Many people face financial difficulties from time to time. As a rule, money is urgently needed when a child gets sick or a car needs repair. Most people find this situation hopeless, but there are several ways to solve the problem, one of them is a Illinois Title Loan. If you have bad credit, traditional lenders have probably refused to approve your loan. In this situation, you can get money quickly with a Title Loan. Your car becomes collateral for the loan. Typically, you can be approved on the day of application.
Basic Illinois Title Loan Information
A Title Loan is a type of loan that uses the value of your car as the collateral for your loan. With a Title Loan, you can get money quickly to cover your unexpected expenses or pay your bills.
In order to be approved in Illinois, a specialist must estimate the value of your vehicle. The loan amount will depend on many factors such as the make of the car, its age and mileage. The condition of the vehicle also affects the loan amount.
Typically, you can get 25 to 50 percent of the value of your vehicle in Illinois. Most often lenders offer Title Loans up to $ 5,000, however if you want more you can find a lender who will lend you up to $ 10,000. Before applying for a Title Loan in Illinois, it is best to compare the offers from different lenders and choose the one that is best for you.
The repayment terms of the Title Loan in Illinois directly depend on the loan amount. Typically, repayment terms range from 12 months to 36 months. You can discuss the terms of loan repayment with the lender and choose the most convenient for you.
Frequently Asked Questions
How does a Title Loan in Illinois work?
In order to get a Title Loan in Illinois, you need to bring the car and its title to the lender's store. A specialist will evaluate the cost of your car in accordance with a number of criteria and will offer you an acceptable loan amount. In this way, the lender becomes the temporary owner of your title and provides you with a loan that you must repay within a specified period.
Can I use my car while paying off the Title Loan in Illinois?
Yes, you can use your car during the loan repayment in Illinois even though your vehicle is a collateral. Many people think that when paying off a Title Loan, creditors take your car until it is repaid, but this is a misconception. You can use your car during loan repayment, but the title of the car temporarily belongs to the lender, which does not affect your ability to use the car.
When will the lender return my car title in Illinois?
At the time of loan repayment, the lender is the owner of your auto title. In order to get your title back in Illinois, you need to pay the entire amount of the loan with interest in the agreed period of time. Then the title will be returned to you in accordance with the terms of the contract.
Can you get a Title Loan with a bad credit rating in Illinois?
As a rule, most creditors refuse lenders with a bad credit history in Illinois because they consider them unreliable. However, when applying for a Title Loan in Illinois, you may be approved even with bad credit. The most important factor in obtaining a loan is a regular source of income.
However, before you apply for a Title Loan in Illinois with bad credit, you need to know that you will receive higher interest rates on a loan than borrowers with good credit. In order to find a profitable option, you need to compare offers from different lenders.
What car documents do I need to provide?
In order to obtain a Title Loan in Illinois, you need to provide some documents for the car, such as the original name of the car, the registration of the car and its insurance.
What are the eligibility criteria for obtaining a Title Loan in Illinois?
In order to be approved and receive money in Illinois, you need to meet certain borrower criteria. Study the main ones before applying.
- You must be at least 18 years old
- You must be a US citizen or an official resident
- You must provide a government issued ID
- You must provide proof of income
- You must provide an active bank account
- You must provide an email and contact phone number
How long does it take for a title loan to be approved in Illinois?
If you are in urgent need of money, a Title Loan may be a good solution for you. As a rule, lenders provide a response to your application on the same day. This usually takes from 5 minutes to several hours.
When can I get paid in Illinois?
As a rule, money is transferred to your account the next day after the approval of the application in Illinois. In some cases, you may receive a loan on the same day you applied.
What are the Title Loan interest rates in Illinois?
Typically, Title Loans in Illinois have fairly high interest rates. However, it is worth taking into account that loan interest rates also depend on your credit history, as well as your monthly and annual income. The absence of outstanding loans will also be an advantage.
Thus, if you have a good credit history and a regular salary, you will receive the most favorable rates unlike borrowers with low salaries and bad credit history.
Can I repay the Title Loan in advance in Illinois?
Yes, title lenders do not charge any additional fees or penalties for early repayment of the loan. In this way, you can pay off the loan when you have more money.
If you don't want to provide your vehicle as collateral to secure a Title Loan, apply for quick unsecured Payday Loans in Illinois.