A title loan is one of the best ways that can get you out of financial stress when you suddenly find yourself short of cash.
What Are Title Loans Aurora?
Title loans in Chicago is one type of secured loan where you can use your car as collateral. When a lender agrees to lend you a certain amount of money, he will put a lien on the title of your car.
As such you will temporarily surrender the original title of the car, in exchange for the money that you borrowed from him. But you still have possession of your car. When you have completed repaying the loan amount, with the stipulated interest, he will return the title of your car.
However, if you completely default on your arrears, he can use the law of the city of Chicago that regulates title loans to repossess your car. Thus, you won’t be able to use your car anymore.
Lenders approve title loans in Aurora faster than standard loans such as those offered by commercial banks. You don’t need to prove you are a good borrower, nor do you need to show a good credit history. They are also considered title loans without a job. Therefore, if you need fast cash, a title loan is your best option.
How to Apply for Title Loans Aurora
There is no reason why you can’t get an approval if you want to get a title loan. It is very easy and simple to apply for a title loan in our company. Here is what you need to do.
- Go to the official website of Platinum Lending
- Point your mouse to the ‘Apply’ button located on the right top portion of the web page and a drop down option will appear.
- Choose the type of vehicle you will use as your collateral. Your choices are car, motorcycle and commercial vehicle/semi-truck.
- Click on your choice of vehicle.
- A box will appear where you will be required to fill important information about your vehicle. This is part of the online loan application form.
- Type in the required vehicle information such as:
- Type in your basic personal information such as:
- Phone number
- Zip code
When you have completed typing in all the required information, you will be given a free car title loan estimate.
After that a Platinum representative will call on you at your earliest convenience.
Chicago Laws About Title Loans
You need to be aware of the basic laws that regulate title loans in Aurora. Here are some of them:
- Chicago law does not allow a lender to renew or rollover your loan. They use to allow this in the past when borrowers were not able to pay their loans when the payments are due.
But lending companies can give you a new loan if the new loan will not result in you being in debt with the loan company for over 45 days.
- A loan of this type cannot be higher than 25 percent of your gross monthly income. As an example, if you are earning $2,000 per month, all you can borrow is $500.
Benefits of Title Loans
There are a lot of benefits you can get from a title loan. Here are the most important ones:
- Get cash fast
The quickest way for you to get cash is by applying for a title loan. Online title loans are truly convenient for borrowers.
- No credit checks
You will get your cash faster because the lender will not perform any credit checks or credit backgrounds before he releases the loan amount.