Title Loans in Jewell, Ohio: Everything You Need to Know
If you’re a resident of Jewell, Ohio, and in need of quick cash, a title loan could be an option to consider. Title loans are a popular and legal way to borrow money based on the value of your vehicle. In this article, we’ll cover everything you need to know about title loans in Jewell, Ohio.
What Are Title Loans?
A title loan is a short-term loan that uses your vehicle as collateral. The borrower hands over the title of their vehicle while they repay the loan. Once the loan is repaid, the borrower gets their title back. Title loans are often used by people with poor credit or those who require quick cash.
How Do Title Loans Work?
The amount of money you can borrow is based on the value of your vehicle. Lenders will evaluate the condition of your car and determine the loan amount. In Ohio, the maximum loan amount is $5,000.
The duration of a title loan in Ohio cannot exceed six months, and the annual percentage rate (APR) of a title loan in Ohio can be as high as 28%. Borrowers are required to make payments every 30 days, and if they fail to do so, the lender can repossess their vehicle.
Who Can Get a Title Loan?
Anyone who owns a vehicle can apply for a title loan in Ohio. Borrowers must be at least 18 years old and have a lien-free title on their vehicle.
Pros and Cons of Title Loans in Jewell, Ohio
- Pros: Title loans are a quick and easy way to access cash, particularly if you have poor credit and are unable to obtain credit through traditional means. The requirements are minimal, and you can get your money on the same day you apply.
- Cons: The interest rates on title loans are often high, and the loans must be repaid within a short period. Failure to repay the loan can result in the loss of your vehicle.
Interesting Facts about Title Loans in Jewell, Ohio
- Ohio has one of the highest average interest rates for title loans in the US at 25%. However new law, that took effect on 27th October 2021, capped Title loan interest rates at 28%.
- The average title loan amount in Ohio is $4,000.
- In Ohio, title loan borrowers default on their loans around 25% of the time. If they do so, they can not get a new loan from any lender for 30 days.
Apply Now
If you’re considering a title loan, TheGuaranteedLoans can help connect you with a reputable lender in your area. Keep in mind that we are not a direct lender but a connector service. Our mission is to simplify the loan process and deliver great customer service. Apply now on our website and get connected with a potential lender today!
Conclusion
Title loans offer a quick way to access cash for those in need. However, they come with risks, so it’s essential to understand the terms and conditions before applying. We hope this article has provided you with valuable information to make an informed decision if a title loan is right for you.