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Title Loans Bedford Heights, OH

Learn More About Bedford Heights Ohio

Bedford Heights is a city in Ohio which was founded in 1951 after breaking from the City of Bedford. As a suburb of Cleveland, Bedford Heights prides itself as a family and business friendly community. Bedford Heights has a rich history. Once part of the old Western Reserve of Connecticut, the land has always been highly valuable due to its abundant timber and waterpower. After splitting from Bedford, Bedford Heights became a small village. It was, however, transformed into a city by a voter-approved 1958 Charter.

Title loans are simple and convenient ways for those with limited or bad credit to obtain financing for high ticket items they need. Applying for collateral loans online is a simple process that takes very little time.

Introduction to Title Loans in Bedford Heights

Before considering a title loan, it’s important for potential borrowers to understand what is involved with this type of loan. A title loan is a special kind of loan that allows a vehicle owner to use the equity of the vehicle as collateral for a loan. The amount of the loan for which a person is qualified depends on the value of the collateral vehicle according to Kelly Blue Book or NADA. Some title loan companies also set their own limitations on how much an individual can borrow. There are also variations in other policies such as the term of the loan and the amount of income a potential borrower needs in order to qualify.

Applying for Title Loans in Bedford Heights

In order to qualify for title loans in Bedford Heights, it is necessary to fill out a fast online title loan application. The information a potential borrower needs to provide includes the following:

  • Year, make, model and approximate mileage of collateral vehicle
  • Clear car title and registration in name of borrower
  • Name, phone, number, zip code and email address
  • Amount and source of income

Once you submit your application and receive an online quote, you will speak with a loan specialist who will work with you to determine the final terms of your loan. At this time you will be able to discuss your financial needs and assess how much you can afford. In most cases, you will receive your money right away although in rare cases you may have to wait until the next business day.

Legal Regulations for Title Loans in Ohio

The state of Ohio does not allow auto title loans under the payday loan model of short-term lending, but this doesn’t mean you cannot obtain title loans in Bedford Heights. There is another model some lenders use called the credit service organization (CSO) model which is perfectly legal. In this method of operation, the auto title lender obtains a CSO license and then engages a third-party lender and the borrower. The auto title lender acting under the CSO license offers you a title loan from a third-party lender who is licensed to lend under the Small Loan Act or the Mortgage Loan Act. The auto title lender then charges a brokerage fee to the borrower while the third-party lender charges fees and interest on the actual loan.

Benefits of Title Loans

There are a number of reasons a potential borrower might choose a title loan rather than a traditional bank loan although poor credit is the primary reason. The benefits of these types of loans include:

  • No credit report necessary
  • Employment not necessary although lenders may require proof of a regular source of income
  • Competitive interest rate and term
  • Minimal personal information required
  • Convenience of applying online
  • Funds usually available within 24 hours

While these loans are focused on those with bad credit, they also appeal to those who need funds quickly and do not have the time to wait for a traditional bank loan. While interest rates are typically higher than bank loans, conducting research will allow a borrower to obtain the lowest possible interest rate is available.

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