Title Loans Green
A major problem that those with low credit scores have to deal with is difficulty acquiring loans when needed. Historically, there have been few options available for consumers with low credit when the need for a short term loan comes up.
However, there is a great solution to financial problems for these people. A title loan is an alternative lending product for which a borrower’s vehicle is used as collateral. As such, the credit score of the borrower becomes less important in the eyes of the lender.
Understanding the title loans Green application process
The loan products offered by Midwest Title Lender require that the borrower go through a simple process. The first step of this process is to apply for a loan. As with any type of loan, with title loans in Ohio there is an application that needs to be filled out. At Midwest Title Lender, this application can conveniently be filled out online.
The application requires applicants to disclose basic information about their vehicles. This information is important because it helps us determine how much we are able to lend. The amount of a title loan depends in part on the value of the vehicle used as collateral. We need to know the make, model, and mileage of the vehicle to arrive upon an accurate estimated value of the vehicle.
We quickly respond to applications submitted to us. If we can provide a loan to an applicant, we’ll quickly send that applicant a detailed loan offer. The next step is for the applicant to agree to the loan and submit his or her vehicle title.
We’ll then disburse the loan money and expect payments on the loan to begin. The last step is for the borrower to pay back the loan and get back the title.
The state laws that dictate the terms of title loans Green
State laws put certain limits on title loans Green. Each state has its own laws that dictate some of the terms on title loans in the Midwest. Understanding these laws and why they are in place is important when it comes to borrowing.
Title loans in Akron and throughout Ohio are limited in terms of how much interest can be charged on them. A lender in Ohio is not allowed to charge an interest rate of any more than 28 percent. Title loans in the state are also limited in terms of what their maximum amount can be. Title loans are kept small at a maximum amount of $800 to help borrowers to stay in control of their finances.
Major benefits title loans Green offer to Ohio residents
A borrower should explore some of the benefits that title loans offer before deciding whether or not this type of financial product is right for them. The following are the major benefits:
- Ease of applying- There is so much convenience to the title loan process. Applicants can even get an estimate for title loan before applying so that they know how much they will probably be able to borrow beforehand.
- Ability to be approved- So many people are eligible for approval for a title loan. Basically, the only thing an applicant needs to qualify is a vehicle with a high enough value.
- Continued use of vehicle Often, those exploring title loans make the assumption that they won’t be able to keep using their vehicles while their vehicles are being held as collateral. But this is not the case. Borrowers can continue to use their vehicles throughout the entire loan term.