Title Loans Elk Grove Village, IL
Just one major expense can set you back financially. While some people have savings set aside for an emergency, most don’t have enough, and many people don’t have anything saved for unexpected circumstances. When something does happen and people need cash in a hurry, they run to friends, family members or anyone they think might be willing to give them a loan.
Banks might be considered if they have a high enough credit score. Some folks may try to pawn things to get money. What more people should do is think of a non-traditional way to get money, such as title loans Elk Grove Village.
Title Loans Elk Grove Village
Title loans Elk Grove Village are an easy way to get money really fast. Simply use the equity in a vehicle you own to secure a personal loan. Unlike a bank personal loan, a credit check is not required to be approved. Title loans are based on the collateral and the borrower’s ability to pay the loan back, which is why there is such a high approval rate with title loans. Another difference in title loans and bank loans is that title lenders will not ask you why you want the money or how you plan to spend the loan.
Title Loans Elk Grove Village, IL Application
Approval for title loans in the Midwest is quick, starting with the short online application that asks for your name and contact information and details about your car. Midwest Title Lender uses this information to give you an initial car title loan quote. After a phone conversation about when and how you will repay the loan, we check out the condition of the vehicle. Then, you sign loan documents and we exchange your title for the cash money.
Illinois Legal Information
- State law requires title lenders to be licensed
- Lenders may offer up to $4,000
- Applicants can borrow no amount that has monthly payments which are higher than the applicant’s gross monthly income
- Balloon payments are illegal
- Lenders must give adequate notice if a customer’s vehicle is about to be repossessed
- Lenders must not penalize customers for paying off their loans early
- Before signing a loan contract, borrowers are to be provided information about their interest rate and interest charges and any fees they are charged.
- Lenders must also give borrowers a debt management brochure produced by the state.
Benefits of Title Loans
- With a short application process, there is no beating the ease and convenience of title loans. Combine that with how quickly applicants are approved and get the money, and it’s clear to see why people turn to an auto title loan in Illinois in their time of need.
- Without a credit check, everyone has the same chance of being approved for title loans in Schaumburg and Elk Grove Village, IL. Bad credit is equal to good credit because it does not matter. Title loans are approved because of the borrower’s collateral, which is great news for the consumers whose poor credit is not good enough for a bank loan.
- Borrowers and loan representatives work out a payment plan that the consumer can afford. After all, it was a lack of money that brought the customer to the title lender. If loan payments are too expensive, the borrower is in the same position they were in before they got a title loan.
- In addition to getting loan money at the exact time you need it, you get to keep the car you put up as collateral. All Midwest Title Lender needs to secure the loan is the title, so you keep the car.