Get A Title Loan In Cleveland OH
We hear from applicants in Cleveland who've always struggled to get a loan from their bank or credit union. Many of these companies require a credit score of 700 or higher for approval, and the loan amounts are often less than $1,000.
One option to consider for anyone who needs cash in 24 hours is using a paid-off vehicle as collateral. With a car title loan, you can borrow $1,000 to $20,000, and there's probably not going to be a credit check.
Highway Title Loans offers car title loans in Cleveland for anyone with a lien-free vehicle, and all types of year 2013 and newer cars, motorcycles, and SUVs can qualify as security for a loan. Continue reading to learn more about what's required and the repayment terms to expect with a title loan.
Requirements For A Title Loans In Cleveland, Ohio
To get an online title loan in Cleveland, you must show proof that you own a vehicle titled and registered in your name with the State of Ohio. There can be no liens on the vehicle, and your lender will typically want visual proof that the car exists and is in good running condition. You will also need a valid driver's license and proof of insurance that pays out to the lender if the vehicle is ever stolen or destroyed in an accident. Other requirements for a title loan include showing proof of income from full time employment, a part time job, social security income, or other disability benefits.
While most car title loans can be underwritten entirely online, there's a good chance your lender will ask to inspect the vehicle in person at a location in Cleveland. The inspection takes about 15 minutes, and the lender checks the car for mechanical issues, records the VIN and odometer readings, and looks for any other interior and exterior damage. Do you not have the time to bring the vehicle to an inspection station in Cuyahoga Valley or Old Brooklyn? That may not be a problem as some companies can inspect the car at your home or place of business!
What To Know About Cleveland Car Title Loans
Car title loans can be a great way to get cash when you can't get approved with a traditional lender, they also come with risks . The biggest drawback of title loans is that your vehicle can be repossessed and sold at auction if you fall one or two months behind on the payments. You often 60 days until the vehicle is sold at auction, but at that point most customers can't pay the fees and past due payments to get their vehicle back.
Another drawback with title loans in Cleveland is the sky-high interest rates. The APR for a car title loan in Ohio is often over 60%, and some companies have rates exceeding 100% every month. These rates come with the territory for high-risk loans that don't require good credit. However, they make it challenging to repay the loan quickly if you can't afford to pay more than the monthly payment.
Understanding these concerns before applying is essential, as the interest charges and risk of repossession always make it risky to use a vehicle as collateral for a loan. There are state limits regarding the rates a lender can charge in Cleveland, Columbus, or Akron, but the APR will often be above 40% for an Ohio title loan.
One last thing to consider with a title loan is that you can always apply to refinance the loan at a later date. That means that even if you get stuck with a high interest rate on your loan, you can wait a few months and shop around for a lower interest rate from another title loan company in Cleveland. Also, don't hesitate to ask your lender if they will reduce the APR after a few on time consecutive payments.
Same Day Title Loans In Cleveland With Bad Credit
Title loan companies in Cleveland offer same day funding, and most customers applying for an online title loan have bad credit or no credit history. These secured loans come with high interest rates and lenders assume you've already been rejected for a personal loan because of your FICO score or minimal credit history.
Some lenders may not even check your FICO score; instead, they may only run a brief credit check to verify your contact information and look for any recent bankruptcies. The bottom line is that your credit is far less of an issue with a title loan in Cleveland, Ohio. What's more important is the amount of equity you have in your vehicle!
Apply Now For Car Title Loans In Cleveland, OH
Do you understand the risks associated with a car title loan? Are you ready to see how much equity you pull out of your vehicle and how quickly you can get your cash? Borrow 40% to 70% of a vehicle's value and have the funds directly deposited into your bank account in one business day when you apply before 1 pm CST!
Get started on a quick online application with Highway Title Loans or call 877-433-5454, and you should hear back from a customer service agent about 15-20 minutes after you apply!
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