Title Loans Orland Park
Getting fast cash when in the middle of an emergency doesn’t usually leave many people with a lot of options. If you have depleted your emergency funds and didn’t have anywhere else to borrow, a car title loan lender in Orland Park is the next best thing you can consider. Title loans involve getting cash in exchange for surrendering the title of your vehicle to a financial institution. There is an interest rate charge attached to each loan, and you have to pay it at after the agreed period. Failure to meet payment gives the lender the right to repossess your vehicle.
You may be asking why a title loan would suit your situation. Well, for one, taking out a title loan does not require you to have a stellar credit history as traditional lenders demand. Maintaining a good credit history is hard for most people, especially with mortgages to finance and loans to repay. Just because you missed a few debt payments some time ago does not mean that you have to struggle now when you are in dire need of cash. Lenders for title loans Orland Park make that possible because they only need you to tap into the equity of your car.
Applying for Title Loans Orland Park
When taking out an Illinois title loan with Midwest Title Lender, we make the application process as painless as possible. The application form that is available online allows you to fill it without the need to photocopy and attaching documents. You just have to give the relevant details about your car such as the make, mileage, and year. The form also has a section for your personal information, which includes your name, address, phone number, and email. There is also a car title loan calculator that gives you an estimate of what your loan would cost. Knowing this sets you in a better position to make a decision about proceeding with your loan application. You also know what to expect when the loan finally gets approval.
Regulations for Title Loans in Illinois
Our title loans in Joliet and other areas adhere to the state and federal regulations to ensure customers receive fair treatment. Illinois is one of the states with restrictions on car title loans. When calculating the interest for a title loan, a lender must view it as simple interest. What this means is that lenders in Illinois are not allowed to charge interest on outstanding interest.
Repayment of title loans Orland Park has to be amortized. What this means is that unlike other states, Illinois does not allow balloon payment of title loans. They have to be somewhat even across the specified duration. For instance, if the loan plus interest is $2000 payable in 6 months, a borrower has to pay about $330 every month. A very crucial rule in Illinois regarding title loan repayment is that a monthly payment cannot exceed 50% of a borrower’s monthly income. In Illinois, you cannot refinance a loan or roll over until 20% of the principal is paid off.
Why Title Loans
The lack of credit and background checks is what makes Midwest title loans preferable solutions for some people. These checks can take considerable time, which is why conventional loans don’t get immediate approval. An emergency means you can’t afford to wait. With title loans, it takes a few hours or a day at most to get your cash. If you are in the middle of bankruptcy, debt collection or foreclosure, car title loans offer an uncomplicated avenue of accessing money.
Midwest Title Lender requires you to do very little to get your car title loan. Fill in your title loans Orland Park form and wait for us to process it promptly.