Title Loans in Stryker, Ohio

Title Loans in Stryker, Ohio

If you live in Stryker, Ohio, then you are probably aware of the financial challenges that the residents of this small town face. Life is unpredictable, and sometimes you find yourself in urgent need of cash to meet financial emergencies. Luckily, title loans are legal and highly popular in Ohio, especially in Stryker.

What are Title Loans?

A title loan is a short-term secured loan whereby the borrower uses their vehicle’s title as collateral. Once approved, the borrower will receive a percentage of their vehicle’s total market value, which can be used for any purpose. The borrower is required to pay back the loan amount and interest within a specified period, usually within 30 days. Since the loan is secured, car title loans typically have lower interest rates than unsecured loans like payday loans.

How do Title Loans Work in Stryker, Ohio?

In Ohio, title loans are regulated by the Short-Term Loan Act, which controls both the borrower and lender responsibilities. To apply for a title loan, the borrower must:

• Be 18 or older
• Own a lien-free vehicle title and vehicle free of any outstanding debt
• Provide proof of income
• Provide government-issued identification

Once the application is submitted, the lender will review it and assess the vehicle’s value. Upon approval, the borrower can receive the loan amount within a few hours. Borrowers are required to pay back the loan amount and interest within 30 days. If the borrower fails to pay back the loan on time, the lender may repossess their vehicle as collateral.

The Benefits of Title Loans in Stryker, Ohio

While title loans may not be ideal for everyone, they can be beneficial in specific situations. Here are some reasons why:

• Quick access to cash: Title loans are processed quickly, offering borrowers access to much-needed cash within hours of approval.
• No credit check: Unlike traditional loans, title loans do not require a credit check. So, title loans can be an option for individuals with poor credit scores.
• Keep Your Car: When you take out a title loan, you don’t have to give up the use of your car. Simply keep making payments, and you’ll be free to go about your daily business as usual.

Statistics and Facts about Title Loans in Stryker, Ohio

• In Ohio, the average car title loan is for $950, and the average monthly payment is $194, indicating that these loans are usually small and short-term.
• According to the Ohio Auditor of State’s report, Ohio residents paid over $500 million in interest and fees to title loan lenders in 2018 alone.
• The number of title loan locations in Ohio almost doubled from 2012 to 2017 according to the Ohio Department of Commerce.

Apply Now

Are you facing a financial emergency and need quick access to cash? Apply for a title loan today through TheGuaranteedLoans. As a connection service, TheGuaranteedLoans helps borrowers find potential lenders and offers a simple and hassle-free application process. Even if you have a poor credit score, TheGuaranteedLoans can help find a lender willing to work with you, so don’t hesitate. Fill out our online application form now to get started.

Please note that TheGuaranteedLoans is not a direct lender but a connector service that assists borrowers in finding a lender to work with.