Get Cash From Your Car With An Auto Title Loan In Illinois
Car title loans are available to Illinois residents that need money quickly and the best part is you don’t need much to qualify. Title loan companies offer fast funding, usually within one day if you’ve got your car title available. All you need is a paid off vehicle and with that you can typically be approved for a loan that let’s you use the equity in your vehicle as collateral.
How Do Online Title Loans Work In Illinois?
The process is simple and the path to getting cash for your vehicle with a title loan in Illinois is clear and manageable. You provide a title loan company with some basic information about yourself and your car then they will do a quick appraisal to see how much your car is worth. If you’re approved, you’ll get the cash you need right away, it can even be that same day if you get funded with any of the larger lenders in metro Chicago. There are dozens of private title loan companies in Cook County that allow you to apply online and pick up the cash in person. The terms of the loan are flexible so you can choose how long you want to pay it back for, and there’s no penalty for early repayment.
Borrowers With Bad Credit Can Still Qualify For Auto Title Loans In Illinois
One of the great things about title loans are the fact that you don’t need perfect or even good credit to be considered for a loan. In fact, many borrowers with less than perfect credit use title loans as a way to rebuild their credit history as they make on time monthly payments. Instead of worrying about your credit score like you most banks and installment lending services, auto title loan lenders want to know if there’s enough equity or value in your car to serve as collateral for the loan amount they offer. Once that’s confirmed they won’t even run a standard credit check, so don’t let your past keep from getting the cash you need now with a loan from Highway Title Loans.
Are There In Regulations Or Restrictions With Title Loans In Illinois?
As with any loan, there are terms and conditions you need to be aware of before signing the agreement and the majority of these laws are enforced by the Illinois Division Of Financial Institutions. However, in most cases anyone over 18 years of age can qualify for a title loan without restrictions or limitations based on income or employment status.
Regardless of your current financial situation, you’ll find it is easy to apply for car title loans anywhere in Cook County; all you need is an active checking account with direct deposit capability (savings accounts don’t work) and the ability to prove that you own a paid off vehicle with value that you fully own. A couple other important things to remember about title loans restrictions in Illinois: they’re not allowed to exceed more than 50% of your vehicle’s worth when determining how much money you can borrow with a secured loan.
How Much Money Will I Receive With A Title Loan In Chicago IL?
The amount of money you can borrow through a title loan lender in Chicago IL is related to the amount of equity available in your car. By equity, it’s referring to the overall value of the vehicle minus what you still owe on it. You can often access anywhere between $1,000 and $20,000 in Illinois with a title loan for cars that are older or newer. If you have an SUV, truck or van then most likely there will be more available funds up to the maximum funding limit as these vehicles typically retain their value very well compared to small cars and compact models. For getting cash out quickly from an auto title loan lender in Chicago Illinois, you can’t go wrong with affordable online title loans at Highway.
How Can An Auto Title Loan Benefit Someone In Illinois?
There are a number of reasons why vehicle title loans can be a great solution for cash-strapped borrowers or low wager earners in Illinois. Of course the main reason why people apply for this form of funding is because they can’t qualify for the obvious lending options like bank personal loans or payday installment loans.
Other benefits of Title Loans in Illinois include:
– You can get funded the same day you apply in most cases, especially if you go with one of the larger title loan companies in Chicago or Rockford.
– There’s no need to have perfect credit, as your car’s equity is used as collateral instead and bad credit is not an issue.
– Title loans come with very flexible repayment terms, so you can choose how long you want to take to pay it back and there’s no penalty for early repayment.
– You can use your title loan money for any purpose you like. Ideally it will be for a financial emergency as the interest rate with a title loan in IL is often sky high, but there are no restrictions on what you can use the funds for.
Apply For An Illinois Title Loan Today
If you’re looking for a fast, easy and convenient way to borrow money in Illinois then a title loan with no credit check is definitely the way to go. With no credit check required, you can be approved for up to $20,000 in as little as one day and the process is simple with no hidden fees or extra charges.
Don’t wait any longer, find a reliable online title loan lender in Chicago today and get the cash you need now! You can Apply Now at Highway Title Loans and we can get you a funding decision in less than one hour! Fill out an application directly on our website or contact us at 877-433-5454 to get started.