Know Before You Borrow in Ohio
- Interest rate cap: 25% per year
- Loan range: $2,500 to $15,000 (typical; no state maximum)
- Repayment term: Minimum 6 months; no maximum; fixed monthly installments
- Regulated by: Ohio Department of Commerce – Division of Financial Institutions (DFI)
For complete Ohio title loan regulations and consumer protections, visit our full Ohio guide.
Quick Answers About Title Loans in Akron
Will a past bankruptcy stop me from getting a car title loan in Akron?
Bankruptcy history is less of a barrier for title loans than for traditional financing. Vehicle collateral value and current ability to repay matter more than past credit events. If your bankruptcy has been discharged and you have verifiable income, you may still qualify.
Are title loan interest rates higher than other loan options in Akron?
Yes, title loan rates are generally higher than traditional loan products. Ohio caps title loan rates at 25% APR under CILA (ORC § 1321.68), plus an origination fee of 5 to 00 (or 50 / 1% for loans $,000+). This is significantly higher than a personal loan or credit union rate. Borrowers with bad credit are still eligible, but the trade-off is a higher total cost of borrowing.
