There’s a lot of talk about title loans, but there’s not nearly enough about the good they can do when someone is short on cash. Title loans in canton, OH are an incredibly easy, stress-free way to get a short term loan when you need money now.
When it comes to title loans, ohio borrowers can get their money fast. An auto title loan estimate is often instant, and loan funds can be transferred to your account in as little as 24 hours, depending on the specific loan. These short but readily available loans are ideal short-term financial solutions, perfect for getting borrowers to their next payday when tough financial times hit.
These loans do not function like long-term loans from a bank and are not intended to serve the same purpose. Instead, they have a short life, often less than 60 days, and they allow borrowers to cover expenses that arise when the money isn’t quite in the bank yet. In this way, title loans are often a lifeline for borrowers who need cash faster than a bank loan can provide, or for those who simply feel they have no better options.
Title loan news in ohio
Title loans remain a popular option for borrowers, even as new state regulations are introduced to promote fairer lending practices. See how the title loans borrowers receive are becoming more popular as the government makes it easier to avoid fraudulent loans in favor of legally compliant lenders.
Getting a clear picture of how title loans work and the risks involved contributes to an overall better credit experience. Read a pew report on what people know about title loans, what they wish they knew before they borrowed, and how to avoid these pitfalls and find the best title loans ohio has to offer.
The attorney general’s office is trying to keep borrowers who get title loans safe and happy by breaking down the rules for lending in ohio. See what a good lender looks like, and check what rights you have as a borrower.
The ohio bureau of motor vehicles
When they get a title loan, they use their car as collateral for the loan value. Once approved, they send the vehicle title to the lender as collateral for the loan. When everything is paid off, return the title directly to them. Therefore, when it comes to title loans, canton borrowers should also be aware of their vehicle status.
The ohio bureau of motor vehicles is where all drivers should look to update or obtain copies of their vehicle records. A number of services can be completed online, including:
- Driver’s license renewal
- Renewal of a vehicle registration
- New vehicle registration
- Transferring titles
- Retrieving copies of certain vehicle documents
If you would rather deal with a person in person or need a service that can’t be completed online, a the local bureau of motor vehicles office can be contacted at:
Regulation and reporting title loans
Title loans are a safe, legal way to obtain a short-term loan, as long as the lender operates in compliance with state regulations for small loans. Anyone who operates outside of this is not a lender, but a loan shark. Loan sharking is illegal, and if you think you have had an experience with a lender running illegal operations, turn them in to local law enforcement immediately.