Title Loans South Holland, IL
For many consumers out there in South Holland, a title loan is the best option available for handling bills and everyday expenses that come up when one is experiencing a shortage of cash. This type of loan allows a consumer to use his or her vehicle to secure a typically small loan that should be paid back fairly quickly.
It’s important that consumers in Illinois who are looking for a loan understand the application process and benefits of this type of alternative loan product.
Title loans South Holland: A four step process
Applying for title loans from Midwest Title Lender can be broken down into the following four simple steps:
- Filling out the application online- Our online application requires some basic information about the applicant’s vehicle.
- Receiving a response regarding the application- After filling out an application, applicants will wait for our response. If we offer a loan, we’ll get back quickly with an offer and details.
- Sending in documents including title- After receiving an offer, applicants can agree to the offer and send in the title. Then, we’ll deposit the loan funds in their account.
- Paying back the loan- The last step in the process is for the applicant to begin paying back the loan in question.
Legal regulations in Illinois: Title loans South Holland, IL
There are some important state laws that have an effect on title loans in the state. These laws are important to understand to make sure that you’re getting the best lending product out there from a reputable lender.
The first thing to be aware of is the fact that there is a limit on the dollar amount of title loans in the state of Illinois. Title loans in the state are not supposed to be offered for any more than $4,000. Alternatively, the title loan amount could also be limited at 50 percent of the borrower’s monthly salary.
In Illinois, there is no law that sets a limit on how high the interest rate can be on a title loan. However, there is a limit of 15 days between title loans that Illinois consumers can take out.
Title loans South Holland, IL: A few key advantages
Consumers should take note of the distinct advantages offered by the title loan. Title loans in Calumet City from Midwest Title Lender offer some unique benefits that really come in handy for consumers looking for short term lending options.
The following are significant advantages to note:
- Consumers who borrow this type of loan don’t need to meet strict credit requirements- Just about anyone with a vehicle can be approved. That’s great news for those with low credit scores or individuals who have never established a credit history.
- Consumers who borrow this type of loan don’t necessarily have to be employed- Traditional lenders usually insist that approved borrowers have a regular paycheck going in. Because a vehicle is used as collateral for a title loan, employment is less important.
- Consumers who borrower this type of loan don’t have to give up the use of their vehicles- Borrowers continue to drive their vehicles throughout the loan.
- Consumers who borrower this type of loan can apply simply and easily- To get an Illinois auto title loan, consumers can use our title loan calculator. This is a great research tool that maximizes the simplicity of determining whether or not one should take out a title loan. With the calculator, you’ll know how much you’ll probably be able to borrow before you even apply.