Title Loans in Fairborn Ohio: Your Complete Guide
Need money TODAY but can’t get a cash advance? Own a fully paid, clean, and lien-free vehicle?
Maybe it’s time to consider title loans!
This article covers everything from what you need to get one, how to get approved, down to if you can qualify! We’ll also be answering your questions at the end!
Let’s get started!
Who Can Get Auto Title Loans in Fairborn, Ohio?
You can apply online for a car title loan if you are:
- A U.S. Citizen
- A resident of Fairborn Ohio
- At least 18 years old
- The sole owner of a fully paid car
Should I Get a Vehicle Title Loan in Fairborn, Oh?
Let’s weigh the pros and cons of earning title loans in Fairborn, OH:
The Good
Here’s why Fairborn title loans might be a good solution for you:
You Still Get to Drive Your Car
During the duration of your title loan in Fairborn, OH, your lender will only hold on to your title and not the vehicle itself.
You don’t have to worry about your everyday routine getting disturbed!
You Get Your Money Today
The best part about getting a title loan in Fairborn, OH, is that it’s best for emergencies.
It is because title loans are a form of the short-term loan!
You can get your application approved as fast as 30 minutes and get your cash immediately, and you will always get your cash on THE SAME BUSINESS DAY.
No-Fuss and Hassle-Free
In Fairborn, OH, the ENTIRE title loan process is QUICK and EASY!
No fussy paperwork. No waiting for days or weeks for the approval process. No in-depth credit check.
You can even apply online!
Employment Is Not Required
You don’t have to have a job to get approved!
If you have a business, receive social services benefits, have retirement benefits, or anything else as a source of income, your lender won’t mind that you’re not employed.
As long as you can prove that you can settle your debt amount when it is due, your lender won’t mind that you’re not employed.
Credit Check Not Required
In Fairborn, OH, some lenders might still require a credit check. However, it won’t stop you from getting a loan.
Instead, debtors with good credit history get benefits. They get offered lower interest rates, bigger loan amounts, and overall better deals.
The Bad
Here is why you should think twice before taking out auto title loans in Fairborn oh:
High-Interest Rates
No matter how much an auto title loan boasts about its competitive interest rates, the average rate charged monthly is 25%.
If we convert that to annual interest rates, that’s equivalent to 300%! It’s WAY higher than what credit cards charge!
You Might Get Stuck in a Cycle of Debt
Title loans are short-term loans of 30 or 60 days, so as a borrower, it might be too short for you to gather income and come up with the necessary funding.
If you can’t pay by the title loan due date, you will be given an extension of 2 to 4 weeks for a fee. This is called rollover.
Your total title loan debt is “rolled over” for another loan period with a new interest rate plus the rollover fee.
If this continues, it’s very easy to get stuck in debt.
So if you think you will need more than 1 rollover, it’s best to let your title loan lender know about your situation first and look for ways together to secure funding.
Most lenders prefer to help you repay them than take your vehicle and sell it, so they’ll be happy to change some terms or develop a new repayment scheme.
You Might Lose Your Car
Of course, we can not discount the possibility of losing your vehicle, no matter how small its chances are.
In the worst-case scenario, when you find yourself way past the due date and unable to repay your title loans in Fairborn, Oh, your lender might have to take your vehicle and sell it to recover their loss.
If this happens and your total debt is bigger than the value, your car is sold, and you get off the hook for the remaining cash.
But if it was sold for less than your debt, then your title loan lender will get to keep the extra cash.
How to Apply for Car Title Loans in Fairborn, Oh
We’re here to guide you through the simple steps of the entire loan process, from pre-approval to getting your money!
Step 1: Look for the Best Lender in Ohio
There are different lenders in Fairborn, Ohio, so take some time to explore and research your options.
As a guide, opt for the lender that offers a secured title pawn with competitive interest rates, has good reviews from previous customers, has a simple application process, and charges a small lender’s fee.
You can find all this information on their website!
Step 2: Get a Pre Approval
To get pre-approved, visit the website of your chosen title loans lender and fill out their online application form.
When you’re done filling it out, just sit back and wait for a car title loan representative to call you.
They will ask you a few more questions during the call, assess your documents, and give you a pre-approval.
Step 3: Visit Your Title Loans Lenders Office in Ohio
After you get pre-approved, gather your required documents and drive your car to the office of your car title loans lender.
When you get there, you will:
- Be interviewed
- Have your documents assessed
- Have your car assessed
- Be given the loan decision
If you get approved, you will be informed of the following car title loan details:
- Minimum loan amount
- Maximum loan amount
- Interest rate
- Loan terms
- Lender fees
- Other additional fees
After you and your title loans lender agree on everything, they will now prepare your title loans contract.
Step 4: Get Your Money
It’s time to sign your title loan contract and get the loan proceeds!
Before you sign, remember to:
- Check for HIDDEN FEES
- Read the FINE PRINT
- REREAD the contract thoroughly, just to make sure you understood everything
- And don’t be afraid to ASK QUESTIONS!
You can now get your money when you’re done with the car title loan contract!
You can receive it through:
- Cash
- Check
- Wire transfer
- Direct deposit to your bank account
- Online transfer
- Or any other common money transfer services
What You Need to Get a Car Title Loan in Fairborn Ohio
Here are the documents you will need to submit to get the Fairborn title loan process going:
Basic Documents
Let’s start with
- Government ID with your picture. This is to prove your identity. Your name here also needs to match the name on your car title.
- Proof of Residence. To prove that you are an Ohio resident, you can submit your Contract of Lease, utility or Phone Bills, or mortgage agreement.
- Proof of Income. Your pay slip will do for this requirement. If you’re not employed, you can also submit Proof of Business Income, Property Title, Proof of Inheritance, Proof of Social Services Benefits, or any other document that proves your ability to repay the loan.
- 1 to 4 Character References. This is to further prove your identity and ability to pay off the auto title loans in Fairborn oh.
Vehicle Documents
And these are the papers you will need for your vehicle:
- Qualifying vehicle title. It must be CLEAN, LIEN-FREE, and registered SOLELY under your name. It has to be fully paid (or almost fully paid) and can not be standing as collateral for any other loan.
- Vehicle insurance documents. Your car needs to be insured, but your lenders can get it insured for you if it isn’t yet.
- Car registration papers. If your registration is not updated, your lenders will be happy to assist you.
- Photos of your car. You will also need to submit printed photos of your car: the back, front, and 2 sides.
- A copy of your keys. This is for easy repossession, if ever. Your lenders can also make a duplicate copy of your keys if you only have the original.
What Is the Maximum Loan Amount I Can Borrow?
You first have to estimate your car’s current market value. This computation will be based on:
- Vehicle year
- Make
- Model
- Mileage
- Vehicle condition
- Extras may also be taken into account
After your auto equity loans lender determines this value, you can usually borrow up to 50% of its value.
Are Title Loans Different From Payday Loans?
Yes! They are both considered a form of short-term loan.
They are also targeted toward the same group of people, like borrowers who can not get a cash advance or need fast cash. There are a few key differences:
- Payday loans do not require collateral. If the main requirement for title loans is your auto, payday loans can be taken out without any property standing as collateral.
But thanks to the collateral, Fairborn car title loans can lend its borrowers a bigger amount. - The due dates are adjusted to fit your payday, hence the name. With a title loan, your due date is 30 or 60 days from the day you sign your contract.
But with a payday loan, you are expected to make your repayment the moment you get your paycheck.
You can get a secured loan online through their website, employment isn’t required, and the process only requires simple steps!
But the interest rate is very high, it’s easy to get stuck in a cycle of debt, and you might lose your collateral.
Frequently Asked Questions
More questions? We got you!
Does VA Still Do Title Loans?
Yes!
Title loans are still allowed in Virginia. But there is a rule that you can only take out 1 title loan at a time, unlike other states that let you take out 1 title loan per car.
Do Title Loans in Fairborn, Oh, Ruin Your Credit?
No, like how you can take out a title loan even with bad credit history, not being able to repay your title loans will not hurt your credit history.
Title loans exist out of your credit score. Your loan application won’t be affected by bad credit, and it won’t give you a bad credit score if you can’t pay your title loan back.
Does Pennsylvania Do Title Loans?
No.
In Pennsylvania, you can not get a title loan as the state considers them illegal.
Are Title Loans Illegal in Arkansas?
No.
An auto title loan is a secured loan. All title loans are perfectly legal and covered by Ohio title loan laws.
Do I Need a Bank Account in Fairborn, OH?
No.
You will only need a bank account if you opt to receive your money through a bank deposit.
In this case, it just needs to be under your name.
Are Title Pawns in Fairborn Oh Installment Loans?
Not Really.
Title loans are meant to be paid fully by the end of the loan period, but you can make multiple early payments throughout the loan duration and treat it as an installment loan.
Conclusion
Fairborn title loans are a good solution if you’re stuck in a financial emergency and can’t get a cash advance.
Ensure you pick a lender with good reviews from customers and offers competitive rates for less risk.
If there is any other less risky debt option for you, we suggest you try that before applying for a title loan.
Lastly, ensure you have a solid, sufficient income source before taking out a title loan to avoid the borrower risks.