Many people may be hesitant when it comes to taking out a title loan. You may have heard horror stories about companies that towed cars away from owners with all their belongings still inside. Title loans may have gained a bad name, but that is due in part to customers who fail to pay for several months and refuse to get in touch with their lender to work out another payment option. The car title loan process is very simple. You put up the title of your car as collateral for the loan. We appraise your car for a certain amount and you either agree to accept the loan or disagree. If you accept the loan, you will be informed of how much your monthly payments will be and the duration of the loan. You will receive your title back as soon as your final payment is made.
Since each state has different rules for car title loans and payday loans, it is important to understand the terms for taking out auto title loans in Akron. You may have heard that the state of Ohio doesn’t allow car title loans. The Ohio Short Term Loan Act prohibits lenders from accepting a title as collateral for a short-term loan. And they cap the interest rates on all short-term loans at 28 percent. However, title loan companies can accept car titles for short term loans and the interest rates are typically 300 percent or higher.
You may be wondering how this is possible. It is because many title lenders started working under Ohio’s Credit Service Organization Act, which requires “registration and bonding for organizations that offer credit repair, debt counseling, and other related services”. In the state of Ohio, CSOs are organizations that charge a fee to help customers improve their credit rating, obtain credit, or remove false details from their credit report. Title lenders in Ohio can get around the Short-Term Loan Act when they obtain a CSO license, and acts as a broker that helps borrowers secure their title loan from a “Third Party”. When taking out any auto title loans in Akron, be sure to get recommendations from others in the area, and check out their ratings online to ensure that you are dealing a company that offers the title loans Akron residents have grown to trust.
If you have never applied for a car title loan in Akron in the past, you may feel overwhelmed when you first walk into one of our locations. But there is nothing to be stressed out about when it comes to taking out a title loan. A representative will be more than happy to help by explaining the process, the payment terms, how many months you will be paying on the loan, and what your expected payment will be each month. They will also inform you if there are any grace periods for late payments or additional fees.
The application process is very simple. You must provide your name, address and other contact information such as a phone number. You may have to provide a few references including their name and phone number, just so that the title loan company can confirm you are who you say you are. Then you will give the lender your car title and be on your way. You still have access to your vehicle throughout the course of the loan and can use it any way that you wish.
If you would rather submit your application online for a car title loan in Akron, you can fill out a simple form here on our website. The form asks for the same information that you would provide at one of their locations. You will also need to provide information about your vehicle, such as the make, model, and year.
Applying online with Walston Car Title Loans is a great way to take care of your financial issues on your own schedule. If you can’t make it to one of our locations during regular business hours, you can submit your application online anytime and one of our helpful representatives will get back in touch with you at their earliest convenience.
The best part about title loans is that they do not require perfect credit scores. Even if you have poor credit, or if you have never established credit in the past, you can get a title loan, hassle-free. If you have a car title in your name and it is clear, you can get the cash that you need in less than 24 hours.