Title Loan Paperwork Can Be Straightforward and Simple
Do you reside in Ohio and currently struggle with your financial situation? Are you running low on savings or have a bad credit score? If you can identify with these circumstances, you’re not alone in America. Most households within the U.S. currently live paycheck to paycheck, meaning there is no money left over for a rainy day.
If you need help covering an unexpected expense, you should consider applying for Ohio car title loans! This loan can be an excellent financing option for people who need to access cash quickly but may not pass approval for traditional loans.
With a title loan agreement, having a bad credit score may not disqualify you from funding. Read on to learn more about car title loans and the required documents!
How Do Title Loans Work in Ohio?
Applying for a title loan in Ohio can be simpler than other options! Title loans work by allowing a person to use the available equity in their vehicle as collateral for funding. Lenders will place a lien on the car title if you pass approval and remove it once the money is repaid in full. Your vehicle is the ‘insurance’ if the loan amount is not paid back!
On the other hand, traditional loan options don’t require physical collateral during a loan agreement. Instead, lenders will solely look at a person’s financial history to determine if they’re responsible enough for a loan. They may deem you too risky if you have a bad credit score and deny you approval for money.
Title loan lenders will consider your credit score during an application, but it’s not the main focus. Instead, they care about:
- How Much Available Equity Is in Your Vehicle
- If You Make Enough Income to Repay the Loan
Your car’s equity is essential during a title loan inquiry because this can affect your approval and funding amount! In general, title loan lenders may give 25-50% of your vehicle’s value as a loan.
However, this can vary depending on the title loan servicer and where you live. It’s best to contact a title loan agent directly to discuss your circumstances!
Federal law requires proof that you make enough income to repay the loan amount, which can protect borrowers from predatory lending practices! Many alternative income sources may be accepted with a title loan agreement during your approval, which can be great for people from various financial backgrounds.
What Documents Are Required for a Car Title Loan?
The documentation required for a title loan in Ohio is not complicated to pull together! When people think of applying for a loan, they probably imagine a stressful process involving lots of paperwork and bureaucratic management.
Title loan agreements can be relatively straightforward compared to traditional options, and the documents required are things that most adults have on hand. You will need:
- A Valid Government or State-Issued Photo I.D.
- Proof of Residency in Ohio
- Proof of a Qualifying Vehicle Title in Your Name
- Proof of Steady or Alternative Income
- Recent Photos of the Vehicle
During a title loan agreement, you must prove that you are an adult at least 18 years or older with a driver’s license or passport. Next, you must confirm that you live in the state where you are applying for financing! If you live in Ohio, you must provide a piece of official mail, like a utility bill or bank statement.
You can’t move forward with a title loan agreement without proof of a qualifying vehicle title in your name. However, many circumstances around vehicle ownership may be acceptable during our inquiry!
You also need to present proof of a steady or alternative income. As mentioned earlier, many income forms may be acceptable during your approval! Below are examples of income sources:
- Worker’s Compensation
- Social Security Benefits
- Alimony/Child Support Payments
- Settlement Income
- Pension Income
- Some Self-Employment
Finally, you must provide recent vehicle photos during a title loan inquiry. These pictures will serve as the virtual inspection of your car to prove its existence and overall condition. The best thing about a title loan in Ohio is that for interested borrowers, it is possible to send documents online via email or fax!
Inquire About an Auto Title Loan in Ohio Today
Perhaps you’re making last-minute travel arrangements, or maybe your dog is sick, and you need help paying emergency veterinary bills. Whatever the reason, experiencing a financial crisis is never fun, and needing money can be stressful.
Ask about car title loans in Ohio if you need cash quickly but also have a bad credit score! You may get approved within the same business day as inquiring. Start today by filling out this pre-approval form or calling to speak with a title loan agent.