Title Loans in Chicago
When you are strapped for cash, you need a loan process that is straightforward because you do not have time to waste. In addition to our customer-friendly application process, there are other benefits of securing vehicle title loans.
- Your credit doesn’t matter to us. Our title loans do not require a credit check. Your loan is based on your vehicle’s estimated value and your ability to repay the loan. If you have experienced a bankruptcy, repossession or charge-offs due to non-payment, you may still be eligible for our title loan packages.
- Your vehicle ownership qualifies you for a title loan. Vehicles that secure title loans include automobiles, commercial trucks, vans, motorcycles and recreational vehicles.
- You can drive your car while you repay the loan. Unlike car title pawn shops, we do not require you to leave your car with us until the loan has been repaid. Our company’s name is listed on your title as the lien holder. You retain the ownership rights to your car.
Many people in Chicago are struggling to make ends meet, paycheck-to-paycheck or month-to-month. When you’re hit with sudden expenses, almost anyone can fall into a financial crisis. Whether you are dealing with a divorce or a job loss, an unexpected medical bill or a necessary home repair, you’ve found yourself owing money and facing bills due, and you don’t have the money on hand to pay. It can seem like a hopeless situation, especially if you have bad credit or no credit at all, or if you have experienced a foreclosure or bankruptcy in the past. Your family and friends are in the same situation as you; no one has money to lend. The banks won’t approve you for a loan, and the card companies won’t give you a credit card. In this situation, you may feel like there is nowhere to turn. However, car title loans in Chicago are a real financial alternative that can help you to secure the money you need today.
Auto title loans in Illinois are a different way of lending. Unlike traditional unsecured loans, title loans in Chicago are secured by the value of your car. The loan amount itself is based on the estimated Blue Book value of your vehicle. Your car’s title serves as the collateral that secures the loan. This means that, for Midwest Title Lender, we’re not concerned about your past credit history or your credit score. Instead, we want to work with you to help you secure the funds you need in a short-term car title loan.
While your car’s title is the collateral securing your loan, you’ll keep your car and continue to drive it normally throughout the entire loan period. We don’t keep your car; we want to make sure you can travel and work as always! When the loan is repaid, your car’s title will be returned to you, free and clear of liens.
This type of loan is fast and easy to get. If you have a paid-off car with a clear title, you should be eligible to borrow a title loan. And once you apply, we make the process move quickly! You can receive your money in 24 hours or even less. We don’t waste time with lengthy credit checks, interviews or loan paperwork, so you can receive your cash the same day you apply. When you’re in a tight spot financially, getting the cash you need when you need it is incredibly important. Midwest Title Lender works with you to secure the funds you’re looking for now – not in a few days or a few weeks.
How to Apply for Title Loans Chicago
Midwest Title Lender makes it easy to apply for the auto title loans in Chicago that can help you to solve your financial crisis. Our simple online form will get you on your way to the urgent funds you need within seconds, with only a few clicks of the mouse.
- Use our easy online form! Select the basic facts about your car: year, make, model and mileage.
- Then tell us some simple personal information: your name, email, phone number and zip code.
- That’s all you need to do. We’ll start working right away to secure the loans you need to resolve your financial situation!
We’ll instantly provide you with a free estimate with our title loan calculator, based on the information you provided us about your vehicle. After you’ve received your free title loan quote, one of our Midwest Title Lender loan experts will phone you to further discuss our title loans in Chicago and complete your application. We will ask for some more information about your car and its insurance. We’ll also ask you about your income. Don’t worry – you don’t need to be employed in order to borrow a title loan. And if you don’t have insurance for your car, we can work that out as well! We only want to check that you’ll be able to repay the loan.
We won’t waste time and money on credit checks and inquiries; we’re interested in you and your vehicle. Our simple process will only take minutes and can secure the funds that you need, in 24 hours or less!
You can pick up the funds and sign your loan documents at any of our many locations after completing this easy process. You’ll have the cash in hand you need to address your urgent financial situation!
Details about Chicago Title Loans
Title loans in Chicago are legal under Illinois state law, which regulates lending by financial services companies in order to protect your rights and interests as a resident of the state. You can borrow up to $4,000 in a short-term title loan in the state of Illinois from a lender. Interest on Illinois title loans is simple interest, calculated based on the principal. In addition, your monthly payments in Illinois must be amortized – that is, they are somewhat equal from month to month. Balloon payments, in which you pay one very large payment of the principal plus interest in the final month of the loan, are not permitted in the state of Illinois. In addition, your monthly payment can’t be more than 50% of your monthly income. This is another reason that we need to verify your income when lending.
Before your title loan is issued, we will need to verify your car insurance information, your identification, and your income. You can send us the documents online and bring them in person when you come to pick up your cash. These verifications ensure that the issuance of your loan is completely legitimate and in accordance with state law in Illinois.
When you come to pick up your cash, you will need to sign a binding loan agreement. This agreement discloses the full loan amount, the interest rate of your loan, the payment terms and the length of your loan period and the consequences of non-payment. If you do not fully repay your title loan, your vehicle could be subject to repossession and sale for the remaining value of your loan. It is critical that you fully read and understand your loan agreement, as it is a binding legal document to which both you and your lender are accountable.
Advantages of Illinois Auto Title Loans
When you are suffering in a financial crisis and don’t know where to turn, title loans can make a real difference for you. When you have bad credit and it seems like most financial institutions don’t want to give you the time of day, Midwest Title Lender is here for you to help you to access the urgent funds you need, quickly and easily. There are real advantages to these types of loans, including:
- Our simple online application – With just a few seconds and answering a few easy questions online, you’ll be on your way to receiving the cash you so desperately need. We make it easy for you to get a loan. There’s nothing tricky or complicated about our application procedure. It’s easy for everybody!
- Quick cash turnaround and disbursement – When you borrow a title loan in Chicago online, you won’t have to wait through a lengthy vetting process to find out if your loan is approved. Instead, you’ll receive the cash you need within 24 hours, and sometimes even on the same day! This means that title loans are far faster than traditional loans.
- Keeping your car and driving – You’re not pawning your car when you borrow a title loan. We’re only placing a lien against the title of your car to secure your loan. This means that you can keep going to work, to school, to see family and to visit friends. We know your car is important to you, and we trust you to care for it during your loan.
- Bad credit and no credit approvals – If you have a complicated or negative credit history, you know how difficult it can be to borrow money or get approved for a loan or even a rental. So many things in your life are made difficult. Title loans are different. We don’t care about your credit report – it’s your car that lets us approve your loan. Even if you have no credit whatsoever, we can lend to you based on the value of your vehicle.
Get started today with our easy online form. We look forward to working with you to secure a loan that meets your needs and that you can afford. When you receive the cash in hand that enables you to address your financial situation, you’ll feel what a difference auto title loans can make for you. We’re waiting to get started working on your loan today!