Title Loans Buffalo Grove, IL
Being late on payments is one thing, but missing payments is another. When you realize you are having trouble keeping up with your financial obligations, it’s best to take actions immediately. One way to fill the money gap is by getting a title loan. These loans are awarded quickly because the money is needed immediately.
What are Title Loans Buffalo Grove?
Title loans in Buffalo Grove are an alternative lending option in which a person who needs money uses their car as collateral to get a loan. There is no credit check required for approval, unlike bank loans which are mainly based on the applicant’s credit score.
Title Loan Illinois Qualifications
To qualify for a title loan, you must be at least 18 years old and have a source of income. Your money could be from your job, from your retirement benefits or from another source, such as unemployment, alimony or disability. Vehicles used as loan collateral must be completely paid off and lien-free.
Title Loans Buffalo Grove Application
Applying for title loans in Buffalo Grove is quick and easy. Just type in your name and contact information, and tell us about your car. What is the make, model, style, year and mileage? Midwest Title Lender gives you a car title loan estimate, and one of our representatives calls you about an offer. While taking to the representative, you will set up a payment schedule and provide more information about your income. You will also discuss the condition of your vehicle, which is how we determine your final loan offer. There may be a quick vehicle inspection before you sign loan papers and turn over the title. Usually, the process is wrapped up within a day and you get the loan money.
Lenders must hold a state license and distribute a state-produced debt management brochure to each approved loan candidate. Lenders must also provide information to borrowers before they sign loan agreements that details the loan interest rate and all fees and interest charges the borrower will pay. Mandatory balloon payments are prohibited by state law.
Borrowers may pay off loans early and not be penalized by the lender. Borrowers may get up to $4,000 but only if the monthly payments are not more than half of their monthly salary.
What Are Title Loan Benefits?
The number one benefit is getting the money, and the number two benefit is how fast you get the money. Title loans don’t require a credit check, which means you are waiting to find out whether or not you get approved. You put up the collateral and have an income, and you get approved. With a very short application and a brief discussion of options and terms, everything can be completed in the same day. That means you get the money you need within hours of applying for title loans in Arlington Heights and Buffalo Grove, IL.
Another benefit of title loans is that you can work out arrangement with Midwest Title Lender when things don’t work out the way you planned. For instance, the title loan you got really helped take the edge off of your financial troubles, but you’re still having some trouble. Talk to a loan agent about the possibility of restructuring the loan so the payments are lower. It might mean the loan is renewed to extend the payback time, but it will help you get back on track.
On the other hand, maybe you are over that financial rough patch and want to pay off your title loan earlier than anticipated. Great! You can do that, and there is no penalty for early payment.