If you need more money than you would get with a regular payday cash advance, but you don’t need a large loan that would require an underwriter, title loans Grove City will be a good alternative option. Title loans allow you to borrow money from the equity that exists in your automobile, instead of having to use your credit. If you don’t have a high credit score, or any credit history at all, a title loan is an easy way to get money. The benefits of these loans include:
Distributors of title loans in Ohio must have their Ohio’s Credit Service Organization License because of the Ohio’s Credit Service Organization Act. The state of Ohio did this to help keep predatory lenders at bay, so you can be sure that you’re working with a legitimate company if you choose title loans Grove City through a lender with the CSO licensing. If you want to apply and see how much money you can get, you’ll want to have the following information by your side to fill out the application properly:
The title loan quote is estimated immediately upon the application. Once one of the associates from title loans Grove City is able to go through the details of the vehicle, they’ll compile a loan offer. The loan offer will be based off how much the car would be worth if had to be sold, and what the company could get back if you defaulted on the loan. If you have another loan on the car, your loan proposal won’t be as high.
As soon as the title loan is processed and you accept the terms and sign the paperwork electronically or via fax, the funds will be on their way to your checking account. This is one of the quickest ways to borrow money when you need it, and you don’t have to worry about the loan being in limbo for weeks with an underwriter like you would with a bank.
Not only are you going to get money in a hurry, but you also can start to build your credit history, or raise your credit score while you have the loan. Since a title loan is considered a long term loan, the payments will be reported to the credit bureaus. By making your payments on time each month, and possibly paying the loan off early, you’re score is going to improve and future lenders will see that you were able to commit to the payments responsibly.
There are many ways to make payments to the loan company, and most offer online options so you can pay when it works for you, or you can schedule automated payments. Paying before the due date and making more than the minimum payment is a great way to stay ahead of the loan, and to make sure you don’t fall behind or get late fees.
Credit cards and payday loans may not offer enough cash or credit to get the funds you need, but title loans in Columbus allow you to choose how money you borrow, and as long as you pay the money back responsibly you have nothing to worry about.