. When they are done right, though, title loans can be a lifeline when you just don’t have cash. These short term loans are perfect for helping you make it to your next paycheck when things get tight, whether that is because of unforeseen financial circumstances or life simply getting a little overwhelming.
Title loans won’t work the same way long term loans work, but they provide critical cash when times are tough. Every day, Ohio borrowers use title loans to pay down unexpected bills, help cover educational expenses, help cover home repairs, or simply to help them get by when there is a short term shortage of cash.
The way car title loans in Ohio work is by using a vehicle’s title as collateral for the loan amount borrowed. After the approval process, the title gets sent to the lender for the duration of the loan. Once everything is repaid, the title comes right back to you. Loans generally have a lifetime of sixty days or less, and cash can often be in your account in as little as 24 hours after application.
Title Loan News in Northern Ohio
Cleveland 19 News takes a look at auto title loans, from the history of the industry to how car title loans work in Ohio today. Find out more about what a title loan is and what title lenders can and cannot do in Ohio.
Title lending is a growing industry in Ohio. Check out how lenders are working with state and federal regulations to bring money to Ohio residents looking for short-term loans, and find out more about what abilities and limits the industry has in Ohio.
Understanding the terms and risks that come with car title loan in Ohio can make all the difference in your borrowing experience. Read about what title loans really mean and hear the stories of other borrowers and their title and payday loans.
Regulation and Reporting Title Loans
Under Ohio state law, the title loans Elyria lenders service must meet certain standards. These include:
- Registration with the State of Ohio
- A cap of 28 percent annual interest
- And compliance with state short term loan regulation
If you find yourself dealing with a lender that does not meet these standards, you should immediately file a report with local law enforcement and may also want to inform the Consumer Financial Protection Bureau or otherwise seek legal counsel.
Chief of Police in Elyria: Duane Whitely
Non-Emergency Phone Number for the Elyria Police Department: (440) 323-3302
Of course, to help you find a responsible, compliant lender to work with from the beginning, you can always give our office a call. Our team is on the line to answer any questions you may have title loan regulation in Ohio and to help get you the title loans Elyria borrowers trust.
Repossession in Ohio
Along with understanding title loan regulations in Ohio, borrowers should know some specifics about repossession law. It is rare that a borrower is not able to work with their lender to repay their loan. If you find yourself unable to make payments, contact your lender right away. If you ever become concerned about repossession, the State of Ohio stipulates the following:
- Companies cannot breach the peace during the repossession process
- A creditor does not have to tell you when a car may be repossessed
- A creditor does not have to take a borrower to court to begin the repossession process