Title Loans Troy
Troy residents looking for a small loan should know about title loans. This is a convenient type of loan that an individual can acquire even without employment or strong credit.
Title loans in the Midwest help thousands of consumers each year with pressing expenses. They serve as a financial lifeline to those who have nowhere else to turn to for a loan. A title loan is an alternative loan product that uses a borrower’s vehicle as collateral so that credit and employment status are less important.
Instruction for taking out title loans in Troy
There is a simple process to applying for and taking out auto title loans in OH with Midwest Title Lender. Before applying, prospective borrowers should thoroughly understand this process.
The first step is the application. We offer the convenience of an online application that can be quickly completed and submitted.
One of the most important things we need to know in the application is what type of vehicle the applicant has and how many miles the vehicle has on it. We also need to know some basic personal information about the borrower like his or her address.
Once we receive an application, we review it and send back a reply. If an applicant is approved for a loan, we need to get that applicant’s vehicle title before we can send out loan funds.
The final stage of the process is repayment, which takes place according to the loan agreement. Then, we send the vehicle title back to the borrower.
Laws and regulations to be aware of with title loans in Troy
Title loans in Troy and title loans in Dayton must adhere to certain regulations set forth by the state of Ohio. State regulations exist in all 50 states to protect consumers from predatory lending.
Midwest Title Lender wants to make sure that borrowers are aware of these regulations. There is a cap on how much a title loan can be offered for in the state of Ohio. A title loan cannot be offered for any more than $800. The lower the amount is, the more affordable it is to pay back and the less interest is charged on it throughout the life of the loan.
Key benefits afforded by title loans in Troy for customers
It is ideal in many situations to take out a title loan for multiple reasons. There are certain advantages to this type of loan product that aren’t really provided by other possible loan options.
The following are five big benefits of title loans that Troy consumers should be aware of:
- People can be approved regardless of credit- Perhaps the number one benefit is that anybody can be approved for a loan even if they’ve got a poor credit score.
- People can be approved regardless of employment- Unemployed people may not have regular paycheck, but they can still be approved for a title loan.
- People can quickly and conveniently acquire loan funds- As soon as we receive an applicant’s title, we can send loan funds to that applicant’s account.
- People can continue to use their vehicles- A vehicle can continue to be used for everyday transportation even while it is held as collateral on a loan.
- People know what to expect- Those who borrow title loans can get a good idea of what to expect before they even apply thanks to a title loan quote that tells them approximately how much they can borrow and how much interest they’ll need to pay.