Title Loans in Joliet, IL
When you need cash, a loan process that is simple and straightforward can go a long way. Along with our streamlined application, there are many benefits to online car title loans..
- Title loans are cheaper than payday loans. In fact, payday loans are structured to keep you in a cycle of debt. The interest rates can be as high as 1200%. Although title loans are higher than traditional loans, payments are structured to help you repay the loan as quickly as possible.
- Midwesttitlelender.com has convenient repayment options. Your loan installments can be paid through our safe and secure online portal.
- Auto title loans eliminate financial stress. These loans help you gain control of your financial situation. After you receive your title loan cash, you no longer have to worry about how you are going to pay your bills because you will have money in the bank.
If you’re in a financial situation that requires you to look for short term financing, a title loan may be the right financial product for you. This type of loan is set up for consumers who don’t have the credit to get a traditional loan or who want a faster and more convenient loan application than a traditional loan offers.
When a borrower takes out title loans Joliet from Midwest Title Lender, he or she exchanges a vehicle title as collateral on the loan. Therefore, it’s necessary for borrowers to own a vehicle before they will be able to take out this type of loan.
Joliet, IL Title loans: how the application process works
One of the biggest reasons why consumers choose title loans Joliet is because of the convenience of the application process. It’s easy and simple to apply for a title loan, and the application of most lenders can be filled out online.
At Midwest Title Loan, we have an online application that asks borrowers for some personal information as well as some vehicle information.
Before making a decision on an applicant, we need to know how much that applicant’s vehicle is worth. We therefore ask applicants to tell us what the make and model of their vehicle. In evaluating a vehicle, we also need to know how many miles it has and in what year it was made.
The applicant will submit this application online and we’ll then examine it to determine if we can offer a loan and how much we can offer on a loan with that vehicle held as collateral. Regardless of whether or not we offer a loan, we get back to all applicants with a decision and explanation.
If we make a loan offer, the applicant can expect to quickly see loan funds in his or her bank account. Of course, we’re always available to answer questions about the loan if applicants have any concerns that need to be addressed before the loan in question is finalized.
Illinois state law and how it impacts title loans Joliet, IL
There are a variety of different state laws that apply to Midwest title loans in Illinois, and consumers should be aware of them when shopping for financial products. One thing consumers should be aware of is that they won’t be able to take out a loan of more than $4,000 or 50 percent of the consumer’s monthly income with a vehicle title used as a collateral. In Illinois, there is a state law that limits title loans to $4,000 or 50 percent of the consumer’s monthly income in order to keep loans small and easier to pay back for consumers.
Another restriction that is set by the state on title loans in Illinois dictates that there must be at least 15 days between title loans that are taken out by one consumer. Consumers sometimes get in a cycle where they are repeatedly taking out title loans to cover expenses, and the state tries to save consumers from this type of situation by making sure that some time passes after one title loan is taken out before another can be taken out. The state also dictates by law that title loans can be renewed once after the point at which the consumer has paid by at least 20 percent of the loan principal.
Potential benefits that Illinois title loans offer to residents of Joliet
Joliet residents have many potential reasons to want to take out title loans Joliet from Midwest Title Lender. These types of loan offer some unique benefits that aren’t often possible through any other type of financial product. Before making a decision on what to do about some financial obstacle requiring financing, consumers should be aware of the potential benefits of title loans:
- Relaxed credit requirements- Usually, the credit requirements for getting out a traditional loan are fairly strict. It’s not easy for your average consumer to be approved for a typical bank loan without a cosigner. Title loans make it possible for a consumer with poor credit or not credit history whatsoever to take out a loan.
- Flexibility- Title loans are among the most flexible types of loan out there. Consumers can often choose from a variety of repayment and loan amount options when they take out a title loan. Things are also pretty flexible when it comes to the borrower’s professional situation. It’s often possible for borrowers to be approved for title loans even if they are unemployed or not fully employed. This is rarely the case with a traditional loan.
- Ease of applying- Many consumers dread the traditional loan application process because it often takes a long time and involves unpleasant interviews. Traditional loans also involve a lot of stress and confusion.
- Applying for a title loan is comparatively very simple, fast, and straightforward. And, with our car title loan calculator, consumers can see what they’re getting into before they even apply.
- Repayment- Because title loan amounts are kept small, repayment is manageable and it’s less likely that borrowers will struggle with budgeting afterwards.
- Use of vehicle- An Illinois title loan is a great way to get some extra use out of a vehicle. Title loans allow a vehicle to serve as loan collateral while it can also still be used for everyday transportation.