Title Loans Rockford, IL
What would it take for the average American to go from financially stable to financial disaster? A few unexpected circumstances or one big, costly event could do it. A medical emergency, damage to a home that’s not covered by insurance or something breaking down inside the house could be the event that puts you in financial distress.
Maybe it’s something completely unforeseen, like finding out you owe a big tax bill. In all honesty, it would take a big disastrous event to put most people in a money crunch.
That’s because most Americans are not financially stable. They are living paycheck to paycheck.
So, let’s say you’re the one who has an incident that zaps your bank account. What should you do? If you just need a little money, you could ask a friend or relative. If it’s a larger amount, you could try the bank.
The problem with these options is that there is too much uncertainty. You never know if friends and relatives have money to spare, and you don’t know if the bank will lend you money.
Something you can be sure of is that title loans are the only option that is pretty much a sure thing.
Title loans are similar to regular bank loans in that a person applies and is either approved or denied a loan. Title loans, however, are secured by the vehicle of the borrower, which is used as collateral. Title loans are not based on credit worthiness, so there is no reason to do a credit check. All credit types are welcome to apply, and nearly everyone who is eligible gets approved. That’s a great benefit to people with a spotty credit history because they are probably not going to get a loan at the bank.
Anyone who owns a car could potentially get a title loan. They need to be at least 18 and have a source of income. The vehicle used could be a car, or it could be a motorcycle, truck or other mode of transportation. Applicants need to make sure they don’t owe any money on the vehicle and that there are no liens against it before applying for title loans in Rockford. While most people will use their job as an income source, there are other options, including disability, unemployment, social security, pensions and alimony. Because these loans are secured with collateral, title lenders do no perform credit checks.
Title Loans Rockford, IL Application
Applications for title loans in Rockford, IL require you to provide your name, zip code, email and a working phone number so that a Midwest Title Lender agent can contact you. You also need to provide the make, model, year, style and mileage of your vehicle. This information is used to give you a title loan quote. When a loan agent contacts you to discuss your loan quote, you will be able to get any questions you have answered. You will also set up a repayment plan and provide details of your income.
Before a final loan offer is decided upon, more information about the condition of your vehicle is needed. All cars with the same make and model are not worth the same amount. Some cars have been damaged and may not have been repaired.
Those vehicles may be worth less than the standard market value of similar vehicles. On the other hand, some people take excellent care of their vehicles and other make upgrades.
Additions, such as a sunroof, expensive rims or quality sound system, could push a vehicle’s value much higher. Those cars will likely get a larger loan offer.
While there are times when car title loans in Illinois are processed without an on-site vehicle inspection, typically a loan representative will need to take a look at the car to assess its condition and value.
Once all these conditions are met, you will sign loan documents and give the agent your title. Then, the money is yours to use as you please.
Illinois Legal Information
- All title lenders are required to be licensed in Illinois by the state’s Department of Financial and Professional Regulation (IDFPR).
- Lenders can offer up to $4,000 per loan if the borrower qualifies. No applicant can borrower more than half of their gross monthly income.
- Lenders must let consumers know about all interest rates and charges and all fees linked to their loan before the borrower signs loan documents.
- Lenders are not allowed to have balloon payments.
- Lenders must let borrowers repay title loans early if they chose and not assess them any pre-payment penalties. State law also says that for borrowers who repay a loan early, lenders must reduce the amount of interest paid.
- Lenders must provide a state-issued debt management brochure to all loan clients. The brochure talks about consumer rights and responsibilities, and it provides a hotline number for consumers to call with concerns, comments or complaints.
Benefits of Title Loans
- Immediate cash is the best benefit of title loans in Rockford, IL. While it is not exactly immediate cash, it is pretty close. Midwest Title Lender applications are short and to the point. They are easy to fill out and only take a few minutes to complete. After a short discussion of loan specifics, the approved applicants can take their money and go. Most loans are approved the same day the person applies. Sometimes it’s only a matter of hours.
- There is no credit check for car title loans in Illinois. Credit worthiness might be important to a traditional lender, but title lenders think outside the box. We understand what it’s like to need money right now, so we don’t make the process any more difficult than necessary. With online car title loans, applicants bring collateral, which is their vehicle. The loan is secure, which means neither good credit nor bad credit come into play.
- While you pay back the loan, you get to hang on to your vehicle. There’s no need to lose the use of your car just because you borrower a little cash in a time of need.
- Your information stays private with Midwest Title Lender because we keep things confidential and discreet.
- When you get a title loan, you don’t have to ask friends and family for money. You get to keep your financial business to yourself.
- Another benefit of Rockford title loans is how they help you avoid damaging relationships. Let’s say you decide to ask someone close to you for a loan to get you through the rough patch. While it’s hard for you to humble yourself and ask for the loan, it may also be hard on the other person who is now placed in an awkward position. Maybe they don’t have money to give you, or maybe they don’t like lending money. Let’s say you get the loan. It solves your money emergency, but now there’s tension between you and the person you borrowed from. They may be anxious about when you will repay the loan and ask about you about frequently until the debt is paid. What will happen if you aren’t able to pay the money when you said you would? This type of stress and anxiety is completely avoidable when you choose car title loans in the Midwest.