Title Loans Alliance
A traditional loan is not the only option out there for those who are in need of some funds to hold them over for a short period of time. There are alternative lending products like title loans in OH that are also great resources for individuals who would like to acquire a small loan.
The big benefit of title loans is that they don’t have strict credit requirements. A title loan describes a loan for which a vehicle is held as collateral. Because there is collateral and the loan is secured, there is not so much stress placed on the applicant’s credit history.
Things you should know about the title loans Alliance process
To take out title loans in Canton from Midwest Title Lender, the first thing you need to do is send in an application. You can do this easily over the Internet.
We need to know what type of car you drive before we can determine whether or not you are eligible for one of our Midwest Title Lender title loans. The details we need regarding your car include its milage and its make and model. With this basic data, we’ll get a good idea of how much your vehicle is worth.
We get back quickly with an answer for every application. We can usually offer a loan on applications as long as the applicant is the owner of a qualifying vehicle.
When we offer a loan, we send details to the applicant that he or she can review and accept if desired. If the applicant wishes to follow through with our loan offer, he or she can send in a loan agreement and furnish us the vehicle title. Only then are we able to give the borrower the loan money.
The last step in the process is for the borrower to pay back the loan and get the vehicle title back. We’re eager to answer any questions you may have regarding this process, so feel free to contact us.
How the laws in Ohio impact title loans Alliance
Midwest title loans are subject to a variety of state laws. States regulate the title loan industry in many states to protect consumers and ensure the integrity of title loan products.
In Ohio, there are limitations on the dollar amount of title loans and the interest rates that can be charged on title loans.
Title loans Alliance are limited in terms of amount at $800. Also, title loans throughout the state are limited in terms of interest rate at 28 percent.
How title loans Alliance can benefit you
Regardless of your financial situation, you are likely to be able to take advantage of title loans for your benefit. The major benefits of this unique financial product include the following:
- The simplicity- Simplicity is a major goal of the title loan industry. These flexible loans can be had after applicants use a title loan calculator that can actually tell them what to expect before they even apply.
- The credit issue- Of course, for many consumers the credit issue will be the biggest concern. Many borrowers who take out a title loan do so because they need a loan but cannot be approved for a traditional loan because of credit issues. Those who apply for title loans don’t really need to worry about the credit issue.
- The employment issue- Unemployed individuals can and often have been approved for title loans.
- The vehicle issue- A borrower continues to use his or her vehicle while it is held as collateral.