Title Loans Delaware
Title loans are helpful for those who do not qualify for traditional loans or do not have the time to wait for processing. Midwest Title Lender makes it easy for the average car owner to obtain the funds he or she needs quickly and with minimal complications.
Introduction to Title Loans Delaware
Those who are in need of money and don’t qualify for traditional loans will find title loans quite beneficial. Unlike traditional loans, the money is usually available overnight and doesn’t rely on the information on a person’s credit report. There are only three requirements to qualify for title loans in OH:
- Must be at least 18 years old
- Car title must be free of encumbrances
- Borrower must have a regular verifiable source of income
Title loans are usually short-term loans of 30 days or fewer, but there are some lenders who offer loans of longer duration and others who will allow the borrower to renew the loan. The term of title loans in the Midwest is contingent upon the individual lender while the amount of the loan is contingent upon the value of the collateral vehicle and individual lender policies.
Applying for Title Loans Delaware
The process of applying for a title loan through Midwest Title Lender is a simple process that requires only the most basic information that includes:
- Year and make of the collateral vehicle
- Name, zip code and telephone number
- Amount and regular source of income
- Clear title to the collateral vehicle
Once the borrower completes the online application, he will receive a title loan quote. The amount of money the borrower will actually receive depends upon the value of the vehicle as per the Kelly Blue Book or NADA value. Most lenders also assign a certain percentage to the value–it is unusual for a borrower to borrow the entire value of the vehicle.
Legal Regulations for Title Loans in Ohio
While general regulations in Ohio forbid lenders to accept car titles for short-term loans, they use other methods to accommodate the needs of borrowers. While regulations on short-term loans have a 28 percent cap, title loans Delaware and title loans in Columbus tend to be slightly higher. They legally operate as a third party lender that helps borrowers obtain a title loan when they don’t qualify for traditional financing. The minimum amount of these loans is $1,500. It is quite common for title lenders in the state of Ohio to operate as third party lenders in order to operate legally.
Benefits of Title Loans
There are many benefits borrowers can derive from title loans Delaware that include but are not necessarily limited to the following:
- No credit report
- Employment unnecessary although a regular source of income is required
- Competitive interest rates
- Minimal personal information required
For many people traditional loans are the best way to obtain funding but not everyone qualifies for these “cream of the crop” loans. Those who do not qualify but have clear title to their vehicle have the option of applying for a title loan. The fact no credit report is necessary makes these loans quite attractive for those with less than stellar credit or those who need money in a hurry. In addition, many traditional lenders require employment or another more substantial form of income which usually eliminates sources such as welfare and unemployment that often have the reputation of being short-term sources of income.