Jason Rathman
Written by Jason Rathman

Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth knowledge of all things financial, he is a great asset to Greendayonline.

Title loans are a type of secured loan where borrowers use the title of their vehicle as collateral for cash. Borrowers in Ohio obtain title loans whenever they need quick money and are willing to pledge their car’s ownership rights. They provide an opportunity for individuals who do not qualify for traditional loans due to unfavorable credit scores or other financial concerns. Despite such a convenience, they have drawbacks to understand before taking one out. GreenDayOnline discusses the different aspects of title loans in Ohio and how they work. Obtaining a title loan is relatively straightforward and involves the following steps.

  1. Providing documentation such as proof of income, age, and the vehicle title itself.
  2. The borrower receives funds quickly after approval which helps them address any urgent needs they have at hand.
  3. Repaying the title loan is the final process. Borrowers must repay it within the agreed time and interest. They risk having their vehicle repossessed if payments are late or missed entirely.

What Are Title Loans In Ohio?

Title loans are a type of loan wherein an individual uses their vehicle as collateral against the loan. The lender takes possession of and sells the vehicle to recoup their losses if the borrower defaults. Title loans benefit people who need quick cash but don’t have access to traditional financial services.

The state law regulates title loans in Ohio. It places certain loan restrictions, such as maximum interest rates, repayment terms, and late fees. Lenders must provide borrowers with information about their rights before approving any title loan. All title loan companies must obtain a license through the Department of Commerce before providing services.

How Do Title Loans In Ohio Work?

Title loans in Ohio offer individuals a financial option during unexpected expenses or emergencies. The loans are available to people who own a vehicle and possess that vehicle’s title as collateral. But how exactly do they work? Title loan regulations vary from state to state, but three key steps are generally involved.

  • An individual seeking a loan must provide proper documentation, such as identification documents and proof of income.
  • They must present their car’s title and other relevant information about it.
  • Lastly, they receive funds within 24 hours if the lender approves.

Qualifying For An Auto Title Loan In Ohio

Pursuing a path of prosperity through auto title loans in Ohio is beneficial for people seeking financial assistance. Preparation is paramount for potential borrowers as qualifying for such loans requires certain criteria to be met.

First, applicants must provide proof of their identity and residency in Ohio. They must possess an automobile with a clear title not used as collateral on any other loan or lien. The vehicle serves as security against the loan. Prospective borrowers must present evidence of employment and income sufficient to cover the repayment requirements the lender sets. Lenders require at least three months’ bank statements showing regular deposits to assess creditworthiness. Lastly, all documentation must be valid and up-to-date so there are no difficulties when applying for approval.

As a leading provider of title loans in Ohio, our company has established a strong presence in several key cities across the state. We understand that financial needs can arise unexpectedly, and our goal is to offer convenient and accessible solutions to our customers. With a commitment to exceptional service and flexible lending options, we have become a trusted resource for individuals seeking quick and reliable access to funds. In the following table, we present a list of the most important cities where our company is actively serving customers with title loans. Whether you’re located in a bustling urban center or a vibrant suburban area, our team is dedicated to assisting you with your financial needs. Explore the table below to find the city nearest to you and discover how we can help.


Speed Of The Title Loan Process In Ohio

Several factors impact how quickly you receive your money when obtaining a title loan in Ohio. You must have all necessary documents ready at the time of application, such as proof of income and vehicle ownership documentation. Most lenders require certain credit checks or background screenings, which add extra time depending on the lender’s criteria and the borrower’s situation. They expedite the process significantly.

The good news is that even with extra steps involved, due to advancements in technology, many lenders offer online applications which streamline processes and reduce paperwork allowing customers to get the funds they need quickly. Reputable lenders provide helpful customer service representatives who assist borrowers through every step of their loan journey if needed.

Credit Requirements For A Title Loan In Ohio

The primary requirement is an acceptable credit score. Generally speaking, most lenders do not issue title loans if the borrower’s credit score is below 600. They require proof of income or other financial data to confirm that borrowers make payments on time and with no issues. Various lenders request more information, such as recent bank statements or pay stubs, to verify applicants’ ability to repay their loans.

Laws Governing Title Loans In Ohio

Certain restrictions exist regarding how much capital borrowers must obtain through a single title loan transaction. Borrowers in Ohio must borrow at most $500 from one lender at any time. Interest rates on the loans must be at most 28% annually or 2% monthly. All lenders must obtain proper licensure from the Department of Commerce before offering title loans in Ohio. Title loan borrowers spend approximately $3 billion annually on title loans, according to Pew Trusts. The data below shows the various title loan statistics.

Annual Title Loan Fees$3 billion
Average Annual Fee per Customer$1,200
Average Title Loan Amount$1,000
Average Title Loan APR300%
Percentage of Customers with Repossessions Annually6-11%
Percentage of Borrowers using Loans to Pay Regular Bills50%
Percentage of Loans for Business Purposes3%
Percentage of Paycheck Consumed by Title Loan Payment50%
Percentage of Paycheck Consumed by Payday Loan Payment36%
Title loan statistics

Loan repayment periods vary depending on the amount borrowed, but no repayment period must exceed 30 days from when the borrower obtained the loan. Failing to repay the debt within thirty days means borrowers are subject to extra fees and penalties established by each lender’s policies. Knowing and understanding the regulations helps potential borrowers decide if entering into a title loan contract is right for them in Ohio.

Frequently Asked Questions

What Is The Time-Frame For Repaying A Title Loan In Ohio?

Repaying a title loan in Ohio is subject to the terms and conditions set forth by the lender. Lenders have different requirements for repayment, so borrowers must understand the details before obtaining a loan. Generally, borrowers must repay title loans within 30 days or less.

Borrowers must investigate their options carefully when looking for a title loan in Ohio. They must understand the associated fees and the lender’s deadlines regarding when to make the payments. Individuals must look into ways of extending their payment due date if necessary. The vehicle’s registration must remain up-to-date throughout the loan agreement.

Are There Any Additional Fees Associated With Title Loans In Ohio?

Title loan lenders impose charges for services rendered, such as processing, underwriting, and other miscellaneous expenses to pay before receiving the loan amount. Fees vary depending on the lender, so researching different companies beforehand is necessary. Most states require lenders to provide an itemized list of any extra fees or interest rates that apply.

Apart from potential fees charged by the lender, taxes are due at the state level, which you must know when budgeting for repayment. Borrowers seeking title loans in Ohio must ask about such extra costs before obtaining a loan from a particular lender. Researching and understanding what type of financial commitment borrowers make helps them have better chances of successfully repaying their title loan without facing any surprises.

Is It Possible To Refinance A Title Loan In Ohio?

Yes, it is acceptable to refinance a title loan in Ohio. A title loan must not increase debt beyond what you are able to pay back within a reasonable time frame. Researching lenders and comparing their offers enables them to find the best deal for your unique financial situation. You must verify all the required documentation before signing any contracts or agreements associated with the refinanced loan.

Is It Possible To Use A Co-Signer For A Title Loan In Ohio?

Yes, using co-signers in title loans is an interesting concept, likened to two teams rowing a boat together. The first team represents the borrower who needs money and wants to obtain a loan. The second team consists of a person or entity willing to vouch for them and offer financial support if they are unable to repay it themselves. Cosigning in Ohio is available as part of their lending regulations, allowing individuals to seek help from family members or friends with good credit scores when obtaining a loan.

Below are statistics on title loans in Ohio:

Number of title loans in Ohio1.2 million
Average loan amount$1,500
Interest rate29%
Term30 days
Default rate20%
Statistics on title loans in Ohio


Ohio enacted reforms in 2018 to implement a strict interest rate cap of 28% on title loans. This followed decades of the state permitting uncapped title loan rates since first authorizing the practice in 1995. Neighboring Indiana and Kentucky still have higher interest rate ceilings at 36%. West Virginia allows rates up to 222%. And Pennsylvania recently lifted its caps after years of strict limits. Clearly, current title and installment lending regulations in border states to Ohio differ markedly from Ohio’s newer, tighter constraints created to reign in title lender practices.

Title loans provide a quick and easy way to obtain funds in Ohio, but borrowers must use them cautiously. Borrowers must completely understand all aspects of their loan before entering into such agreements. Any borrower must understand the repayment terms of their loan before signing on the dotted line. The maximum loan amount allowed and other associated fees vary greatly depending on the lender. Refinancing is another option for people wanting to extend their repayment timeline, but they must arrange it before reaching the maturity date of the original loan agreement. Lastly, having a co-signer helps to secure higher amounts at more favorable rates, although all parties involved remain liable for repayment of the full sum regardless of circumstances. Title loans in Ohio offer fast access to cash when needed most.

Jason Rathman

Jason Rathman


Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth knowledge of all things financial, he is a great asset to Greendayonline.