Title Loans Lorain
Title Loans Lorain: All You Need to Know about Auto Title Loans
Title loans in Cleveland and throughout the surrounding areas are becoming increasingly popular because they allow people to get cash in their hands fast. All you need to be eligible is be at least 18 years old and have a car, truck or another vehicle that you own outright. Practically any vehicle has enough value, so even salvages are an option. Better yet, you’re only putting up the title as collateral, which means that you keep the vehicle to get to work, run errands and so forth.
Bank loans are an alternative to title loans in Lorain. A common challenge with bank loans is that they’re unsecured rather than secured. That’s why First Federal Savings of Lorain wants to ensure you are employed, have the necessary income and have a high enough credit score. Even if you meet this criteria, you may face other challenges. Bank loans can take 24 to 48 hours or longer to process. Title loans can often be for as little as $100, but Lorain National Bank, for instance, usually doesn’t deal in loans less than $5,000. Another issue is early repayment. This is an option with title loans. Banks like FirstMerit, however, usually have a minimum term of 180 days or more and early repayment penalties.
Title Loans Lorain: Applying for and Securing an Auto Title Loan Online
When shopping for title loans in the Midwest, you have a lot of local options but online options too. In fact, Midwest Title Lender is a leading lender of auto title loans online. The entire process usually takes less than 15 minutes, and many people can get the loan money transferred to their bank accounts without ever leaving their homes. To get started, you will need some basic information, such as:
- A full name and zip code
- The vehicle year
- The make, model and style
- Estimated mileage or an odometer reading
- A cell number and/or email address
Once you’ve submitted that information via a short form, the website will provide an estimate for a title loan in just seconds. This quote gives you an idea of the maximum amount you can borrow. You could borrow less as well. If choose to continue, a loan representative will then contact you via telephone or email. He or she will answer any questions you may have about title loans in Lorain and, when you’re ready to proceed, guide you through the process of finalizing the loan.
Ohio Legal Regulations Governing Auto Title Loans
All title loans in Ohio are governed by a series of laws and regulations that protect consumer interests. The state requires that all small loan lenders be licensed, and that gives you confidence that when you take out title loans in Lorain that your lender is regulated and monitored. The state doesn’t enforce a minimum but does cap these loans at $800. The state also doesn’t enforce a minimum term, so one-day loans are an options. It does enforce a maximum term of six months as well as limit the total cost of a loan to 28 percent of the borrowed amount.
The Advantages of Choosing an Auto Title Loan
When it comes to title loans in Lorain, you have options, but title loans are generally cheaper than payday loans and more convenient than bank loans. A lender doesn’t need to know your credit, which means it doesn’t matter if you have no credit, bad credit or a bankruptcy on your record. Since the loan is secured, your employment status and income are also irrelevant.