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How do car title loans work in Ohio?
I’m having money troubles and I need some quick cash. I’m considering a car title loan, but how do these work in Ohio?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that you’re having money troubles.
Ohio
is one of 30 states that have made title loans illegal. Because of their deceptive nature, borrowers often run into further money issues by getting caught up in sky-high interest rates that they cannot afford. While a title loan is legally not an option for you to get fast cash, here are some other routes you can take to secure a loan:
The Short-Term Loan Act, passed in 2019, allows Ohio residents to get unsecured loans of up to $1,000, with just a 20% interest rate or less. Still, this is a very high-interest rate and is reliant on your credit history.
Check with local lenders for a more reasonable loan and interest rate**. You can likely find a lender willing to approve you for a $1,000 loan with an interest rate of just 15% or less. This may be the safest loan option for you.
Consider
refinancing your current loan
. You can save money every month by paying less for your auto loan. Refinancing plans are also contingent on your credit history, but if you have a higher score then you should be able to get a lower rate on your monthly loan payments, giving you room to budget for other expenses. If refinancing sounds like an option you want to explore, download the
Jerry
app. No matter what your credit score is, Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you. On average, car owners pay $85 less every month by refinancing their auto loan. Good luck.
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- Gregory R.
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