Title Loans Mount Prospect, IL
While your financial struggle is real, title loans are the way to overcome. Unexpected medical expenses or home repairs can eat away at your budget. Or, it could be an expense you always pay, such as rent or tuition, but the costs have gone up. Now, you’re in a bind and need a way out of a financial hole. Title loans are exactly what you need.
Title Loans in Mount Prospect
Title loans in Mount Prospect are fast ways to get fast cash. All you need to do is put up your vehicle as collateral. Your credit history is never checked because loans are based on the collateral you use, as well as your income. Title loans in Mount Prospect, IL work out extremely well people with bad credit, those with bankruptcies and anyone looking for a convenient way to get money. Traditional loans require more paperwork, including personal financial information, and a credit check. And, the loan officer needs to know why you want a loan and how you plan to use it.
Eligibility Requirements
- Be 18 or older
- Use your personal car as collateral for the loan.
- Vehicle must be paid off and lien-free
- Vehicle can also be a truck or motorcycle
- Have an income. Sources of income include work, retirement, alimony, disability and social security
Title Loans Mount Prospect Application
Online applications for auto title loans in Illinois require your name, email, zip code and phone number. Also, put in the year, make and model of your vehicle, as well as its age and mileage. This information is used to determine an auto title loan quote. After getting it, a Midwest Title Lender agent calls you to set up a payment plan and go over the condition of your vehicle. Vehicle’s with the same make and model will get different loan amounts because one car may have a lower or higher value due to damage or upgrades. Finally, you sign the loan contract and give us the title, and we give you the money.
Legal Information
Borrowers
Borrowers can borrow up to $4,000, but the loan amount cannot be so high that monthly payments are more than half the monthly income of the borrower. Consumers are allowed to repay title loans early without being penalized by their lender.
Lenders
Title lenders must be licensed to operate in the state. Lenders must provide approved loan customers with a brochure from the Illinois Department of Financial and Professional Regulation that offers a hotline for customer complaints and comments, as well as information about debt management and consumer rights and responsibilities. Lenders must also provide their clients with information about fees, interest rates and interest charges they are expected to pay. Borrowers must also be give advance notice if their vehicle could be repossessed.
Benefits of Title Loans
- Title loans are known as fast money loans for a reason. When you need money, just apply and you could have the cash you need within hours. Finding a faster way to get money will be difficult.
- Applications for title loans in Schaumburg and Mount Prospect, IL are super quick and easy. They are really just short forms to fill out, and all you need to tell Midwest Title Lender is your name, contact information and vehicle specifics. You’re done in minutes.
- There is no credit check. Because these loans are secured with collateral, it does not matter what type of credit history an applicant has.
- Want to pay off the loan early? Go for it! There is no penalty.
- Need more time to pay back your title loan? Talk to a loan agent about restructuring or renewing your loan.
- You get to keep your car while paying off your loan.