- All About Car Title Loans in Akron
- Why Should I Apply for Title Loans in Akron, Ohio?
- Are Title Loans Legal in Akron, Ohio?
- How Do I Get a Title Loan In Akron, Ohio?
- How to Secure A Car Title Loan in Akron, OH:
- Convenience Is the Name of the Game
All About Car Title Loans in Akron
Racing against the clock to get cash instantly? Car title loans might just be the best solution for you!
Car title loans also referred to as Auto title loans are a hassle-free way to get money.
If you are currently a resident in Akron, OH, here’s everything you need to know about the auto title loan process.
Why Should I Apply for Title Loans in Akron, Ohio?
Car title loans, by definition, are similar to payday loans — it’s a small loan for a short period. In exchange, you give the lender your vehicle title until you repay the loan.
DON’T WORRY! You do not have to give up your vehicle to get a car title loan.
Title pawn or Title loans use your car title as collateral and the lender simply assesses your car to ensure it is worth at least as much as you are looking to borrow.
So if your bills and finances are keeping you from moving forward then a car title loan will be the most convenient way to make ends meet for you.
Although we should point out that title loans have a bad reputation and it’s not exactly the ideal loan…
The appeal of title loans is the CONVENIENCE.
Are Title Loans Legal in Akron, Ohio?
In 2019, Ohio lawmakers have approved the Short Term Lender Law which has made it harder to for loan companies to operate in multiple cities in Ohio.
The law states that ALL loans will be capped and only one loan can be taken out from a lender at a time. The law also limits the amount borrowed to $2,500.
For more details on the Ohio Short Term Lender Law and how this may affect car title loans, please click here.
Fortunately in Akron, Ohio, there are still companies that offer services such as cash advance, cash loans, title pawn, and title loans in Akron.
Just make sure to do your research on the best title loan company that is LICENSED and registered to operate.
How Do I Get a Title Loan In Akron, Ohio?
In your title loan application, make sure to be as detailed as you can.
To qualify for a car title loan, you must:
- Be 18 years old and above
- Own a vehicle in your name
- Proof of address in Akron, Ohio
For Akron, OH residents, lenders will determine the loan amount, interest rate, and equity of your car by the vehicle year, make, model, and mileage.
However, keep in mind that vehicle modifications (interior/exterior improvements) and the condition of the vehicle are also taken into consideration when determining the equity of the car.
When you’re ready to apply, these are the documents you need:
- Government-issued photo ID (driver’s license, passport, or state-issued ID)
- Proof of income (pension documents, SSA statements, tax returns, etc.)
- Proof of residence in Akron (Household utility bill, bank statements, mortgage statement, etc.)
- Car title in your name
- Pictures of your car (front, back, sides, VIN, and odometer)
Can I Still Apply for Title Loans If I’m Unemployed?
The advantage of getting a cash title loan in Akron is they cater to people with varying financial backgrounds.
Ultimately, you must be able to prove you are the owner of the car title and the vehicle is FULLY paid, that way lenders can use the title as collateral.
Car title loans are beneficial for everybody, whether you’re unemployed, a working student, or have inconsistent income.
The main thing is you want to prove to the title lender you can pay off the loan.
If My Credit Score is Low, Will it Hinder My Chance of Getting A Title Loan?
The deal-breaker for most people when it comes to payday loans or cash advance loans is a credit check.
If you’ve made some bad credit decisions in your life, don’t worry! Getting a title loan in Akron has flexible requirements than a traditional credit union, bank loans, etc.
Whether you have a bad credit score or no credit at all, loan companies in Ohio will work around it and help you regardless.
Although we must emphasize…
Low credit history does NOT guarantee you will be approved for auto title loans.
Lenders in Akron, Ohio may still do a credit check and assess your financial history…
BUT since your loan will be backed up by the equity of your vehicle, there’s a high chance you will be approved.
However, if you still feel uncomfortable, we suggest you use a vehicle that has a higher market and equity value to make up for your low credit history and to request for a higher loan amount.
Does it Cost Money to Apply For Title Loans?
In Akron, Ohio, the price is FREE ninety-nine.
Seriously, it costs nothing!
All you need to do is meet the initial qualifications for a title loan in Akron, Ohio then you can submit your documents and simply apply ONLINE!
How to Secure A Car Title Loan in Akron, OH:
1. Choose Your Title Loans Lender Wisely
It’s incredibly important to do your research on who you want to do business with.
Start by doing quick research and comparison of various title loan companies and see which of these lenders in Akron have great offers, efficient customer service, offer low-interest rates, and flexible repayment options.
Essentially, out of all these lenders in OH, you want to go for the one you TRUST and will take care of your financial needs.
It’s also CRUCIAL you find a licensed company that is allowed to operate and grant loans in Akron, Ohio.
The Vehicle is still YOURS
Seems redundant but there are still people out there who will submit an application for a title loan with a car they don’t own…
Remember, the lenders will use your car title as collateral so you will need to prove the vehicle is YOURS.
Once you have narrowed down your options in Akron, Ohio, don’t be afraid to openly discuss the loan amount you are looking to borrow, the interest rate, and go over the loan terms.
Based on that conversation, the loan lender will then provide a pre-approval quote based on the current market value of your vehicle.
TIP: If you want your title loans to be approved faster, make sure your car is in the BEST condition. Clean it up, make it look like it’s brand new and your lender will be impressed!
Remember, your vehicle is their collateral and the better your vehicle looks, the higher the loan value would be!
The Right to Keep Your Car:
You still have the right to keep and USE your vehicle during your loan period after all.
BUT during the title loan, they will be the legal owner of the title. This means the lender has the right to keep the title of the car UNTIL you repay the full amount of the loan so do keep this in mind.
Finally, make sure you double-check ALL the information about your vehicle to ensure you are using the right car as collateral.
2. Prepare the Requirements Ahead of Time
As the old saying goes, TIME is MONEY. And in this case, organizing your documents early will help speed up the approval process.
Every loan lender in Akron, Ohio has different requirements but take some time to read through the loan terms and interest rates with the company representative.
They may ask for proof of employment or credit history so just prepare those documents just in case.
After you submit the required documents, your vehicle will undergo an inspection to make sure it’s worth the loan amount you are asking for.
REMINDER: We shouldn’t have to remind you, but we’ll remind you anyway. Do NOT submit fake or false documents, this will only hinder you from getting the loan and worse, get you into trouble!
Once you get a green light from the lender, you’re one step closer to getting your money!
3. Show Me the Money!
Get your bank account ready. Your money is on the way!
Depending on how long your application gets approved, you should be able to get the loan amount in 1 business day or even on the same day.
You can negotiate with the lender whether you prefer the loan to be given to you via cash or direct deposit to your bank account.
This is why auto and cash title loans are so convenient.
What Are My Loan Repayment Options?
Now you’ve got the money and your life feels a little bit lighter with the help of that loan right?
So what’s next?
When you’re choosing the best title loan company, make sure they have flexible and convenient payment options.
The first loan payment is due after 30 days depending on your contract date.
You might even want a longer loan repayment period and that’s okay! Lenders would be happy to customize a repayment plan so you can efficiently manage your title loan payments.
But take note: A longer repayment plan means you’ll have to cash out more too.
ONCE you have paid your title loan in the full amount, the lender will return your vehicle title to you.
IT’S AS SIMPLE AS THAT.
Convenience Is the Name of the Game
Are you convinced that title loans can be helpful now?
Look, we’re not saying short-term loans are ideal and you should get used to them.
We’ll never know when an emergency will happen and we’ll need funds immediately.
Banks and credit unions can take up to weeks or even months to get a cash loan and there may be hidden fees and additional stipulations that you just don’t have the time for.