Title Loans Lebanon
Every consumer out there needs to be aware of title loans Lebanon and how they work. We all face some financial hurdles now and then for which a small amount of money can help us find a solution. Unfortunately, some of us have credit histories that make it hard to get the loan we need when we need it.
A title loan is a loan that relies more on collateral than on credit history. Those who seek approval merely need to own a vehicle. With auto title loans in Ohio, a vehicle title is held as collateral on a small loan.
An easy application process for title loans Lebanon
We have by now achieved an extremely convenient application process at Midwest Title Lender that our clients benefit from and with which our clients are typically very satisfied.
The first step is to fill out our application and submit it. This application includes data about the prospective borrower’s car. We need to know what type of car the applicant has. We also need to know how many miles the applicant has put on his or her vehicle.
Once we know these basic details about the applicant and his or her vehicle, we evaluate the application and send out a response.
If we offer a loan and the applicant agrees to the terms, the next step is for us to get the title and send out the funds. Then, the last step in the process is for the borrower to begin making payments, eventually paying off the loan in full and getting his or her vehicle title back.
State regulations having to do with title loans Lebanon
Midwest title loans must comply with certain state laws. In Ohio, title loans in Cincinnati must adhere to some legal requirements in terms of how much they are offered for and how much the interest charges on them can be.
Ohio law stipulates that title loans cannot be offered for any more than $800. The amount is kept low so that borrowers are better able to handle payments and budget for the loan amount.
The other stipulation set by Ohio is that loans cannot have an interest rate of more than 28 percent. This limit the interest charges that are permissible on a particular title loan in the state.
Obvious benefits of title loans Lebanon
In order to benefit to the greatest extent possible from this fabulous alternative loan product, it’s important to understand what the most obvious benefits are. The following are just five readily apparent benefits of the title loan product offered by Midwest Title Lender:
- There is the possibility of being approved with poor credit- An applicant for a title loan doesn’t need to have a high credit score to be approved.
- Anybody can be approved, even the unemployed- A regular paycheck is a must in the eyes of most traditional lenders, but not for title loan lenders.
- Applying is so easy- The entire title loan process is saturated in simplicity. Not only is the application itself simple and convenient, but there are also many other features like a title loan calculator that makes it easy to get some details on an available loan before one even applies.
- Paying off the loan is generally easy- Title loans are small so that they can be repaid right away.
- There is no need to surrender the actual vehicle- Borrowers continue to use their vehicle even while it is being held as collateral on the loan funds they are using.