Getting a Title Loan in Columbus, Ohio

Life happens, and the next thing you know you’re trying to scrape up the funds to take care of whatever has befallen you. While unfortunate, your situation is certainly not uncommon, which is why title loans came to be. Still, you’re not quite sure what such loans entail. As a resident of the Buckeye state, here’s what you should know about getting a title loan in Columbus, Ohio.

What is a Vehicle Title Loan?

This is a short-term loan for which your vehicle serves as collateral, meaning the vehicle could be seized and sold to cover the loan if you fail to make timely payments.

Why is a Title Loan a Good Option?

For one thing, bank loan processes tend to be long and drawn out, and you simply don’t have that kind of time – IF you can qualify. Most times, approved title loans can be in hand within 24 hours, if not sooner.

Payday loans want all their money the next time you get paid – within a week or so. Plus, you may not be able to get the amount you need. You’ll have more time with a title loan, which can typically provide you with a cash amount that’s up to half your vehicle’s value. In other words, more than you can get from a payday lender.

Your best bet, as always, is to hit up a friend or relative. But that may be easier said than done, and may cause a strained relationship, even if you repay. 

How Do Title Loans Work?

Oftentimes, you can apply online. Generally, if the lender has questions, they’ll give you a call. But really, all you need is vehicle with a clear title and the ability to repay your loan. You’ll need to send quality photos of your vehicle’s exterior and exterior, a copy of your driver’s license, and other documents such as proof of income.

You’ll usually have 30 days to pay off the loan, although some lenders offer extensions. Depending on the equity you have in your vehicle, as well as its condition, you may be able to get up to 50 percent of your ride’s value. That means anywhere between $100 and upwards of $10,000.

What About Lenders in Columbus, Ohio?

Title loans in Columbus, Ohio are generally fast and easy to get, relative to other options. If you qualify, you’re likely to get funds as soon as one business day following approval. Plus you may apply online.

If you’ve been turned down for a bank loan, or know that, due to your credit standing, you would not be eligible, never fear, because Ohio-based borrowers need not have good credit to be approved for quick cash. Rather than your credit scoring, lenders will simply use your vehicle as collateral. This factor makes such loans low risk for lenders.

In Columbus, your eligibility, and the amount you can get, are determined by how much equity you have in your vehicle. That is why lenders in Ohio can approve so many Columbus residents with varying financial situations.

To qualify, you’ll need proof of income as well as proof of a Columbus residence. You’ll also need photos of your vehicle, photo identification issued by Ohio, as well as a few references. Such references may be professional, personal, or both, and they need not come from Columbus, Ohio residents.

Once approved, you can get your check via regular mail or via a wire transfer or direct deposit. You may also pick up your check in person.

Ultimately, getting a title loan in Columbus, Ohio, is easy. All you really need is a vehicle that you own outright, and a clear title, in addition to the ability to repay the loan. While such loans aren’t for everyone, they certainly have helped scores of people emerge from emergencies unscathed.