Title Loans Lockport, IL
There are many advantage to a title loan as opposed to a traditional loan. A title loan refers to a loan for which a consumer’s furnishes his or her vehicle title as collateral. Generally speaking, anyone who has a vehicle can be approved for this type of loan.
Loans are hard to come by for many consumers because of obstacles like unemployment. Anyone who has struggled to get financing should know about this loan product.
How it’s possible to take out title loans Lockport
Before anyone applies for a loan, it’s important that he or she becomes familiar with the steps that are necessary to go through to successfully complete the process.
These are the main steps to the car title loan process that consumers should be aware of:
- Submitting the loan application- The loan application can be filled out and submitted online. Information about the consumer’s vehicle will be required including the make, model, year, and milage.
- Getting a response- The next step is receiving a response. If a loan is offered, this response will include details like how much the loan is for and how long the borrower will have to pay it off.
- Responding to the response- The consumer will then send us back an agreement if it is desired to continue with the loan.
- Sending in the title- We must receive a title before the loan can proceed.
- Receiving the loans funds- After we receive a title, we’ll send out the loan funds to the customer.
- Making payments on the loan- Payments begin after the borrower receives the loan funds.
- Getting back the title- Once the title loan is paid off, the borrower can get back his or her title.
Laws of Illinois and title loans Lockport, IL
A title loan in Illinois can’t be more than either $4,000 or 50 percent of the borrower’s monthly salary. A low loan amount maximizes the affordability of this type of loan product. Borrowing a small amount makes it so that borrowers can easily budget for their loan, pay the loan off, and get on track financially.
An amount limit isn’t the only regulation that applies to these alternative loan products in Illinois. There is also a day limit dictating how many days a consumer must wait after taking a first title loan out before taking another title loan out. It’s necessary for consumers to wait at least 15 days before borrowing again.
Major advantages afforded by title loans Lockport
There are different advantages to this unique type of Midwest Title Lender borrowing. Using a vehicle as collateral loan for a title loan with Midwest Title Loans allows consumers to:
- Get small, short-term financing regardless of credit history- Many borrowers could have credit issues that prevent them from borrowing a traditional loan, so keeping the amount small and easy to budget for is important.
- Continue using their vehicles even as they serve as loan collateral- Customers don’t have to surrender their entire vehicle to get the loan. They may continue to drive their vehicle even though we’re in possession of their title.
- Get fast access to a convenient loan- Prospective borrowers can conveniently get out a quote for car title loan before officially applying. The whole process at Midwest Title
- Lender is intended to maximize convenience and peace of mind for the borrower.