Title Loans Belleville, Illinois
The cost of living in Illinois is considered above the national average, and because of this, many individuals are living in debt. For most of us, getting a bank loan is an impossible feat, since the banks have a credit score requirement. However, getting a personal loan has never been easier through Illinois title loans in Belleville and Springfield. Our lenders work with any individual regardless of their credit rating. Since we do not need our applicants to have a credit score, the only factor we consider is your vehicle value. We will guarantee fast cash exchange, all for your vehicle title. Submit an application to learn more!
What are Title Loans?
These loans are asset-based, meaning that your vehicle title will be exchanged temporarily for a loan. The title loan lenders can then hold onto the title for 30 days, depending on your circumstance, you may extend the loan period if you choose to renew it. In Illinois, these types of loans can grant you up to $4,000. Based on your vehicle value, we will be able to calculate the appropriate loan amount to give you.
How to Apply for a Loan
You may choose to apply with us online, on our mobile-friendly and user-friendly website, or on the phone with one of our loan representatives. Either way, the only information you have to provide is the vehicle make, year, model, style and mileage. Our loan representatives will handle the rest from there, and inform you of the loan amount you are estimated to receive. The title loan estimate is calculated regarding the value of your vehicle only. They will also let you know where the closest title loan lender in Belleville is, and any paperwork you must gather and bring with you to the site. Some of the paperwork they ask you to provide may include:
- Photo ID (Driver’s License, State ID, or Passport)
- Proof of income (Recent bank statements and/or pay stubs)
- Vehicle title (Obtained at a tag and title service or Department of Motor Vehicles)
Your vehicle is also required during the time of transaction. The title loan lender will only hold onto the vehicle title, so you are still able to use your vehicle during this time.
Terms and Conditions of Title Loans
Illinois regulates and oversees the title loan lenders. Each lender must be licensed to operate in this state, and must execute loans transparently and fairly. In Illinois, balloon payments are prohibited, which is good for the consumers. This just means that when you look over your payment plan, you will notice that each payment you have to make to the lender to pay off your loan will be in equal amounts. This makes it more affordable and easier for you to pay off since you know the exact amount each time. You are allowed to pay off your loan earlier than the scheduled date. The loans usually have a maturity date of 30 days, but can be extended if you choose to renew the loan. Just like other asset-based lending, if you are unable to pay off the loan, there are consequences. If you believe you may be late on payment, it is important to contact your title loan lender before the scheduled date and let them know. Sometimes, lenders are more lenient if you give them notice. However, if you do not let them know, your lender may state that you have defaulted the loan. When you default a loan, it means that you have either missed payments or made late payments. This can lead to eventual vehicle repossession.