Title Loans Marion
We are currently not accepting applications in Ohio.
A title loan is a convenient financial product that makes it possible for consumers to be approved for financing regardless of credit. With this type of loan, a borrower’s vehicle is held as collateral. Because there is valuable collateral on the loan in question, borrowers and lenders don’t need to worry about credit score.
Every year, auto title loans in Ohio provide a brilliant financial solution to many consumers.
What consumers need to do to be approved for title loans Marion
Getting a title loan is easy. The first step is to fill out an online application. Our Midwest Title Lender application requires applicants to tell us a bit about their vehicles. We need to evaluate any vehicle held as collateral to determine how much we can lend. We need to know the vehicle’s make, model, and mileage.
We evaluate and respond to all applications we get in. If we offer a loan, we send back details on the loan including the amount, interest rate, and repayment details.
Then, the applicant can decide whether to proceed with the loan or not. If the consumer wishes to take out the offered loan, he or she needs to send in the title before we can disburse funds.
The last step in the process is for the loan to be paid back.
The way state law in Ohio impacts title loans Marion
Midwest title loans are impacted by individual state laws. In the state of Ohio, the amount of title loans Marion can not exceed $800. It’s also important to factor in to any title loan calculator in the state the fact that there is a maximum interest rate of 28 percent on title loans in the state.
The longest possible loan term for title loans in Ohio is six months.
Why consumers in Ohio should consider title loans Marion
There are numerous benefits to this unique type of lending. A consumer needs to know about these different benefits to take full advantage of the product.
Below is a list of five of the major benefits of title loans in Columbus and throughout the state of Ohio:
- Just about anyone can be approved regardless of credit- Although a low credit score causes many consumers a lot of headaches, a title loan is the solution that can help them avoid the problems. Title loans don’t rely on credit scores, but rather on a vehicle that’s held as collateral.
- An unemployed applicant can be approved- Being employed is usually an important part of being approved for credit. However, title loans are different. Even an unemployed individual can be approved provided that he or she has a vehicle.
- A borrower continues to be able to use the vehicle- Many people must have a vehicle available to them all the time to keep up with professional or personal responsibilities.
- Fortunately, a vehicle used in a title loan can continue to be used by the borrower even while it is being held as collateral.
- The application process is fast- Traditional loans can be time consuming. The many conveniences of title loans from Midwest Title Lender make for a quick application process. This way, borrowers can have the money they need quickly.
- The loan is affordable- The amount of a title loan is usually small, and this means that even loans with relatively high interest rates will still be affordable. A title loan can conveniently be budgeted for and paid off quickly.