How Ohio Car Title Loans Work

By Author: Stam Bett
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When you need money today, not tomorrow, a traditional loan from your bank is simply out of the question, even if you have the credit to qualify. A regular loan could take two or three weeks to process and you need cash today to cover important expenses. If your credit is less-than-stellar, you may feel like you have no option at all when you're facing an emergency.

Whether you have bad credit and nowhere to turn or you have great credit but you can't wait for a traditional loan, one of your best options is a title loan. Ohio car title loans are available to you regardless of your credit history and give you money in as little as one hour based on the value of your car. Here's how they work in Ohio.

How Ohio Car Title Loans Work
Car title loans are basically secured loans and the amount you receive is based on your car's value. These loans are available same-day and they have very lenient requirements. If you're interested in car title loans, Ohio law requires that you're at least 18. Lenders usually require that you have steady income of at least $800, which may be from a job, retirement income or unemployment ...
... income, and you must own your vehicle completely or have only a few payments left.

This last requirement is very important because Cincinnati car title loans are based on your vehicle's equity, which you don't have if you have a loan outstanding. If you have only a few payments remaining, you can still qualify for a title loan and the amount you receive will be used to pay off your loan, allowing you to pocket the rest.

Unlike pawn shop loans, you still keep your car while you pay off your title loan and the title itself is returned to you once the loan is paid back. The amount you receive is based on your car's value so you could receive anywhere from $600 to over $15,000 in cash in as little as one hour.

The money you receive from a title loan can be used for anything, unlike many loan options, so you may choose to buy groceries, make important repairs on your car or home, pay unexpected medical bills or pay the utilities or rent.

Unlike many states in the U.S., Cincinnati car title loans don't have a cap on the amount you can borrow so you can get a loan for nearly the full equity in your car in some situations.

What You Need
When you apply for a title loan, whether you do it online or in person, the lender will usually require some basic documentation to get you approved. You'll need to show some junk mail or a bill that has your name and address to show residency, identification, proof of income that shows you can afford the payments and, in some cases, personal references. If you plan to borrow a great deal of money, some lenders may also require extra documents.

The one thing you don't need? Good credit. Columbus car title loans are available to anyone who owns their vehicle, regardless of past credit problems. Even if traditional lenders turn you away, a title loan lender will still let you borrow money because they understand that everyone goes through rough times but still need a place to turn for emergency cash. Remember: these loans are based completely on your car's value so even a bankruptcy won't disqualify you.

Is a Title Loan Right for Me?
If you need money right away and you can't wait, or you have bad credit and few options left to you, Columbus car title loans can be a lifesaver. Title loans can save you from making a late payment on your mortgage, rent or credit card, prevent your utilities from being disconnected and give you money in your pocket for the important things in life.

Title loans have very few requirements to meet and you can apply quickly online and meet your lender to get your cash in under an hour. There is no faster or easier way to get a loan, no matter what you're going through.

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