Title Loans Cleveland
Your generosity is legendary. When people around you are suffering, you save the day. When your friend’s child was sick, you paid for the medicine because they didn’t have the money. Last time your co-worker ran short of cash, you gave her money for gas. Seems like whenever someone needs money, they know you are the one to come to for help. At least, they used to come to you. Now, you’re suffering just like everyone else, and you need help. Your money situation is dire. There is no more money to give to those in need, and you’re wondering who will save you from a financial nightmare. If your friends and family aren’t able to offer help, there is an alternative. Midwest Title Lender offers short-term loans to people just like you. Title loans in Cleveland are a quick, easy and convenient solution to cash woes of all kinds.
Title Loans Cleveland Explained
The name title loan explains exactly what it is; an exchange of a vehicle title for a cash loan. A consumer simply applies for title loans in Cleveland, they pledge their vehicle as loan collateral, and the lender gives them loan money. Vehicles aren’t actually traded for the money. They are the collateral, but it is the title to the vehicle that the lender keeps. When the borrower pays off the loan, the lender returns the title.
Before a borrower gets title loans in Cleveland, or even applies for one, they should make sure they qualify. Legally, all applicants need to be at least 18 years old. To get the loan, they need an income. Lenders need to know that you can afford to pay the money back, so the applicant needs a paying job or have money coming from another source, such as social security, a pension, disability benefits or alimony. Vehicle options include cars, motorcycles, trucks, SUVs and other types. Applicants must own the vehicle they use as collateral. The vehicle must be lien-free and paid off, and the registration must have the applicant’s name as the owner.
Application Procedure for Title Loans Cleveland
Midwest Title Lender wants to get money to those who need it as quickly as possible, which is why the entire loan proceeding is streamlined for efficiency. For online applications, you just need to click through the options, which includes a list of vehicles, their makes and models. You will need to let us know the miles on your car, so make sure you check the odometer, and write down the number before you start the application. Also type in your name and contact information, and submit the application. You will quickly receive a loan quote, and then you will get a call from a Midwest Title lender representative.
If you want to crunch the numbers yourself before taking a loan, you can use the handy title loan calculator. Just plug in the loan amount, the interest rate and how long you have to repay the loan. The calculator gives you a payment quote, and you get to decide if it’s worth it before you commit to a loan and sign an agreement.
During a brief phone chat, the loan rep can answer any questions you have about the loan or the loan process. You will discuss a repayment plan, and set up one that works for your budget. It’s important to Midwest Title Lender that payments not be so large that clients have trouble making the notes. One of main topics you and the loan associate will discuss is your vehicle. With the make, model and year, we make a loan estimate, but to finalize the number, we need to know the condition of your vehicle and its exact value. The value needs to match the loan offer, so if we need to make adjustment, we do it after talking about the vehicle. There may be a short vehicle inspection. Your loan process is complete when you sign the loan agreement, and exchange your vehicle title for cash.
Ohio Legal Information
Maximum loan amounts in Ohio are $5,000, and maximum loan terms are six months. Interest rates vary, but they may not exceed 28 percent. Ohio’s Division of Financial Institutions regulates the lending industry and requires title lenders to give borrowers 10 days notice if their vehicle is to be sold to satisfy a delinquent account.
You can apply online from anywhere. If you want to do it at home while you’re still in your pajamas, that’s just as good as if you walked into a loan office wearing your Sunday best.
From the time you start the application to the time you get the money, it is a very fast process. Unless something interferes with you completing the process at one time, you should be finished in a matter of hours. Most applicants get the money the same day they apply for title loans in Cleveland.
No credit check
This is the best news of all for everyone who has bad credit. After repeated rejections at traditional lending institutions, they have the opportunity to be approved without worrying about past mistakes keep them from getting the cash they need.
Terms are short for Midwest title loans because they are a temporary fix for a short-term problem. But, lenders know that some folks need a little more time. So, we help out when we can. Anytime a borrower lets us know it’s a challenge to pay off title loans in the prescribed time frame, we renew or restructure them so it works out for the client and for us.
Better than the bank
Traditional lenders have a much more complicated process for approving loans. Title lenders have you complete a short application, have a brief conversation and maybe get a vehicle inspection before getting the cash, and this is usually complete in a day or less. Bankers, on the other hand, have longer applications, have multiple discussions about the loan, including why you want the money and how you plan to spend it, and they ask for personal documents, such as bank statements. They are trying to figure out if they can trust you with their money. Part of their process includes a credit check. By the time they finish their loan process, several weeks have passed. When you need money now, that long process may hurt more than it helps.
Better than a pawn shop
Pawn shops offer a good service, but not if you need a large amount of money. Just imagine how many items you would have to pawn to get the money you need. Plus, you have to leave all those things with the pawn shop. So, if you pawn your big screen TV, you’ll get a small amount of money, but you won’t have a television to watch until you get it out of hock. With title loans, you get the money, and you get to keep your car.
Better than your friends and family
Your loved ones are great, but what if they can’t help you financially? Then, you need a different option, which is where title loans in Cleveland fit. On the other hand, what if your loved ones are able to help you financially? Then, they will know your business. If you’re concerned about keeping your financial affairs private, title loans are a discreet and confidential source of funding.
Interest rates for auto title loans in Ohio are usually lower than other small-dollar funding, such as cash advance loans.