Title Loans Huntley, IL
A title loan is a great product for cash-strapped consumers. Those who need to borrow a small amount over the short term can take advantage of this financial product if they possess a vehicle. With title loans Huntley, a vehicle is used as collateral on a loan so that other factors like credit history and employment status are not as important as they are with traditional lending.
How consumers interested in a loan can go about applying for title loans Huntley
At Midwest Title Lender, we walk our borrowers through the application process and answer all questions that the borrowers have. Our customers can rely on us for assistance and can ask us any questions whatsoever that they have about our loan products.
The first step is to submit an online application. It’s easy to answer the questions on our application. Mostly, we’re just interested in learning about our borrower’s vehicles so we can figure out how much the vehicle is worth. This is important in arriving upon a loan amount for a particular application.
If we are able to offer a loan, we’ll get back with a loan offer shortly after receiving an application. Then, applicants can submit a loan agreement and send us their title to get the money. The last step in the process is to pay back the loan.
The legal requirements regarding title loans Huntley that are applicable throughout the entire state of Illinois
An Illinois auto title loan must adhere to certain state regulations regarding this type of lending. Consumers applying for a loan may want to be familiar with the different regulations that apply to the loan product in which they are interested.
In Illinois, there is no cap on the interest rate that can be charged on a title loans. However, there is a cap on the overall amount of the loan. Title loans in Crystal Lake and throughout Illinois cannot be offered for an amount of any more than $4,000. Alternatively, the loan must be limited at 50 percent of the borrower’s monthly income. The state wants to limit the loan amount so that a borrower’s finances don’t get out of hand and the borrower doesn’t have trouble keeping up with payments. Smaller loans are typically paid back quicker and also offer lower payment amounts so that they are easier to budget for.
Ways in which consumers in Illinois can benefit from this alternative lending product
Lenient credit requirements and a simple application process are just a few of the benefits of this type of borrowing for consumers. There are many other benefits that consumers should be aware of if they are interested in taking out a loan.
The following are three additional benefits to title loans Huntley and car title loans in the Midwest:
Those interested in a loan can get a title loan quote from Midwest Title Lender. Anyone who gets a loan from us will enjoy the following four advantages when taking out a Huntley title loan in Illinois:
- Not needing to have perfect credit- With collateral on a loan, credit becomes a much less important consideration. It’s easy for those with a low credit score to be approved.
- Not needing to be employed- Unemployed individuals can’t often get traditional loans, but they can get title loans.
- Being able to continue using their vehicle- A borrower’s vehicle can multitask by still serving as a transportation source during the loan.
- Having an affordable loan- These loans are small, affordable, and quick to pay back for consumers.