The high unemployment rate contributes to the rising poverty level in Canton. Many individuals and single families have exhausted all their options just to pay the bills. With most of the credit ratings for these individuals being on the lower end, car title loans in Canton can help you get cash you need today. Car title loans are secured with the vehicle title, and are typically short-term loans. No credit is needed to apply, but you do have to own your vehicle outright. You may even be allowed the maximum borrowing amount of $5,000.
Unlike traditional bank loans, your credit history does not serve as collateral, your car title on the other hand does. This is good for the majority of people that do not have credit, or have bad credit altogether. Convenience is also key, it is a lot speedier of a process to borrow money from a title loan lender, and you also get to retain your vehicle during the lending process.
Title loans also consider the financial status of the customers. Our lenders will work with you to develop a payment plan that can be easily paid off depending on your schedule.
Title loans in Canton make it easy for you to apply for a loan. A simple application process is all you have to endure when you decide that it is right for you. With a complete application, you are pre-qualified for a title loan, and our customer representatives will guide you to the title loan site in your area. It is important to bring the vehicle while the lender evaluates it for an appraisal. Based on your vehicle, you may get up to the maximum borrowing amount.
To qualify for a loan, you must be at least 18 years old in Ohio with a clear car title and the following documents:
Once you bring the title loan at the site, the lender puts a lien on your car title after you have exchanged it, and once you have paid off the remaining loan amount, you get your title back lien-free.
It is possible for the lender to go through with a vehicle repossession as a final option. However, some lenders may consider your circumstance and come up with a more personalized payment option to make it easy for you to pay off.
Legally, if you are behind on payments, and are worried of vehicle repossession, you may file for Chapter 13 Bankruptcy in the state of Ohio.
Chapter 13 caters to individuals who have applied for title loans. It is a consumer debt settlement where the consumer is allowed affordable monthly payments over a certain period of time. A more affordable plan allows the customer to pay off whatever the remaining balance of the account is without the worry of losing ownership of their vehicle.