ALL >> Business >> View Article
Do I Qualify For Ohio Car Title Loans If I'm Unemployed?
Total Articles: 452
It may seem like a stretch qualifying for Ohio car title loans if you don't have any money coming in, but there's a growing number of consumers who are struggling to pay back payday loan and car title loan debt while being unemployed. Joblessness has been a huge concern for a number of years, and many lenders are quick to offer you a fast cash solution, but at what cost? If you're facing high interest rates and the expectation that the loan will be paid back within a month, this leaves you very little room to catch up or get ahead.
While the economy is slowly improving, unemployment rates are still high, including in Ohio. A huge percentage of Americans are still struggling to cover day-to-day expenses like housing, food, gasoline, utilities and more. Traditional lenders like a bank will require a credit check to get the money you need, and you will be disqualified if you don't have good credit. Traditional lenders also require steady monthly income and proof of employment to get you your money.
Can you even qualify for Cincinnati car title loans?
If you're unemployed and struggling to pay for the basic necessities, there's a good chance you can obtain Ohio car title loans. These loans are designed to be short-term and you will use your vehicle as collateral. The maximum amount you can borrow is based on the equity and value of your car, but you need to be very careful.
While you may still get approved for Cincinnati car title loans despite your unemployment, you're putting yourself in a dangerous position. With payday loans, most people can only borrow a few hundred dollars at a time, but many people who are unemployed will still be paying on a previous payday loan while getting a second or third. The same is true for car title loans in Ohio, except the loan amount will probably be much larger and therefore harder to pay off.
If you're considering turning to Ohio car title loans to help you through a phase of unemployment, tread carefully because you risk losing your primary means of transportation and a valuable asset. If you don't pay back the loan, the lender has the right to repossess your car and auction it off. Even if you can afford the monthly payments, you may be saddling yourself down with a short-term debt for a very long period of time, paying a great deal in interest along the way.
Many providers of Columbus car title loans are very understanding and work with borrowers to set up an affordable repayment plan during times of difficulty, but you need to make sure you can afford the monthly payment and have the means to pay off the loan quickly. Because title loans are usually for more money than payday loans, don't forget to borrow only what you can pay back. Don't be tempted into borrowing the maximum amount the lender will allow, but instead determine just how much you absolutely need to minimize interest charges.
This responsibility rests on you, so read all of the terms and conditions of any loan before you sign the paperwork and ask the lender about their policy to find out what you can do if you run into trouble later.
Business Articles1. How Ultratax In Cloud Offers Smart Taxation Solutions To Businesses?
Author: John Cox
2. Importance Of Electrical Surge Protection
3. Laparoscopic Gastric Bypass Part - Iii
Author: Unknown Member
4. Texas Property Tax Deadline Changes In 2018
Author: O'Connor & Associates
5. Take Your Business To New Heights
6. Physiotherapy Services In Mississauga
7. Bariatric Coordinator
Author: Gastric bypass California
8. Get The Best Digital Marketing Solutions
Author: makemy website
9. 4 Of The Most Familiar Roofing Services In Nyc You May Need From Time To Time
Author: Gabriel M
10. Avail Reliable Customs Broker Us Border To Ensure Smooth And Efficient Transit Of Import Goods
11. The Indian Wedding – A Day Of Joy And Celebration Like No Other
Author: Shabu Miah
12. Business Card Design Services In Hyderabad – Saga Bizsolutions
13. Online Course In E-commerce And Selling Online
Author: nicole ve
14. Financial Strategies In Restaurant Business Plan
15. Branded Watches For Men