Get A Title Loan In Cleveland OH
We hear from applicants in Cleveland all the time who’ve struggled to get a loan from their bank or credit union. Many of these companies require a credit score of 700 or higher and the loan amounts is often less than $1,000. One option to consider 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 SUV’s can qualify. Continue on to learn more about what’s required and what terms to expect with a title loan.
Requirements For Online Title Loans In Cleveland, OH
To get an online title loan in Cleveland, you must show proof that you own a vehicle that’s both 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, part time jobs, social security income, or other disability benefits.
While most 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 will check the vehicle for mechanical issues, record the VIN and odometer reading, and look for any other interior and exterior damage. Do you not have the time to bring in the vehicle to an inspection station in Cuyahoga Valley or Old Brooklyn? That may not be a problem as some companies can inspect the vehicle at your home our place of business!
What To Know About Cleveland 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 title loan in Ohio is often over 60% and some companies have rates exceeding 100% on a monthly basis. These rates come with the territory for a high risk loan that doesn’t require good credit. However they make it difficult to repay the loan quickly if you can’t afford more than what’s required each month.
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.
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 and 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 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% t0 70% of a vehicle’s value and have the funds direct deposited into your bank account in one business day when you apply before 1pm 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!