Car Title Loans in Lorain, Ohio
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Vehicle Title Loans in Lorain, Ohio
People in the Lorain area may find themselves in need of money with no easy way to obtain it. Whether you have a large bill due or you’d like to purchase something you can’t afford, a title loan from LoanCenter may be the answer that you’ve been searching for.
In case you’re not familiar with this option, a title loan is a type of personal loan. However, unlike other personal loans, these loans are protected by a very specific piece of collateral—your car title. As such, you will need a vehicle title in your name with no liens on it in order to gain approval.
If you can satisfy these simple requirements, then you could be an excellent candidate for a title loan.
How to Qualify for a Car Title Loan
Often, we come across borrowers who think they couldn’t possibly qualify for one of our title loans. Usually, these are people who have been denied other types of funding or loans in the past. Even if that applies to you, we still encourage you to apply for a title loan with LoanCenter.
At LoanCenter, we don’t have the stringent qualifications of many other lenders, mostly because our loans are based on collateral, and not solely on credit. Some qualifications include: a car in your name, can provide proof of stable income, and are able to use your title as collateral. Of course, there also must be some equity in your vehicle. For this reason, newer cars or cars that are less than ten years old are usually the best options for title loan financing. While just about any automobile can qualify, the more your automobile is worth, the higher the loan amount you could be approved for.
How Do Vehicle Title Loans Work?
Regretfully, a lot of people are uninformed about title loans. One of the most common lies floating around, for example, is that getting a title loan means signing ownership of your vehicle over to the title loan lender.
Luckily for you and for borrowers everywhere, that’s not how they work! Instead of signing over your actual vehicle, you just use the vehicle title as collateral. Once the loan has been paid in full, the car title reverts back to you. While your car is tied to the loan, you are allowed to keep and drive it in the loan period.
A Fast Way to Get Funds
If you’re like most title loan borrowers, then you need your money as fast as possible. Don’t worry. We definitely understand that time is of the essence, which is why we try to process loan applications super quickly. And, even better yet, if you are approved, we’ll get you your money as fast as we can
A Few Other Things to Note
Here at LoanCenter, while we do take a look at your current credit situation and overall credit history, it’s not the sole factor. Instead, we look at your ability to repay.
What can the loan money be used for?
We ask that you use the funds for legal purposes only.
What do I do from here?
You may submit your application online or over the phone. As you can surmise, a title loan is a wonderful option. To try it out for yourself, contact LoanCenter and begin the application process. It might just be one of the best and wisest things you’ve ever done for yourself!