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It's unfortunate that a lot of consumers out there who could really use a loan don't know about title loans. This is a special type of loan product that makes it easier for individuals with poor credit to be approved.
Do you own a car or truck? Vehicle owners should be especially interested in title loan financing. When you take out a title loan, you use your vehicle ownership as collateral so that you can take out a loan regardless of your credit or employment status.
The first step in the title loan process is always filling out the application. The application lets us get to know you and determine your appropriateness for one of our loan products.
The most important thing we need to know that you'll enter on your application is the details about your vehicle. It's important to remember that your vehicle is collateral on the loan, so its value is a very important consideration. We use information like your vehicle's make, model, and milage to determine how much we can lend you.
Once you submit the application information, we review it and get back with an answer quickly. If we offer a loan, we'll let you know all the details on the particular loan we can provide to you. We'll tell you what the amount is, what the interest rate is, and how repayment will work.
Then, you can decide to finalize the deal and send us your vehicle title if you so desire. We'll next send you the loan money and you'll begin making regular payments to pay back the loan.
Just about every state has some laws that are specific to title loans. Ohio law puts some restrictions on title loan lenders in the state that ensure that Ohio borrowers always get a fair deal.
Goshen Title loans are limited in their amount and in their interest rate by state law. It's not permitted for a title loan lender to offer a title loan for more than 0. Also, it's not permitted for a title loan lender to charge an interest rate of any more than 28 percent. One further limit placed on title loans in the state is that their term cannot exceed six months in length.
There isn't just one benefit to convenient title loans Cincinnati. In fact, there are so many benefits that it's hard to list them all here. The following are just five of the major benefits offered by this unique alternative loan product: