Posted on: November 15, 2017
FREQUENTLY ASKED QUESTIONS
The CashMax Ohio team is committed to serving you for all your payday cash advances, instant cash and auto title loan needs. To help you make an informed financial decision, the following are frequently asked questions (FAQs) regarding the short-term loan process and the protection of your personal information. You can also find more information in the Helpful Resources section or by calling a CashMax location near you.
CAN I PAY EXTRA ON MY LOAN BEFORE IT’S DUE?
Yes, we encourage our customers to pay more than the minimum required to help you save money on finance charges. Please keep in mind that the fee structure is tiered and is based upon the amount financed; therefore, if you reduce your amount financed and it falls into a new tier, fees will be calculated based on the new amount financed.
WHAT HAPPENS IF I CAN’T MAKE A PAYMENT WHEN MY LOAN IS DUE?
As the guarantor on your loan with the lender, we have a vested interest in ensuring that your loan does not fall into a delinquent status; however, we understand that life happens. We ask that you stay in contact with us when unexpected situations occur. We will work with you to do everything possible to make sure your loan stays current and the lender offers alternative payment options under special circumstances. If you are currently behind with your payments or are concerned you will not be able to make repayment on your loan, please contact your local CashMax.
HOW DO I RECLAIM MY CAR TITLE ?
Once a loan is repaid to the lender in full, CashMax will submit an electronic request for lien release with the State of Ohio. At that point, a duplicate title may be retrieved by going to your local title bureau.
WHY DO I HAVE TO PAY TO GET A NEW OR DUPLICATE AUTO TITLE?
Ohio participates in the Electronic Lien and Title (ELT) Program which means titles and liens can be electronically exchanged with lienholders in lieu of a paper title. Once CashMax receives a paper title, the lender places an electronic lien on the vehicle online. At that point, the original paper title is no longer valid and a duplicate title must be purchased by the customer once the lien is released on the vehicle. The Ohio Bureau of Motor Vehicles charges a $15.00 fee for all duplicate titles.
DO I HAVE TO PAY AN ADDITIONAL FEE IF I LOAN AGAINST MY TITLE MORE THAN ONCE?
The title fee must be paid again only when receiving a completely new loan. If the loan is being refinanced, a new fee is not required.
HOW LONG DO I HAVE TO WAIT FOR THE CAR LIEN TO BE RELEASED?
Full lien release may take up to fourteen (14) days from the date itis requested before the State of Ohio will reflect cancellation of the lien. If you need to obtain a new paper title before the state shows the lien release, CashMax will provide you with the “ELT Lien Release Request Acknowledgment” from the state and, if requested, a signed letter on CashMax letterhead expressing that CashMax no longer has an interest in the vehicle.
DO MOST PEOPLE USE A CASH ADVANCE SERVICE FOR THE SAME REASONS I DO?
Most likely. Surveys show that while Americans do a good job of managing household budgets, most of us need occasional help. An increasing number of consumers choose a cash advance or auto title loan to cover unexpected expenses or to bridge a short-term cash crunch between paydays. A cash advance is a short-term financial tool that can provide a sensible alternative to costly bounced checks, late payment charges, and tarnished credit ratings.
HOW OFTEN DO MOST PEOPLE USE CASH ADVANCE SERVICES?
Since a cash advance is a short-term solution to an immediate need, it is not intended for repeated use in carrying an individual from payday to payday. When an immediate need for a short-term cash advance or auto title loan arises, we’re here to help. But a cash advance is not a good long-term financial solution.
DOES CASHMAX ENSURE PROTECTION OF MY PERSONAL INFORMATION?
We respect our customers’ desire for privacy in managing their personal financial matters, and protecting your personal information is paramount. All transactions, loans and advances with CashMax are kept confidential, and we will treat your personal information accordingly.
WILL CASHMAX CHECK MY CREDIT RATING BEFORE I CAN RECEIVE A CASH ADVANCE?
CashMax does not utilize traditional credit bureaus in the same manner employed by other lenders. By completing and submitting an application, however, you acknowledge that you are applying for a cash advance or payday loan. As part of our underwriting process, we verify applicant information through certain national databases including – but not limited to – Clarity, DataX and Factor Trust; we may review your credit score in order to determine your eligibility and ability to repay.
WHAT CAN I DO IF I’M EVER DISSATISFIED WITH CASHMAX ?
At CashMax, we pledge to fulfill the short-term financial needs of our customers while delivering unparalleled customer service. We believe in this so much that we made it our mission statement.
If you have a concern that has not been resolved to your satisfaction by a member of our CashMax team, we invite you to contact our corporate office by email at firstname.lastname@example.org or by telephone at 800-777-7777. We welcome the opportunity to address your concerns.
IF I HAVE OTHER QUESTIONS NOT ADDRESSED IN THIS FAQ LIST, WHOM SHOULD I CONTACT?
Feel free to contact your local CashMax store manager should you need assistance. You may also contact the CashMax Customer Service Department directly via email at email@example.com.