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Working with Titlelo will fast-track you to a lender with the loan that works best for you. Most Cumberland title loan lenders will provide options to make payments online or by phone, and some lenders will have a physical location. Even without a bank account, you can still pay some lenders with a money transfer (i.e., Western Union or Moneygram).
Want to make early payments? Great! We can also make sure we get you paired with a lender that does not charge prepayment fees.
Since you do not have to commit to a title lender before receiving a quote, you can consider your options and use Titlelo's experts for guidance. A lender with a competitive rate may not offer the flexibility you need, but starting the process over can be daunting. Titlelo compares lenders, rates, and payment options upfront so you can work with a company that lets you pay how you want.
The purpose of a title loan is to get the cash you need right away. Titlelo offers a streamlined web service that gives you access to pre-approval from any device at any time. As long as you have an internet connection, you can access our site to receive a custom match with a lender. Simply fill out the online form and submit for instant pre-qualification.
If you don't have access to the internet, don't worry! Just give us a call (855-341-4500), and we will process everything over the phone. In just minutes, we will have you pre-approved and matched to a reputable lender near Cumberland. The lender will complete an inspection of your vehicle to finalize the amount of your loan and process it for final approval.
Titlelo works for our customers, not lenders. We offer personable customer service and will take the time to answer any questions you have. We offer instant pre-approval and fast cash, but we don't want you to feel rushed in the process. Chat with us online or call us to learn about what services or lenders may provide the best opportunities for you.
Once we learn more about you, we can help find the perfect lender. Compared to other loan brokers, we are as flexible as they come! We will help you secure a loan no matter how old your vehicle is, its mileage, or the amount of equity it currently has. We do not require proof of employment or minimum monthly income, and you do not need a bank account. We can even help you find a lender for a second-lien on your vehicle (if it is not currently paid off).
Online loan processing has revolutionized the way consumers can manage their expenses. Rather than waiting in line at a bank and then days (if not weeks) for processing, with a title loan, you can receive pre-approval instantly and have cash in hand the same day.
Even with a broker, you could still face wait times of several days before receiving your loan disbursement. Fortunately, Titlelo works with numerous companies that provide far more options, lenders, and expertise than other brokers. Typically, time is critical for all title loan recipients, but if your situation is especially urgent, Titlelo will select a lender that provides immediate processing.
If you have researched title loans before, you know there can be strict requirements for the vehicle: mileage, equity, and age. Many lenders will not consider a car that is more than ten years old, but cars retain value for most of their lives. Titlelo works hard to select quality lenders near Cumberland that have different requirements and loan processes for this very reason. Even if you have an older model, we can still match you with a lender that offers competitive rates without disqualifying your vehicle for age.
Lenders in Ohio may also require additional documentation, such as the title of the vehicle, proof of registration and proof of insurance (but not always). The loan amount will be based on the actual value of the car as determined by the lender's inspection.
Applying for car title loans online shouldn't be difficult. Complete our simple online application and enter basic information about yourself and your vehicle. Once you're pre-approved, one of our friendly experts will contact you.
Titlelo will assess your needs and match you with the best lender in your area. Once you've accepted the terms and conditions of your lender, we'll help you gather everything you need to make the process simple and swift.
Visit your local title lender and bring your title, ID, and any other required documents. Review and sign your loan documents and get the cash you need instantly. Drive away with your car and get back to what matters in your life.
In Ohio, the Short Term Loan Act of the state explicitly bans lenders from accepting a vehicle title as collateral for a short-term loan. However, title lenders work under the state’s Credit Service Organization Act. This particular act requires registration and connection for establishments that offer credit repair, debt counseling, and related services.
Under the CSO Act, the lender can issue a loan either in the form of a check or a money order. The lender charges a cashing fee – generally 3 to 6% for each transaction. As such, a $200 loan can reach up to 600% APR.
A lender can also get a CSO license from the state and then act as a broker to aid borrowers to get a title loan from a third party. For the services rendered, the lender can charge anywhere between $25 and $100. The third-party lender also charges fees and interest on the loan. The latter is typically 25% of the loan principal. The minimum loan amount is $1500, and the interest rate is generally 300% or higher.
In Cumberland, borrowers must be at least 18 years of age and must be the outright owner of the vehicle.
Depending on the lender and the third-party agency that grants the title loan, an extension is possible. There are currently no laws or guidelines that control title loan rollovers in Cumberland, OH.
The borrower typically signs a security agreement for the circumvented title loan process in Ohio. The signed agreement gives the lender the right to repossess the vehicle if the borrower fails to repay the debt on its maturity date. Due to the compound nature of the title laws in Ohio, there are a variety of legal defenses to repossessions for both the lender and the borrower.
But when the loaned vehicle is repossessed, the lender must sell the car. The lender also has to give notice to the borrower within five business days before the repossession happens. The borrower is required to pay different charges which include the past due installments, the late fees, the interest rate and other costs the lender incurred.
If the vehicle is being auctioned, the lender must send another notice to the borrower, at least ten days before the event takes place. The notice must state the time and location of the auction as well as the minimum selling price of the vehicle. Proceeds from the sale will be used to pay off the loan.