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It may be difficult to find reliable funding options when you don’t have the most pristine credit history. But having bad credit in Ohio doesn’t mean you’re out of luck, especially if you have an emergency expense.
It is important that you know there may be plenty of loan options for people with bad credit in Ohio. When it comes to Ohio bad credit loans, auto title loans serviced by LoanMart could be one of the best options available!1
For most traditional loans in OH, lenders look at a potential borrower’s credit right away. If their credit score is less than ideal, often times a lender will deny that applicant immediately. Thankfully, title loans are different. Title loans are a kind of Ohio bad credit loan that may allow the borrower to use their vehicle’s title as collateral to secure emergency funding.1
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There are also other options that may be available for an Ohio bad credit loan. Keep reading to learn about all your options!
Common Ohio Bad Credit Loans
Here are a few different ways people find Ohio bad credit loans when they need emergency money:
Home Equity Loan
Individuals who own a home may use their property to take out a home equity loan or line of credit in Ohio. These loans allow the borrower to use the equity in their house as collateral. Therefore, they may get a substantial amount of money, but this also means the borrower’s home is on the line if they fail to pay back the loan.
Credit Union Personal Loan
As opposed to some traditional banks, credit unions are slightly more lenient institutions that deal in personal loans. Some credit unions in Ohio may have more flexible approval requirements and may overlook poor credit if you offer a cosigner, collateral, or glowing references.
Payday loans in Ohio may be one of the more well-known loan options because they were made specifically for those with bad credit. Payday loans usually use the applicant’s paystubs to determine whether they will be able to repay the loan. Since payday loans in OH are short term loans, they often have pretty high interest rates right off the bat and need to be paid off very quickly.
A flex loan is an unsecured loan that works in a similar fashion to a payday loan but instead of being a lump sum, it is a line of credit. Borrower’s would get access to a certain amount of money and may borrow a small sum or that whole amount. Instead of charging interest monthly, flex loans charge interest daily, which may end up being a bit expensive and inconvenient.
Car Title Loan
Car title loans may work for borrowers with bad credit in Ohio because they are secured loans. The Ohio title loan is secured by using the borrower’s car as collateral. So, instead of using just your credit, car title loans use various qualifying factors like the current equity in your car and your ability to repay the loan in regularly scheduled monthly payments.
The Positives of Ohio Bad Credit Loans like Title Loans
There are plenty of reasons why a car title loan might be one of the best bad credit loan options in Ohio. Not everyone owns a home, so sometimes a home equity loan is not a possibility. Credit unions may sometimes be just as difficult to work with and inconvenient as most banks. Plus, you need the most affordable and budget friendly loan possible so you may stabilize your finances.
Car title loans in OH can be quicker than other loans and can have more competitive interest rates. They aren’t as time limited, and you may keep driving your car as usual while you make the monthly payments. The main qualifying factors are simple and straightforward: your car’s equity and value in addition to your ability to repay the loan.1
Pick Title Loans Serviced by LoanMart for the Best Bad Credit Loans in Ohio
Want a car title loan in Ohio? Turn to title loans marketed by LoanMart for the fastest and most convenient funding in the business.1
Approved borrowers may take advantage of many benefits, such as:
- Super-fast funding as quick as the next business day!1, 3
- Easy three-step approval process online!1
- Competitive interest rates!
- Flexible repayment terms!
- Unbeatable customer service!
The first step in the approval process is to fill out the online inquiry form. From there, you can send in your documents and receive the money!1 3
Call 855-422-7412 to get started today!