Why Military Members and Their Families are Ineligible for Ohio Car Title Loans?

If you live in the Columbus or Cincinnati area and find yourself having trouble making ends meet this month and no other way to borrow the money you need, you may have already thought about applying for Cincinnati car title loans. These short-term loans are easy to qualify for with no credit check and provide the money necessary to pay bills, fix a car and handle an emergency.

While most people qualify for Ohio car title loans, provided they are over 18 and own their own car with a clean title, not everyone qualifies. There are many reasons you may be denied for Columbus car title loans, but one of the biggest reasons is federal legislation that prevents active duty military members as well as their dependents from taking out a car title loan.

The Military Lending Act of 2007, which is a provision of the National Defense Authorization Act of 2006, made a number of changes to lending practices for U.S. military members. After a Department of Defense report found that 17% of military personnel used payday loans, this legislation required the annual interest rate for military borrowers to be capped at 36%. It also prohibits lenders from securing a loan with a personal check, debit authorization, wage allotment or a title to a car.

This law prohibits the use of a vehicle's title as security for any loan made to service members or their families, and it also prohibits lenders from renewing, refinancing or rolling over credit by using the proceeds of another credit granted by the same lender. What this means is Ohio car title loans are now inaccessible to military members and military families.

Unfortunately, it's not always possible to save up the money you need for an emergency, and friends and family may not always be able to loan you the money you need. Cincinnati car title loans have always been an excellent way to get the cash you need to cover you until next payday, but one of the first questions car title lenders now ask is, "Are you an active member of the military or are you dependent on someone in the military?" If you answer yes, you will probably be denied for a title loan in Ohio and anywhere else.

While this law certainly has great intentions by limiting predatory lending to members of the military, it also puts military families in a tough situation. Bad credit makes it nearly impossible to turn to a loan through any other means, although this law still allows predatory lending. Lenders are still passing through the cracks, overcharging military members with payday loans that have just a slightly different structure but the same high rates.

The truth is, Ohio car title loans have a bad reputation that is undeserved. Many have interest rates below that of a credit card, and they serve an important service, allowing families to avoid late fees on their mortgage or credit cards, pay off debt, put food on the table for their children, avoid disconnected utilities and get their car fixed so they can get to work.

Ohio Lawmakers Eying New Laws Against Ohio Car Title Loans

In 2010, Ohio passed very restrictive laws against payday loans, claiming these high cost loans exploit the vulnerable and poor. According to many lawmakers, Ohio car title loans are just an attempt to operate in a loophole of Ohio's lending laws, loaning money to people under the same terms.

The legislation of 2010 enacted very strict rules on lenders, including a maximum interest of 28% on the APR and a minimum payback term of 31 days. This means payday lenders and lenders who provide Cincinnati car title loans must give you at least a month to pay back your balance, not merely two weeks. Still, lenders are able to use other laws in existence in the state to continue charging effective annual percentage rates over 350%.

While they may seem the same on the surface, Ohio car title loans have a few differences from payday loans. Title loans require the use of a car or vehicle's title as security instead of a paycheck. Borrowers also face having their vehicle repossessed if they can't pay the loan back on time.

While it's easy to vilify car title loans in Ohio, it's also important to remember that they are an important service for many people. Consumers in the state who have no savings and no or bad credit have virtually no other options when an emergency strikes and they need money. No traditional lender or bank will give a personal loan to someone with bad credit, and consumers who don't have money saved up will be placed in a very tough situation if their car breaks down, they need to feed their children or keep the electricity on.

When used responsibly, Cincinnati car title loans can even help consumers save money. Consider this example: you've written a few checks to pay the bills, then you realize you don't have nearly enough cash in your checking account to cover them. What happens when all of those checks clear? You will be facing bounced check fees from your bank of at least $30 each. If you obtain a car title loan for $500 to cover the checks, you're total cost for the loan may be less than $45 and you can pay back the balance on payday, potentially saving yourself over $100 in the process.

Title loans can also be used to avoid late payment fees on utilities and credit cards, as well as further damage to your credit if you miss a payment on the mortgage, student loans or a credit card.

While there are absolutely consequences to defaulting on a title loan, and borrowers should be very careful to borrow only what they need and can afford to repay quickly, this does not mean that the service itself should be outlawed. Doing so would only eliminate a much-needed source of emergency cash for thousands of people throughout Ohio.

The Convenience of Car Title Loans

Needing some spare cash on hand to give yourself a breather isn't a bad choice. Especially now in today's economy. Relieving some of the stress from every day expenses to holiday spending money can be at the tip of your fingers with Columbus car title loans. These loans are easy to achieve with little to no credit at all.

Car title loans in Columbus will work with you if you have a vehicle and the title to that vehicle. They will crunch some numbers to see how much your vehicle is worth, how low of an interest rate they are able to lock down for you and how much they are willing to loan you based upon these numbers. The Columbus car title loans company has many options to offer you because they will have your vehicle as collateral and get you the best deal to relieve some of your worries. No questions asked about what the money is for but will get you the money that your car is worth.

Car title loans in Columbus can keep their interest rates fairly low compared to regular banks because they will keep your vehicle's title and a spare set of keys. If you are unable to pay your loan pack within the allotted time then they will come repossess you vehicle. They help you by keeping the interest rate low so that you are able to make your payments and make them on time to ensure that you will be receiving your car's title loan back.

There is no need to worry about credit checks because these companies don't need to work with your credit score by any means. They figure that having your vehicle on a leash will mean that their money is secured to be paid back. The answer to your application can be ready is as little as a few minutes or even a few hours. No biting your nails for a few days to get your answer or your money.

There are many reasons why you will need this extra money. Having money on hand for anything that might come up, a family vacation for a few days or making sure your family has a nice Christmas and the kids get the gifts that they asked Santa for. It will be quick, easy and painless and you will still be able to use your vehicle to get around town. You can always pay the loan off in less days then what you have originally set up for and that will make things easier day by day as well.

Keep your vehicle in tip top shape and do some research to find the best deal around.

Car Title Loans to Get Through a Tough Time

Living in Miami can lead to a very expensive lifestyle. That’s not even considering it to be an extravagant lifestyle. Simply surviving in Miami can be difficult enough, but consider living it on a low income budget and you have yourself a recipe for financial disaster.

We have all been in the position of being broke at some point in our lives. Many of us have experienced the ultimate hard week where our tires blow out, the dog gets sick, the refrigerator breaks, and the ceiling caves in. It’s in this time of hardship that we learn that sometimes we have to ask for help to make it through to the next paycheck.  In an economy where more and more people are living paycheck to paycheck, there is a need for quick income solutions and car title loans are fast becoming one of the methods people are using to help survive day to day living expenses.

What is a car title loan? Basically when considering a car title loan you are signing on for something similar to a personal loan from a financial establishment with your personal automobile as collateral against the loan. A lot of people would feel more comfortable getting a personal loan from a banking institution that does not require them to put anything up for collateral, but if you are like so many others struggling in this economy, you may not have the established credit, or even a high enough credit score to qualify for one of these loans. Many others will seek payday loans, which is a good option if you need a small amount of cash coming in for a short amount of time, usually two weeks. If you’re seeking a larger sum, perhaps to help pay for vet bills or unforeseen living expenses like a broken refrigerator, then your best bet is going to be a car title loan.

Getting a car title loan in Miami is fast, easy and convenient. When you go to make the transaction make sure you have the car title with you. You may need to provide personal references in order to establish a trust between yourself and the financial institution you are seeking money from. They will generally want at least three people, and will ask you to provide names and phone numbers that these individuals can be contacted at. Many establishments that offer car title loans in Miami will even allow you to keep the car in your possession while you are making the installments to repay the loan. Once you have taken out a car title loan in Miami, make sure you stay up to date on the payments because they will have your title as collateral which means that even if you’re only a day late on repayment they can have your car repossessed. We all need a helping hand once in a while; it’s okay to seek one out. Just make sure you know what you’re getting into and that you hold up to the end of your contract. If you can do that, then getting a car title loan may be a good way to help you get out of a financial rut.

Houston Car Title Loans are Temporary Solution for Small Businesses

Car title loans in Houston are a type of secured loan in which the borrower uses their vehicle as collateral. The borrower allows the lender to place a lien on their title and temporarily surrenders the hard copy in exchange for the loan amount.  When the short-term loan is repaid the lender releases the lien on the title. If the borrow defaults on payments or is unable to repay then the lender can repossess the vehicle and sell it for monies owed. A car title loan is typically short-term and can carry a higher interest rate than other credit of 35% to over 100% but is generally available to almost anyone without a credit check. Most companies require proof of address, employment, government-issued identification and proof of car insurance. Many Houston car title loans can be processed in less than 15 minutes for as little as $100. This small amount is not generally available through most other financial institutions who usually won’t lend amounts less than $1000. The maximum car title loan amount is calculated from the resale value of the car. Many lenders will offer up to half of the vehicle’s resale value but this amount often varies depending on the state in which the loan is acquired.

Payment schedules may differ but the borrower must pay the interest due by each due date. The full outstanding amount may be due in a single payment at the end of the term of the loan. Sometimes the borrower is unable to repay the loan at this time and they have the option to roll the balance over, and take out a new title loan. Often, government regulation limits the total number of times that a borrower can roll the loan over, to help the borrower from remaining perpetually in debt.

A car title loan can provide quick cash for a small business in Houston. Many small businesses struggle with cash flow especially in their beginning days. Often a small amount of money is needed to purchase equipment, new inventory or pay employees but is not immediately available. Frequently the money is tied up in receivables and existing inventory. This small amount is not often available through most financial institutions who lend don’t lend amounts less than $1000. A short-term Houston car title loan can provide the money the business needs to continue operation. Many new small businesses begin with an idea but often forget to create a solid business plan. A business plan includes sale projections, how the business will run and realistic projections of how much money it will make.

Do I Qualify for Car Title Loans in Ohio?

In today's economy, millions of Americans find themselves short on cash. Often, money troubles arise for people on the strictest budgets. Sure, you plan enough to pay your bills, but you had no idea your water heater would leave you freezing in the shower. That hospital bill you thought would be small ended up breaking the bank. Or, that tooth you thought would wait a few more months, finally gave up, and you are in pain! Unfortunately, problems like these occur all the time and require money you just don't have. The good news is there is help. Ohio car title loans can be the solution you are looking for.

Many people may ask, "What is a car title loan?" A car title loan is a loan where the borrower provides their car title as collateral for a loan. Some people may wonder if you lose your car while you have the loan. This would leave the question, "How do I get around without my vehicle?" The wonderful thing about car title loans of Ohio is you don't lose your vehicle, as long as you make the payments on your loan. It allows you to get cash for the collateral of your vehicle. The car title loan company simply keeps your title as collateral. This leaves you with your car, and the money you need.

The next question you might be asking is, "Do I qualify for Ohio car title loans?" Many people worry about their credit, which is understandable, with these tough economic times. Many people do not have perfect credit, or even high enough credit scores to qualify for a loan. However, you may be surprised to learn that many car title loans of Ohio, do not require a credit check. Just because you have had problems, with past credit history, doesn't mean you don't need the money now. Imagine the convenience of a loan, without the hassle of a credit check.

Car title loans of Ohio, can be secured quickly and easily. The process is so fast! You can get the money you need, the same day you apply. Solving money troubles has never been so convenient. No more embarrassing calls to mom and dad. No more asking your friends for money. You can be in control and have the peace of mind you deserve. You don't have to wait for a money tree to grow, or a rich uncle's inheritance. Whether you have good credit, bad credit, or no credit at all, you can secure a car title loan. No more waiting for a bank to decide if you qualify. When bills arrive that you can't pay, secure a car title loan and drive away.