Title Loans in Illinois

Vehicle title loans are similar to collateralize loans, an example would be taking out a second mortgage. Instead of risking the foreclosure of your home, title loans are more flexible and will be more personalized to you. The lenders only ask for your vehicle title in exchange for some quick cash. Anyone can apply for a car title loan in Illinois regardless of their credit history. Another positive to look forward to when taking out a title loan is the right to still be able to drive your vehicle under the loan period. There are many of us that face financial struggles, let us help you eliminate your money troubles and get a title loan with us today!

Starting the Application Process for a Title Loan in Illinois

Applying for a title loan is simple, fill out our free online application by providing vehicle information such as mileage, year, model and make, and we will give you a title loan loan estimate right away. For further inquiries, our helpful loan representatives are there for you to use. They may also guide you in the next steps you need to take, as well as inform you about any necessary documents you may need to bring with you to the title loan site in Illinois.

Additional documents to bring with you to the loan site:

  • Photo ID
  • Proof of income
  • Original vehicle title, free of liens
  • Vehicle

What is my vehicle worth in terms of loans?

You may refer to Kelley Blue Book for a quick online appraisal. You may also bring your vehicle to any certified vehicle appraisers in Illinois closest to you. It is important to note that regardless of your vehicle make, you may only get up to $4,000 for your vehicle in the state of Illinois.

In the state of Illinois title loans are heavily regulated, you may be eligible for up to $4,000, but no title loans can also be based off of what you make in a month; no title loan amount can exceed 50% of your monthly income. Unlike other title loan states, Illinois restricts lenders from having balloon payments, meaning the lender must set monthly payments for the loan in equal sums.

What are Balloon Payments?

Balloon payments are basically accrued interests payments you make at the end of your loan.

Lender and Borrower Roles

There are strict regulations in place in the state of Illinois for title loans, and other secured loans. When it comes to title loans, as a borrower, in the state of Illinois, you are not allowed to apply for any type of loan, bank, mortgage, payday, etc., if you have an outstanding loan balance in the past 15 days. In addition, a title loan lender is not obligated, and may not make any contracts with individuals with outstanding balances.

If you do obtain a title loan, the title loan lender must also provide informational pamphlets regarding ways of managing debt complete with contact information where inquiries and complaints can be directed. When drawing up the terms of the contract, the lender may not request a duplicate copy of the vehicle key, or take the original key as security.

Illinois also practices the Truth-in-Lending Act (TILA), which was made to protect the borrowers by requiring the title loan lenders to fully disclose the terms of the title loan both written and orally. They must include information about the annual percentage rate, the charges, and security interest fees given to the borrower before the completion of the agree title loan.

Title Loan Refinancing Rules in Illinois

A loan may only be refinanced when the principal amount is reduced by 20% by either party. The amount of the new title loan may not be greater than the outstanding balance of the refinanced loan.


If missed payments are constant, the lender may repossess the borrower’s vehicle with notice. They must give them a safe location, and appropriate date and time in the event of repossession, allowing the borrower to take any personal items.

If the car is repossessed, the lender will not be able to lease the vehicle out to the borrower.  

Filing for Bankruptcy

In the state of Illinois, you may file for Chapter 13 bankruptcy to extend the payment for your loan; not exceeding 5 years. Chapter 13 Bankruptcy is designed to help the borrower’s out by breaking up the total amount due in 3 to 5 years, without any increase in interest or payment value.

Illinois Cities Served:

Car Title Loans Illinois

Platinum Lending, LTD provides superior online car title loan services throughout all of Illinois!