If you’re in the market for a secured personal loan, there may be no faster or easier option available than a car title loan. Did you know that many of these loans are now available completely online, too? You won’t have to leave your house to shop around, and the money can be available to you within a day or two instead of weeks. Learn what makes an online car title loan so special, and see how to apply to get online title loans (only in Ohio).
What are car title loans?
There are two types of loans today: secured and unsecured. Secured loans require you to put something of value up for collateral as a security that you’ll repay your loan as promised. Unsecured loans don’t require this, but as a result, they also don’t give you as competitive interest rates, access to higher loan limits, and approvals for those with no credit or even bad credit scores.
Secured loans have a unique set of benefits, so you may be wondering what you have to put up for collateral. Cars, trucks, and motorcycles make excellent collateral, and you can still drive and enjoy your car while the loan is being repaid. Simply provide your lien-free title when applying, and you can use the title as the basis for getting approval. It’s much simpler than some of the lengthy traditional bank loans out there; many customers get their money within a day or two at rates lower than cash advances on credit cards or payday lender outlets.
Car title loans online in Ohio
While each state in the U.S. has its own set of rules for lending, qualified Ohioans may be able to get title loans completely online. Thanks to ChoiceCash Title Loans, serviced by LoanMart, it’s easier than ever to provide the documentation for your car title, fill out the application, and get your loan processed from the comfort of your home. If you have internet access and a lien-free car title in your name, you may be eligible for a variety of loan options.
Tips for getting an online title loan
Getting a car title loan online is easy, but there are some steps you can take before you apply to make everything smooth and straightforward. We recommend that you do the following before you start the loan application process:
- Locate the physical copy of your car, truck, or motorcycle loan (not a scanned copy).
- Double-check that you are the legal, registered owner of the vehicle.
- Check for any liens against the vehicle. This is indicated in the “lienholder section.” If you see that you have a lien against the vehicle, you will need to pay any outstanding loan balances in full and obtain a lien-free title at the DMV or the Ohio Bureau of Motor Vehicles (BMV).
- Decide how much money you want to borrow. You may qualify for more funds than you need, but it’s wise to borrow only what you need for expenses, purchases, or unexpected bills.
- Understand how loan payments will fit into your monthly budget. Before signing the loan contract, you’ll receive information on the monthly loan payment, how many months you will pay, and the interest on the loan. Decide now how you’ll accommodate that extra payment. Will you cut back on unnecessary expenses? Are you going to earn a little more money?
- Be prepared to provide the following information: government-issued photo ID (such as a driver’s license), proof of income (paycheck stubs or bank account statements), and proof of residence (utility bills or bank account statements with your name and address).
Additional documentation may be requested before your loan is approved. If so, you can provide it easily and quickly thanks to the process being online. You can use your phone or tablet’s camera to snap pictures of what’s needed and upload it to the application site.
When your online car title loan is approved
When approved for the loan, you can choose to get your money in a way that works best for you such as a physical check or electronic funds transfer. We also have partnerships with select retailers, such as Walmart, so you may be able to go to their money center and pick up the funds through MoneyGram.
Offerings vary by location, but you’ll be notified of your payment choices when you get approval for the online car title loan. Whether you need to pay an unexpected medical bill or want to pay down more expensive debt, a car title loan is an innovative way to borrow money for whatever you need.