Title loans Carbondale: Why Borrowers Are Choosing Title Loans
Whether you need to borrow a lot or a little bit of money, title loans can be an excellent way to get the cash you need in hand fast. The only requirements are that you’re 18 years of age or older and possess a title for a vehicle that you own in full. Title loans are secured, which means that you have a lot of options in terms of loan amount, loan length, early repayment and so forth. In addition, a loan against car title doesn’t mean that you have to hand over your vehicle.
When it comes title loans Carbondale residents can get the money they need, how they need and on their terms. The same can’t be said for personal loans from area banks. The Bank of Carbondale prefers unsecured loans, which means you must meet their requirements for credit score and income. Even when a secured loan is an option, banks like First Southern Bank will still demand a term of 90 to 180 days as well as perhaps early payment penalties, and banks like First Bank may demand a $5,000 minimum, which may far above what you need.
Title loans Carbondale: Title Loans Online
For most title loans Carbondale residents can apply for them locally, but an even easier way is to apply for and acquire your loan online with Platinum Lending from the comfort of your own home. Simply choose Apply from the top menu and then Car or Motorcycle. Then, enter:
- The year and make
- The model and style
- Estimated mileage
- Your full name
- Your cell number and email
- Your zip code
Finally, indicate that you’ve read the terms of service, and then, click Submit. The site will provide you with a quote for your online title loan based on the blue book value of your car. You’ll also have the opportunity to communicate with a loan representative who can answer your questions, discuss your concerns and guide you through the remainder of the process. The entire procedure often takes less than 15 minutes, and many people can complete it without visiting a physical location.
Title loans Carbondale: State Regulations
Title loans in St. Louis and throughout Illinois are governed by a series of laws that provide consumer protection. Any entity that lends title loans must be licensed by the state and must maintain that license by continuing to meet certain obligations. The law does mandate a soft cap of $4,000 per loan, but you can extend that cap up to 50 percent of your monthly income, which may require income verification. You must also wait 15 days in between title loans. However, any title loan can be extended once if the borrower has paid at least 20 percent of the principle.
Title loans Carbondale: The Benefit of Title Loans
When you need cash in hand fast, title loans are usually the easiest options. Sure, payday loans are an option as well, but they’re unsecured, which means that they cost more overall. Another option is a bank loan, but that may require jumping through hoops even if you meet the requirements. When you go for a title loan, you just need a title, and you often don’t even need the physical title or have to have an inspection performed. There’s no need for a credit check, so no credit or bad credit is fine, and your income isn’t relevant, so if you’re between jobs or on disability, that’s all right as well.