Title Loans in Cuyahoga Falls, Ohio: How to Apply in 2022
Are you still racking your brain on where to get your much-needed CASH TODAY?
Whether you need it for household purposes, hospital bills, unexpected business expenses, or any other urgent cash need, title loans are here to help!
A title loan is a fast and convenient way to solve your cash emergency. All you need is a fully paid car!
Curious about how it all works? Let’s get started!
How Title Loans in Cuyahoga Falls, Ohio Work
Cuyahoga Falls title loans work this way: you give your car title to your lender, and they give you your much-needed cash to borrow for 30 or 60 days.
Vehicles that qualify for collateral are typically cars, but some title loan lenders accept RVs, motorcycles, and even boats.
At the end of the title loan period, you return the borrowed loan amount and the interest and fees.
Then your title loans lender returns your car title, and the transaction ends there!
Why You Should Take Out Cuyahoga Falls Title Loans
Let’s look at the advantages of taking out Cuyahoga Falls title loans.
Unlike traditional bank loans in Cuyahoga Falls, Ohio, which take several days or weeks to get approved and require many documents to start your application, title loans only ask for the very basic documents.
These documents are so basic; they’re probably just lying around in your home or otherwise very easy to acquire.
The entire process is also VERY FAST. From pre-approval to getting your emergency cash, the whole process can be done in less than 30 minutes!
And if you experience delays, you have the assurance that your application decision will be given on the SAME BUSINESS DAY.
And because the title loan process is speedy, you can get your cash quickly. Once approved, your title loan lender will immediately hand you your cash loan.
This makes title loans a great solution for your URGENT, on-the-day cash needs.
No Credit Check
Another advantage title loan companies in Cuyahoga Falls, Ohio, have over bank loans and credit unions is that they usually won’t conduct a credit check.
Although, some auto title loans will still conduct credit checks. But don’t worry. It won’t stop you from getting approved.
It gives borrowers with a good credit history some advantages, like lower interest rates and more negotiating power.
You Still Get to Drive Your Car
Are you ready for the best part of getting title loans?
Your lender won’t take your car!
During the duration of your car title loans, your lender will only hold on to your car title, not the actual car itself.
So you still get to use your car as usual!
What Are Title Loans, Cuyahoga Falls, OH, Used For?
Short-term loans like title loans are intended primarily for those who can not take out traditional bank loans, like a personal loan, for varying reasons.
Some of them are not qualified for those loans because of some bad credit decisions in the past, and some can not be bothered by the hassle and long process of bank loans in Cuyahoga Falls, OH.
Others fail in providing acceptable property for collateral, while some need to get their loan amount proceeds TODAY.
Who Can Qualify for Title Loans in Cuyahoga Falls, Ohio
To be eligible for car title loans, you need to be:
- A U.S. citizen
- A resident of Cuyahoga Falls Ohio
- At least 18 years old
- The SOLE owner of a FULLY PAID vehicle
What Documents You Need to Apply for an Auto Title Loan
Look at the documents you will be asked to submit for your car title loans in Cuyahoga Falls, Ohio.
Qualifying Vehicle Title
The most important requirement is, of course, your car title. Your car title has to be CLEAN and LIEN-FREE.
It can not be under any other loan as collateral and must be FULLY PAID.
The last requirement for your car title is that it has to be SOLELY under your name.
Government Issued ID
To prove your identity, your car title loans lender will ask for any government-issued ID with a picture of you.
Do note that your name here needs TO MATCH your name on your vehicle title document.
Proof of Income
For your title loan application to be approved, you have to be able to prove to your lender that you can pay back the loan amount when the due date comes.
To prove this, you can submit any of these documents:
- Your pay slip
- Proof of business income
- Proof of social services benefits
- Proof of retirement benefits
- Proof of inheritance
- Title of your property
- And any other document that can prove that you have sufficient income
Proof of Residency
Only residents of Cuyahoga Falls, OH, can be approved for a car title loan, so to prove this, you must bring any of the following documents:
- Any of your utility bills
- Phone bills
- Contract of lease
- Mortgage agreement
Your car title loan lender will also ask for your car insurance documents and the updated registration papers.
If you are missing any of those two, don’t worry! Your car title loan lender will be happy to assist you in getting one.
Depending on your title loans lender, you will be asked to submit 1 to 4 character references. This is to further prove your identity and ability to pay back the title loans amount.
You will also need to include the contact information of your character references, like their email addresses, phone numbers, and home addresses.
Photos of Your Car
Take photos of the front, back, and the 2 sides of your car. If you’re pressed for time, your lender can take these pictures.
A Copy of Your Car Keys
For easy repossession, if ever, you will also need to give your lender a duplicate copy of your keys.
The Complete Title Loan Application Process in Cuyahoga Falls, Ohio
We’ll walk you through all the steps!
Step 1: Gather the Required Documents
You first need to ensure all your title loan documents are complete before starting your application process.
Doing this will smooth out your entire title loan applications process.
Step 2: Choose the Best Lender in Cuyahoga Falls, OH
Next, scouring the internet and asking for good title loan companies in Cuyahoga Falls, OH.
To know what good title loan lenders are, look for these things:
- Competitive rates
- Low lender’s fees
- No HIDDEN FEES
- No prepayment penalties
- Good customer reviews
Step 3: Get Pre Approved
When you’re done choosing your title loan lender, proceed to their website for instant approval within the same business day.
You’ll find their application form online. Just fill it out and submit it, then you’ll receive a conditional approval within minutes, pending review of your documents!
A customer service representative will also give you a call within the hour to instruct you on your next steps.
Step 4: Visit Your Title Loan Lender
Next, drive your car to your lender’s office to submit your documents and for them to be able to properly assess your car.
After final approval, they will also ask you more questions and install a GPS on your car.
You will also be informed of the following:
- The maximum and minimum loan amounts you can borrow
- Your interest rates
- Their lender’s fees and other additional charges
- The rollover and penalty fees, if ever
- Your repayment terms and schedule
- The title loan contract terms
- And other additional information
This is also the part where you negotiate.
Regarding title loan contracts, all the terms are individualized, from your interest rate to the maximum and minimum loan amounts and other terms, so these are usually very flexible!
After you and your cash loans lender agree on everything, they will next prepare your contract for you to sign.
Now before your sign, make sure to:
- Read EVERYTHING THOROUGHLY
- Read the FINE PRINT
- Check for HIDDEN FEES and other PENALTIES
- DOUBLE CHECK everything, just to make sure
- And ASK QUESTIONS, if you still have any
Step 5: Get Your Cash Loans
Congratulations! You can now get your actual loan amount proceeds. You can opt to receive your cash loans through:
- Online transfer
- Wire transfer
- Direct deposit to your bank account
- Or any other common money transfer methods
Other Alternatives to Title Loans in Cuyahoga Falls
If you’re thinking twice about getting a short-term loan, you might want to check out these other options:
Check Out Credit Unions
If you’re not rushing to get your loan proceeds on the same day, you might want to consider borrowing from a credit union.
Credit unions are more likely to approve your loan application than getting a personal loan from a bank.
They also charge a lower interest rate than title loan companies, so check out this option if it suits you.
Ask Friends and Family for Help
Sometimes, the best way is to borrow money from people around you.
Your friends and family might be one call away, and the best part is they won’t charge you a sky-high interest rate and expensive fees!
Get in Touch With Charities
If you are part of a church or know any local charities, you might want to inquire if they have social programs to help your case.
These institutions are always ready to lend a helping hand and are probably more than happy to assist you.
Consider Payday Loans
If what you’re after is a same-day loan, even with a bad credit history, you might also want to check out payday loans.
Payday loans are short-term and expensive, just like a title loan in Cuyahoga Falls, but they do not require collateral to get approved.
The only disadvantage compared to a title loan is that the actual loan amount you can borrow is usually smaller.
But at least there is no risk of losing your car!
Use Your Credit Card
If you have a credit card, you might also want to consider just using it. Like a title loan, it also has the same-day cash loan benefit.
It also has a lower interest rate and, again, no risk of losing your car.
Frequently Asked Questions
Do you still have questions regarding the topic? We’ve got you! Here are the most frequently asked questions about title loans in Cuyahoga Falls!
How Much Cash Can I Get From a Title Loan in Cuyahoga Falls, Oh
This will first depend on the value of your car. Your loan agent will estimate it through the vehicle:
- Overall vehicle condition
- Other extras you have installed might also be taken into account
From that estimation, you can usually borrow up to 50% of your car’s value.
What Is the Minimum Loan Amount I Can Borrow?
The minimum loan amount is usually 25% of your car’s estimated value.
If you want higher minimum loan amounts, you must ensure your car is at its peak quality and maintenance.
A car that is damaged or is beaten up will have lower loan amounts. It won’t even be accepted if it is too damaged, rendering it useless.
What Is the Interest Rate of Cuyahoga Falls, Oh, Title Loans?
The average interest rate in Cuyahoga Falls, Ohio, is 25% monthly.
When converted to annual percentage rates, it comes up to 300%, which is higher than what credit card companies charge.
Do I Need a Pre Approval to Get a Title Loan in Cuyahoga Falls, Oh?
The pre-approval process is OPTIONAL, but it will make your application process FASTER, EASIER, and MORE CONVENIENT.
Do I Need a Bank Account to Get Approved?
You will only need a bank account if you choose to have your loan proceeds deposited there. However, it will provide convenience for your lender and an easier money-flowing process.
The only requirement is that the account has to be under your name.
Are Ohio Title Loans Legal?
Title loans in Cuyahoga falls are perfectly legal and safe. They are all governed by Ohio title loan laws and are regulated by the state and other regulatory agencies.
In short, a title loan is FAST, CONVENIENT, and EASY. You can apply online, even with bad credit, and get the cash you need TODAY!
But this loan also charges very high-interest rates on top of very expensive fees. And of course, there is the possibility that you might lose your car in the end.
So take a good look at the risks, weigh your other options, and have a solid repayment plan if you decide to take out an auto title loan in Cuyahoga Falls, OH.
Best of luck to you!