Title Loans in Howard, Ohio

Understanding Title Loans in Howard, Ohio

When unexpected financial needs arise, title loans can be a viable option for those who need quick access to cash. In this article, we’ll take a closer look at title loans in Howard, Ohio, and examine what they are, how they work, and some important things to consider before getting one.

What Are Title Loans?

A title loan is a type of loan where the borrower uses their vehicle title as collateral to secure the loan. This means that if the borrower defaults on the loan or is unable to repay it, the lender can repossess the vehicle and sell it to recoup their losses.

Title loans are often marketed as a quick and easy way to get access to cash, as they typically require minimal paperwork and credit checks. However, they also come with high interest rates and fees, and failure to repay the loan can result in the loss of the borrower’s vehicle.

How Do Title Loans Work in Howard, Ohio?

Title loans are legal and popular in Ohio, including the Howard area. To obtain a title loan in Howard, the borrower must own their vehicle outright and provide the lender with the title as collateral. The lender will then usually inspect the vehicle to determine its value and offer a loan amount based on the value of the vehicle.

Once the loan is approved, the borrower will usually need to make regular payments, including both principal and interest, until the loan is fully repaid. If the borrower is unable to make payments, the lender can repossess the vehicle and sell it to recover their losses.

Important Things to Consider Before Getting a Title Loan

Before getting a title loan in Howard, Ohio, there are some important things to consider:

• Interest Rates and Fees: Title loans often come with high interest rates and fees, which can add up quickly. Be sure to carefully review the terms and conditions of the loan before accepting it, and consider whether you will be able to make the required payments.
• Repayment Terms: Make sure you understand the repayment terms of the loan, including the payment schedule and total repayment amount.
• Vehicle Ownership: You must own your vehicle outright to get a title loan. If you still owe money on the vehicle, you will not be able to get a title loan.
• Risk of Repossession: If you are unable to make payments, the lender can repossess your vehicle and sell it to recoup their losses. Consider whether this risk is worth taking before getting a title loan.

Interesting Facts and Statistics About Title Loans in Howard, Ohio

• In Ohio, the average title loan amount is $1,000.
• Ohio title loan borrowers pay an average interest rate of 25% per month.
• In 2019, the Ohio Supreme Court upheld a law limiting short-term loans to 28% APR, including fees and interest.
• In 2019, Ohio title lenders attempted to evade the 28% APR cap by rebranding themselves as credit service organizations, but this was ultimately shut down by the state.

Apply Now

If you need quick access to cash and are considering a title loan in Howard, Ohio, TheGuaranteedLoans can help. We are a connector service, not a direct lender, and we can facilitate your connection with potential lenders to help you find the right loan for your needs. Visit our website to fill out an online application today.