Title Loans Springfield, Ohio
Loans can be difficult to navigate, but when you need cash quick a title loan can actually help relieve some short-term financial stress. Title loans are a form of personal loans that use your car’s title as collateral for the money you borrow. Subsequently, as soon as your lender has the title information, they can get loan money to you. Often, borrowers have their cash in as little as 24 hours.
The loans are short, often lasting 60 days or less, and once they have been repaid with all interest and fees, the title comes right back to the car’s owner without any hassle. The purpose of a title loan isn’t the same as a long-term loan. Car title collateral loans are meant to get borrowers quick cash on a short-term basis. If, for example, you have medical expenses come up but no room in the budget to cover them, a title loan can get you the cash you need to pay the bills now and you can pay the loan off next paycheck.
Of course when it comes to title loans, Springfield borrowers don’t just use them to cover medical bills. They can be used to cover regular bills, education expenses, home repair, or anything else that you need. That’s the advantage of car title loans.
Understanding Title Loans, Ohio Lenders, and Regulation
In the State of Ohio, title loans fall under the Small Loan Act and are covered by Chapter 1321 of the state financial code. Under the terms of this act, lenders have to follow certain regulations, including:
- Loans capped at $500
- Loan lifetime must be at least 31 days
- Interest rates are capped at 28% annually
- There is a restricted number of loans borrowers can take out in a year
A title lender may also be registered with the state as a credit service organization, in which case the title loans Springfield lenders provide must loans complaint with the Ohio Credit Services Organization Act.
Title loans are a legal type of loan and secure, responsible lenders will be compliant with the regulations set down by the state. If a lender is not compliant with these regulations, they are not a true lender and they should not be dealt with. If you feel a lender is not operating properly or is abusing your rights as a borrower, contact the Consumer Financial Protection Bureau immediately.
You may also want to file a report with local law enforcement:
- Chief of Police for Springfield: Stephen Moody
- Non-Emergency Phone Number for the Springfield Police Department: (937) 324-8947
If you have any questions about title lending regulations in Ohio, give our office a call. Our team knows title loans in Ohio inside and out and can answer as many questions as you need to feel secure in your loan and your rights as a borrower. We can also help you find the title loans Springfield borrower trust most in a matter of minutes. We can even get you a title loan estimate so that you know what you can expect from a loan before you ever sign anything.
Repossession Regulations In Ohio
Title loans are a great way to get cash when you need it quick, but as with all loans there are repercussions if you fail to pay off the balance of your loan or make proper arrangements with your lenders. In the case of car title loans, Ohio lenders can repossess a vehicle for an unpaid loan.
To understand more about Springfield repossession, contact a local company: