123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL » Business >> View Article

Why Military Members And Their Families Are Ineligible For Ohio Car Title Loans

By Expert Author: Stam Bett

If you live in the Columbus or Cincinnati area and find yourself having trouble making ends meet this month and no other way to borrow the money you need, you may have already thought about applying for Cincinnati car title loans. These short-term loans are easy to qualify for with no credit check and provide the money necessary to pay bills, fix a car and handle an emergency.

While most people qualify for Ohio car title loans, provided they are over 18 and own their own car with a clean title, not everyone qualifies. There are many reasons you may be denied for Columbus car title loans, but one of the biggest reasons is federal legislation that prevents active duty military members as well as their dependents from taking out a car title loan.

The Military Lending Act of 2007, which is a provision of the National Defense Authorization Act of 2006, made a number of changes to lending practices for U.S. military members. After a Department of Defense report found that 17% of military personnel used payday loans, this legislation required the annual interest rate for military borrowers to be capped at 36%. It also prohibits lenders from securing a loan with a personal check, debit authorization, wage allotment or a title to a car.

This law prohibits the use of a vehicle's title as security for any loan made to service members or their families, and it also prohibits lenders from renewing, refinancing or rolling over credit by using the proceeds of another credit granted by the same lender. What this means is Ohio car title loans are now inaccessible to military members and military families.

Unfortunately, it's not always possible to save up the money you need for an emergency, and friends and family may not always be able to loan you the money you need. Cincinnati car title loans have always been an excellent way to get the cash you need to cover you until next payday, but one of the first questions car title lenders now ask is, "Are you an active member of the military or are you dependent on someone in the military?" If you answer yes, you will probably be denied for a title loan in Ohio and anywhere else.

While this law certainly has great intentions by limiting predatory lending to members of the military, it also puts military families in a tough situation. Bad credit makes it nearly impossible to turn to a loan through any other means, although this law still allows predatory lending. Lenders are still passing through the cracks, overcharging military members with payday loans that have just a slightly different structure but the same high rates.

The truth is, Ohio car title loans have a bad reputation that is undeserved. Many have interest rates below that of a credit card, and they serve an important service, allowing families to avoid late fees on their mortgage or credit cards, pay off debt, put food on the table for their children, avoid disconnected utilities and get their car fixed so they can get to work.

For more information on Car Title Loans Ohio and Ohio Car Title Loans . Visit Today - Allamericancartitleloan.com

Total Views : 49Word Count Appx. : 537See All articles From Author

Business Articles

1. Communicate Anywhere And With Anyone Using A Best Satellite Phone
Author: Tim Austin

2. The Importance Of Safety Handrails
Author: Duraslide Pte Ltd

3. Air Conditioning Repair Los Angeles – Basic Points To Focus On
Author: coryfrank

4. A Regular Eye Exam Is The Key To A Healthy Eyes
Author: Cory Frank

5. Finding A Suitable Moving Company For Your Move
Author: Cory Frank

6. The Wl-250 Tower
Author: Leslie WaterWorks® offers the largest array of bottleless purification and filtration water coolers

7. Properties In Noida
Author: Sanjay Sirohi

8. Find Bgc Condo For Sale With Ease Through This Tips
Author: rokyfernandis12

9. Find Condo For Sale The Easier Way
Author: rokyfernandis12

10. Things To Bear In Mind While Searching For Condo For Sale Fort Bonifacio
Author: rokyfernandis12

11. Fort Bonifacio Condo For Sale At Budget Friendly Rate
Author: rokyfernandis12

12. The Benefits Of Using Iridium Satellite Phones During Emergencies
Author: Tom Austin

13. Find Right Condo For Sale Fort Bonifacio With Ease With This Guide
Author: rokyfernandis12

14. How To Make Life Easier With Edinburgh Taxi Tours
Author: Gordon Gill

15. Signage Melbourne, Australia Offers Affordable Services To Promote Your Brand Through Signage Advert
Author: jackricklomas

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: