Looking for a title loan in Ohio? Understand the state’s APR caps, discover top online & local lenders, compare fees, and explore safer cash alternatives.
Ohio‑Specific Title Loan Regulations
- APR Cap: 28% annual interest maximum.
- Loan Term Limit: Maximum term is 30 days for small loans; extensions permitted under certain conditions.
- Maximum Principal: No statewide cap, but most lenders limit to your vehicle’s equity.
- Repossession Rules: Must provide a 15‑day notice before repossession and a right‑to‑cure period.
Top Ohio Title Loan Lenders for 2025
| Lender | Coverage | APR Range | Funding Time |
|---|---|---|---|
| TitleMax OH | Statewide storefronts | 18% – 28% | Same day |
| AutoCashOhio | Cuyahoga, Franklin, Hamilton counties | 20% – 28% | 1 – 2 business days |
| TitleDrive | Fully online | 20% – 40% | 1 – 2 business days |
| TitleLo | Fully online | 12% – 28% | Same day – 48 hrs |
APR = Annual Percentage Rate. In‑state lenders must adhere to Ohio’s 28% cap; online lenders vary by state licensing.
Eligibility & Required Documents
- Vehicle Title: Clear title in your name, free of liens.
- Ohio Driver’s License or ID: Must show Ohio residency.
- Proof of Income: Recent pay stubs or bank statements.
- Insurance: Valid auto insurance may be required.
- Minimum Age: 18 years or older.
Step‑by‑Step Application Process
- Choose Your Lender: Compare storefront vs. online options.
- Gather Documents: Title, ID, income proof, insurance.
- Apply: In‑branch visit or complete the online form.
- Review Terms: Confirm APR (“max 28%”), fees, and repayment schedule.
- Sign Agreement: E‑sign or wet‑sign the loan contract.
- Receive Funds: Cash or ACH deposit—often same‑day.
Fees, Extensions & Repayment
- Origination Fee: Typically 2% – 5% of principal.
- Late Fee: Up to $25 or 5% of missed payment.
- Extension Fee: Up to 10% of the outstanding balance (state‑regulated).
- Prepayment: No penalty; reduces total interest paid.
- Repayment Options: One lump sum at 30 days or interest‑only “rollover” with extension.
Safer Alternatives to Title Loans
- Credit Union Payday Alternatives: Smaller fees, flexible terms.
- Installment Loans: Fixed monthly payments, longer terms.
- Short‑Term Personal Loans: Lower APRs from online lenders or banks.
- Local Assistance Programs: Community nonprofits for emergency funds.
Tips for Safe Borrowing in Ohio
- Borrow Only What You Need: Minimize principal to reduce interest.
- Verify Licensing: Ensure in‑state title lenders are Ohio‑licensed.
- Read the Fine Print: Confirm fees, extension rules, and cure periods.
- Plan for Repayment: Budget the lump‑sum or interest‑only rollover.
- Explore Alternatives: Compare costs with small personal or installment loans.