Title Loans Champaign, IL
Consumers interested in short term loans should familiarize themselves with how title loans work. A title loan is a financial product that allows a consumer to use his or her vehicle as collateral. The consumer would then have to present a vehicle title to the lender that the lender keeps as security on the loan.
For many consumers, title loans come in handy. This is especially true for those without a strong credit history who cannot be approved for traditional loans.
Steps to taking out title loans in Champaign, IL
Many consumers are surprised by how simple and straightforward the process of applying for title loans Champaign is in comparison to the process of applying for a traditional loan. The following are five important steps to applying for a loan from Midwest Title Lender:
- Submit an online application- It only takes a few minutes to fill out our online application at Midwest Title Lender. This application just requires a little basic personal information of the borrower. It’s also necessary for the borrower to present information on the vehicle include its make and model. If desired, prospective borrowers can use our online loan calculator to get an estimate for car title loan before officially submitting our application.
- Get a response- We’ll review the application and respond. This review of the application will involve evaluating the vehicle to determine if we can offer financing. If we offer a loan, we’ll send a response that details the loan terms.
- Decide whether to proceed with the loan- Consumers can then decide whether or not to accept the terms that we’ve offered. If they decide to go ahead with the loan they can get back to us with a loan agreement.
- Supply title and get loan funds in bank account- Before we’ll deposit loans to a borrower’s bank account, we’ll need to be in possession of the vehicle title. It’s absolutely necessary that we have a title to offer a loan, so if a consumer has lost his or her title it will be necessary to acquire a replacement before having access to auto title loans in Illinois.
- Repay loan- The repayment terms of the loan will vary depending on what’s available to the consumer. Payment should be relatively quick in comparison to a traditional loan because car title loans in the Midwest are generally relatively low in amount.
- How title loans Champaign are affected by state laws
- There are some state laws in Illinois that impact car title loans Champaign. There is a law that limits the amount of a title loan to $4,000. Also, there is a law in Illinois that indicates that a consumer can’t take out a second title loan within 15 days of taking out a title loan.
Advantages title loans offer to Illinois consumers
It’s not difficult to see how consumers can benefit from a vehicle title loan when they are in need of extra funds. The following are five of the major benefits that this type of loan provides:
- Those with poor credit can be approved- Getting financing is very challenging for those without a good credit score, but it’s made easy with title loan.
- It’s easy to apply- Applications can be filled out in only minutes.
- Borrowers can continue to use their vehicles- A vehicle can multitask as collateral and transportation.
- The unemployed can be approved- A job is not required for applicants.
- Loans are easy to pay back- Loan amounts are small and paid off fast.