You need to come up with some cash right away and have run out of options. You’ve heard about vehicle title loans, and it sounds like you just may qualify. After all, you only need a vehicle in your name and a steady income to qualify. But you’re wondering, can you get a title loan in Ohio? The short answer is yes — but keep reading for more information.

Explain Title Loans

These are short-term loans that usually must be repaid in 30 days or less, although longer terms may be available.

You will need to put your vehicle’s title up as collateral,  although you can still use it during the repayment period. This is a huge advantage over title pawn loans. All you must relinquish is your vehicle’s title, and that’s just until the loan is paid off, plus interest.

Do understand, though, that because your vehicle’s title secures the loan, you could lose the auto to seizure if you don’t make the agreed-upon payments. If you find yourself in a bind, some title lenders in Ohio will allow you to refinance the loan to get a better rate. Others will reward consistent timely payments with a reduced monthly payment and rate. You would do well to inquire about such possibilities before taking a loan out.

Generally, title loans are a good alternative to payday loans, since with the latter, you’re expected to repay the entire loan with your next check.

In terms of what sorts of vehicles are accepted, most title lenders will consider all manner of rides, sometimes even salvage vehicles.

How Much Can I Borrow?

That largely depends on your income and your vehicle’s value, which is based on its make, model, age, mileage, and general condition. The style and trim level may be factored in, along with any modifications.

With title loans in Ohio, you can expect to be offered between 5% and half your vehicle’s value, which usually works out to between $1,000 and $10,000.

However, the amount you can borrow will not depend on your credit score. While some title lenders will peruse your history, they won’t focus on it. Why? The loan is secured by your vehicle’s title, which mitigates lenders’ risk.

What Else is Needed for a Loan?

In addition to a vehicle and title, you’ll need to supply recent photos of the ride from all angles, plus shots of the odometer reading and vehicle identification number. This requirement is in lieu of having to take the vehicle in for appraisal.

You also must provide proof of income. If you have a 9-to-5, pay stubs and bank statements will suffice. Documents showing income from alternate sources such as a pension, legal settlement, Worker’s Compensation, Social Security, etc. would also work.

Also required is a valid government-issued photo ID and proof of an Ohio address (lease agreement, utility bills, etc.), in addition to a couple of personal and professional references.

How Fast Can I Get Cash?

After submitting your application online, including all required materials, you’ll get a decision that day, sometimes within minutes. Once you’re approved, you can have the cash in hand as soon as the next business day. Your options will include picking up funds at a local money transfer location, receiving an overnight check, or having the funds directly deposited. If you opt for the latter, be certain in advance that your bank account is set up for ACH transfers.

So, yes, you can certainly get a title loan in Ohio. Just make sure you have the means to keep up with payments.