Title Loans Crest Hill, IL
Banks can take days, if not weeks, to approve a loan. For those who need cash fast, this isn’t an option. You can get the cash you need with a completely online title loan. The fast approval process puts cash in your hands fast. If you need cash, and need it now, you would probably find getting a loan against car title to be a better option.
How does a title loan work?
A title loan is a secured loan. Your car title secures the loan, operating as collateral. When you take out a car title loan, you are using the equity in your vehicle to secure the loan. The title loans in Joliet will place a temporary lien on your title for the time of the loan. You are never at risk of losing your car for the entire duration of the loan if you continue to make regular payments. Once you have paid off the loan, you will get the title back. Your loan amount is determined by your income and the value of the vehicle. Most people are able to get a loan for approximately half the value of their vehicle. You are given an entire month to pay off the loan. The payments for title loans Crest Hill are made in installments.
How do you apply for a loan?
Applications for a loan can be filled out online. You will need identification, employment and vehicle information to complete the title loans Crest Hill process. Once you’ve answered all of the questions on your application, you can submit the form for processing. We’ll get back to you within a day to update you on your approval status. The title loans Crest Hill application process only takes five minutes to complete. Within minutes, you can have a decision on your loan.
Can I pay off the loan early?
We encourage all of our title loans Crest Hill applicants to pay off the loan early. There are no penalties for paying off the loan early. In doing so, you are able to avoid additional fees that may result from an extension. Most people apply more toward their installment plan in order to pay off their title loans before the end of their initial term is up.
Understanding Illinois and title loan laws
We are not able to provide title loans valued at more than $4,000. Title loans cannot be valued at more than one-half of a person’s gross income in the state of Illinois. The title loan installments must be spread evenly over the entire loan period to avoid balloon payments. As a borrower, you will never be required to make an unexpected, large balloon payment on a loan. The principal amount on title loans Crest Hill accounts must be reduced by a minimum of 20 percent. Consumers are not allowed to refinance until they have met this condition. In order to qualify for a title, you may not have any current outstanding loans out in your name.
What are the benefits of title loans?
We operate independently of credit reporting agencies, so your credit will never be a factor when processing your application. Your title loan application approval is determined by the value of the vehicle. If your vehicle is valued at a certain amount, we will offer you a loan valued around that amount. Your credit score could have a history of bankruptcy or other negative items. We only require that you provide proof of income and that you be able to prove that you have a clean and clear title.
You don’t have to worry about your credit score when applying for a title loan from us. We only need a clear title and proof of income. Fill out an online application today, and we can get your qualified in record time.