Title Loans in Bluffton, Ohio

Understanding Title Loans in Bluffton, Ohio

If you are in a financial bind and need fast cash, title loans can offer a solution. In Bluffton, Ohio, title loans are a popular option for customers who need money but don’t want to go through a traditional bank loan process. In this article, we will go over everything you need to know about title loans in Bluffton, Ohio, from how they work to the regulations that govern them.

What are Title Loans?

Title loans are a type of secured loan where the borrower pledges their vehicle as collateral for the loan. The lender gives the borrower a loan based on the value of the vehicle, and the borrower agrees to pay back the loan plus interest. If the borrower cannot repay the loan, the lender has the right to repossess the vehicle.

How Do Title Loans Work in Bluffton, Ohio?

In Bluffton, Ohio, title loans are legal and regulated by the Ohio Revised Code Title 5, Chapter 537. Customers can get a title loan from a lender in person or online by filling out an application. The lender will assess the value of the vehicle and determine how much the borrower can borrow.

Title loan terms can vary based on the lender, but they usually range from 30 days to six months. Interest rates can also vary, but they are usually high due to the risk involved for the lender. However, Ohio law limits the annual percentage rate (APR) at 28%, plus a maximum monthly fee of $30.

Why Are Title Loans Popular in Bluffton, Ohio?

Title loans are popular in Bluffton, Ohio, because they offer several advantages over traditional bank loans. For example, title loans don’t require a credit check, so borrowers with bad credit can still qualify. Also, title loans are usually approved quickly, and the borrower can get the money they need within a day.

Important Regulations and Requirements

If you are considering a title loan in Bluffton, Ohio, there are several requirements and regulations you need to be aware of. First, you must be at least 18 years old and have a government-issued ID. You must also have a lien-free vehicle title in your name, which means no other lender or institution has a claim on the vehicle.

Ohio law requires lenders to provide written disclosures to borrowers, including the loan amount, interest rate, payment terms, and fees. The borrower must sign these disclosures before receiving the loan. Also, if the borrower defaults on the loan, the lender must give them a 10-day notice to cure the default before repossessing the vehicle.

Interesting Facts about Title Loans in Bluffton, Ohio

– According to the Ohio Department of Commerce, there were 37,023 title loans made in Ohio in 2020, totaling over $58 million in loans.

– The average loan amount for a title loan in Ohio is $1,600, and the average APR is 25%.

– Ohio law requires lenders to give borrowers a 24-hour cooling-off period after they receive the loan. During this time, the borrower can cancel the loan without penalty.

Apply Now

If you need a title loan in Bluffton, Ohio, TheGuaranteedLoans can help connect you with potential lenders. Our online application makes it easy to get started, and we work with a network of reputable lenders to find the best option for you. Please note that TheGuaranteedLoans is not a direct lender and does not make credit decisions. We are a connector service that facilitates connections between customers and lenders.

Conclusion

Title loans can be a useful tool for customers who need fast cash, but it’s essential to understand the risks involved before taking out a title loan. In Bluffton, Ohio, title loans are legal and regulated, so borrowers can feel confident that they are protected by state laws. By working with a reputable lender and understanding the terms and regulations, borrowers can make an informed decision about whether a title loan is right for them.