Title Loans Illinois
Are your finances tight? Do you have bills you simply cannot pay? Is your phone constantly ringing because bill collectors are harassing you about late and unpaid bills? When you are facing financial troubles, you can feel overwhelmed. The good news is that help is available. While it might be difficult to get a loan from a bank if you have bad credit, a title loan can provide you with the fast help you need to get your finances under control. When applying for title loans Illinois residents need not be concerned about their credit. Your approval for a title loan is not based on your credit. At Midwest Title Lender, we will not even check your credit. Regardless of whether you have poor credit or no credit, you could be approved for a title loan if you have a vehicle title with no liens and a regular source of income. We are able to approve title loans on a variety of different types of vehicles, including passenger cars, pickup trucks, motorcycles, and recreational vehicles. If you are experiencing financial difficulties and need a little extra cash to help during this challenging time, apply for a title loan today.
How to Apply for Title Loans in Illinois
Many people are often concerned that applying for a title loan will take too long or are concerned that they will not qualify for a title loan. When applying for title loans Illinois residents should be aware that title loans are not like bank loans. One of the reasons it often takes so long to apply for a title loan is the underwriting process that is involved in approving such loans. Bank loans are typically intended for the purchase of big items such as homes and vehicles. The bank wants to be assured that you will be able to pay back your loan, so the lender will check your credit to make sure you have a history of paying your bills on time. At Midwest Title Lender, we understand that all sorts of circumstances can occur that might cause you to have bad credit. Even in such situations, we will may still be able to approve your request for a title loan.
To begin your request for a title loan, you will need to enter your full name and telephone number as well as your zip code. So that we can provide you with a title loan estimate, we will also need information about your vehicle. This includes the make, model, and mileage for your vehicle. When applying for Midwest Title Loans online, you can typically expect the application process to take less than 30 minutes. Our staff at Midwest Title Lender is often able to disburse funds for approved loans in 24 hours or less.
Before we will be able to approve your loan, we will need to verify that you have a regular source of income. There is no need to verify your employment. In fact, you do not need to be employed currently to be approved for a loan. Your regular source of income could come from any of the following sources:
- Unemployment benefits
- Workers’ Compensation
- Social Security
- Child support
Legal Guidelines for Title Loans in Illinois
There are some legal guidelines that apply to title loans. In order to be legally eligible to take out title loans Illinois residents must be at least 18 years of age. We will also need to verify that you have a clear title to the vehicle with no liens. The vehicle must also be listed in your name or you must be listed on the vehicle title in order to be approved for a title loan.
The Many Perks Title Loans Have to Offer
At Midwest Title Lender, we strive to make the title lending process simple and fast. We understand that it may not be convenient for you to take time off from work to visit a lending office in person. This is why we offer an online title loan application. From start to finish, it only takes about 15 or 20 minutes to complete a title loan application.
It’s not uncommon for many people to be hesitant about applying for title loans in Illinois because they are afraid they will be rejected because of past credit problems. While this is certainly a valid concern when applying for a loan from a bank, you do not need to be worried about being rejected because of credit when applying for a title loan. Whether you have bad credit, no credit, or you have had a foreclosure or bankruptcy in the past, you could still be approved.
Other common questions about title loans include how the funds can be spent. Banks often place restrictions on how loans can be spent. In most instances, when you apply for a bank loan it is to make a specific purchase, such as a vehicle or real estate. With a title loan, there are no such restrictions. You are free to spend your loan in whatever way you wish. Possible options include:
- Wedding or honeymoon
- Emergency expenses
- Medical bills
- Auto repairs
- Home improvements or repairs
- Special occasions
- College tuition
- Paying unpaid bills
We are committed to making the process of paying back your title loan as easy as possible. For instance, we offer competitive interest rates as well as flexible repayment terms. If you should find yourself in a financial bind in the future and need to make your payments more affordable, simply let us know and we may be able to refinance your title loan. You also have the freedom to pay off your title loan at any time without worrying about being charged extra fees for doing so.
Worried that you will have to be without transportation while paying off your loan? A title loan does not work like pawning your vehicle. You are only using your vehicle title to secure the loan. You are still able to continue driving and using your vehicle. This can be particularly beneficial for individuals who only have one vehicle and rely on that vehicle for their sole source of transportation.
A title loan also presents more advantages than does a payday loan. Many people turn to a payday loan because they are looking for a fast and easy solution to their financial problems. The problem with title loans is that there is usually a very limited amount of money you can borrow. In addition, the timeframe for paying back a payday loan is extremely limited. Title loans are quite different. The amount you may be able to borrow using a title loan is based on the value of your vehicle, which means you may be able to borrow more money with a title loan than with a payday loan. Furthermore, the timeline for paying back a title loan is usually longer than a payday loan. Whereas you are usually expected to payback a payday loan with a month at the most, you will have longer to pay back your title loan, helping to protect you from undue financial stress.
There are also no limits regarding where your title loan can be used. When using a credit card for emergency expenses, you may find that many places do not accept your credit card. With a title loan, you have the cash you need to handle your financial matters. This means your loan proceeds can be used anywhere.
Think you need to be experiencing a financial hardship to apply for a title loan? While many people do opt to take out a title loan when they have a financial emergency, you do not have to be in a serious bind to apply for a title loan. It could be that you just need a little extra money to provide some financial leeway or perhaps you have a special occasion coming up. The funds from your title loan could easily be used to pay for a wedding, birthday, upcoming holidays, or anything else. You could even use it to make a major purchase when you do not want to run up your credit card or take out a loan at the bank to buy something for which you do not have the cash to pay for.
We accept all types of vehicles, so even if you do not have a car or truck to use to secure your title loan, if you have a motorcycle or recreational vehicle, we may still be able to provide you with the loan you need. Your vehicle need not be a late model vehicle, either. The amount of your loan is based on the value of your vehicle, but we may be able to approve your loan even on an older model vehicle.
If you are feeling overwhelmed due to unpaid bills and do not know where to turn for help, put your worries aside. A title loan can provide you with the financial relief you need. Apply today and rest easy tonight.