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Title Loans Illinois

Title Loans Woodridge

Following the path to a great career led you to a college education and a great entry level position in your chosen field. Working hard paid off with promotions and raises, but you’re still struggling to make ends meet. While you figure out a way to get more money in the long run, you need an infusion of cash now to pay some bills. There is an option for getting money that you may not have considered. Title loans in Woodridge are quick, easy, convenient and the perfect solution for someone who needs extra money quickly.

Title Loans Woodridge

When a person trades their car title for a personal loan it is known as a title loan. Using security allows lenders to approve most loans without a credit check. Anyone with credit problems won’t have to worry about being denied because their loan is approved based on the equity in their vehicle. Cars, trucks and motorcycles with a higher value will get higher loan offers.

Title Loans Woodridge Application

Applying for title loans in Woodridge includes a short online form for your name and contact information and details about the car, such as its make, model and mileage. This basic information gets you an auto title loan estimate and a follow up call from a loan agent. During the brief phone call, the agent can answer any questions you may have, help you set up a repayment schedule, get more information about your source of income and develop a final loan offer. This final offer is based on the condition of your vehicle. Finally, give the title to an agent, sing your loan contract and collect your money.

Legal Information

State law allows loans of up to $4,000, but what each person is allowed to borrow depends on their income. Legally, they may not borrower an amount that has monthly payments greater than their gross monthly income.

Lenders must be licensed to operate in Illinois. They must also give approved applicants a debt management brochure produced by the Illinois Department of Financial and Professional Regulation. In addition to discussing consumer rights and responsibilities, the brochure contains a hotline phone number for consumer complaints and concerns.

Lenders are not allowed to require balloon payments. They cannot penalize their customers for paying off loans early. Lenders must give a borrower notice if the customer’s car is about to be repossessed.

Benefits

Nothing beats the ease and convenience of Illinois auto title loans. From the quick and simple application to the fast pace of the entire loan process, title loans in Naperville and Woodridge are perfect for the person looking to get money fast. All a person needs is some kind of income and car to use as collateral. Within a day or less, they can apply for and be approved for a title loan, and have the money in their pocket.

Midwest title loans are also much easier than getting a bank loan. At the bank, you will likely be required to provide pay stubs, bank statements and maybe tax returns or other documents. Bank loans also include a credit check, which is not done with title loans. While most title loans are approved, bank loans are only approved if you meet all the qualifications and you have a good credit score.

Flexibility is part of the title loan process, which means if something about the loan is not working, there are options. Payment plans are set up so the borrower can afford the payments. If they run into trouble making those payments or need more time to repay the loan, something can be worked out for them.

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