Title Loans North Olmsted, Ohio
Title loans in Cleveland and throughout Ohio are an effective way to manage your finances when you need money that very day. Let’s consider what title loans are and how they work for you.
Title Loans North Olmsted: The Specifics of Car and Truck Title Loans
A title loan is a secured, short-term personal loan. In Ohio, short-term means 31 days or less. These personal loans don’t have to be assigned to any particular purpose, such as FirstMerit Bank on Lorain Road may require. Secured loans are backed by collateral, which in this case is the physical title for your car or truck. There are also flexible repayment options when it comes to these loans, and you can get a short term that most banks would never consider.
Title loans in North Olmsted play an important role in daily finances in the area. Financial institutions like Fifth Third Bank and Third Federal Savings & Loan focus on personal loans with high amount and term minimums, such as $5,000 and six months. Banks also require extended application processes. Title loans, on the other hand, have just a short application process and finalize, on average, in just 15 minutes according to industry statistics.
Title Loans North Olmsted: Securing Your Loan Online
Starting the loan process with Loan Cheetah is easy, but you’ll need a few things first:
- Name and zip code
- Phone number and/or email address
- Make, model and year of the vehicle
- Any Style identifiers, such as a trim name
- Estimated mileage
Go to the Loan Cheetah homepage. Notice the big green box labeled “Get Cash!” Using the dropdown boxes, enter the year, make, model, style and estimated mileage of your vehicle. The form should automatically transition to the next screen, but if not, click the blue button labeled “Next.” On the next form, provide your full name, phone number, email address and zip code. Be sure to indicate that you’ve read the Terms and Conditions, and then click the blue “Submit” button to continue.
Loan Cheetah will present you with a title pawn estimate in seconds. This gives you an idea of how much money you can borrow. You’ll also be contacted by a local loan representative. He or she can discuss the estimate, your options and details such as how getting a car title loan no income loan works.
Ohio Legal Regulations for Title Loans
Title loans are a kind of short-term loan, and Ohio has laws and regulations in place to ensure that lenders don’t exploit borrowers. For starters, anyone who deals in title loans in Ohio must be registered with the state and meet certain obligations. Consumers cannot finalize title loans online and there are limits to how often a lender can lend to you. There are also caps in place, including a $500 maximum per loan, a term limit of 31 days and a cap of an annual percentage rate of 28 on interest.
Advantages of an Automotive Title Loan
- No credit checks
- Low loan amounts
- Flexible repayment options
Car and truck title loans are easy and straightforward, and you keep your vehicle throughout the loan period. Most loans process within 15 minutes, and you may get yours in as little as a few. Since there are no credit checks, title loans are preferred collateral loans with bad credit or no credit history at all. Most lenders will let you borrow as little as $100 or even less, and you can often borrow for a term of just seven days.