Title Loans Solon
We all run into some financial troubles at some point in our lives. It’s important to have a backup plan that you can resort to when you’re in need of financial assistance.
Unfortunately for those with poor credit, getting a loan is almost impossible unless you’re an employed applicant with a decent credit score. A title loan offers a viable alternative to the unemployed and those who have had some credit problems in the past.
Basic procedure of title loans Solon
It’s easy to take out Midwest title loans. The procedure is straightforward and doesn’t take a whole lot of time. To get started, prospective borrowers simply need to submit a Midwest Title Lender application. This can be done online.
In our application, we have to ask every applicant what type of vehicle they have. We need some basic information about the vehicle like its make and model. We also will have to ask how many miles are on the vehicle as well to get an idea of its condition.
We look over applications and respond quickly. If we can offer a loan, we send back a loan agreement with details about how much can be borrowed and when the borrowed amount will need to be paid back.
The following step would be for the applicant to agree to the loan and send in the loan agreement with a vehicle title. Next, the loan funds will be sent to the borrower and the loan will be paid back.
Title loans Solon: State regulations to be familiar with
In Ohio, there are some important state laws applicable to title loans to be aware of. These laws dictate how much title loans can be made for and how much interest can be charged on them.
For title loans in Cleveland and anywhere in the state of Ohio, a title loan cannot exceed $800 in amount. These title loans are meant to be kept low because consumers are better able to afford payments on a smaller loan.
The other state regulations is that the interest rate in Ohio on a loan cannot exceed 28 percent. This is a relatively low-interest rate for a title loan.
The many ways consumers stand to benefit from title loans Solon
There are so many different ways consumers can benefit from title loans in OH that it’s impossible to mention them all here. However, the following are perhaps the most important ways consumers stand to benefit from title loans Solon:
- Consumers don’t need to have great credit to be approved- Midwest Title Lender doesn’t require approved loan applicants to have very high credit scores. In fact, an applicant can be approved even if he or she has a very low credit score. With a title loan, we’re concentrating more on the value of the vehicle held as collateral than we are to the borrower’s credit history.
- Consumers can continue to use their vehicles-
- Consumers can quickly apply and get a response- On our website, those who are interested in borrowing can get a quote for title loan. This is convenient and allows prospective applicants to see what they’re getting into. In fact, the whole title loan process is set up with convenience and transparency in mind.
- Consumers can easily pay back loans- State laws in Ohio keep title loan amounts low. This in turn makes the overall interest charge on a loan low. Title loans are affordable and easy to budget for.