Title Loans In Downers Grove, Illinois
Sometimes life catches you off guard and throws you an expense that you just couldn’t have predicted or put in the budget. When that happens, a car title loan is there for you. Using nothing more than your car’s title paperwork, you can get a loan in just a few minutes and have money in your account in as little as a few hours.
Title loans allow you to get cash when you need it most by using your car’s title as collateral. Your lender hangs onto the title as form of security that lets them know you are invested in the loan, too. In return, they are able to get you more cash quickly, since the title backs up what you borrow.
These loans aren’t meant to be long term solutions, but instead are short-term loans meant to help you take care of your most pressing needs while you work on longer term financial planning. They give you the opportunity to take care of yourself in a way that many other loans just can’t, which is what makes them such an ideal solution for when you need cash quick.
Illinois Title Loan Regulations
Of course, getting a title loan is no small decision. That is why lenders and the State of Illinois work together to make sure that your rights as a borrower are protected so that you feel confident in your decision to get a loan.
Understanding your rights as a borrower will help you find a lender that will work for your best interests, and allow you to avoid predatory loan sharks posing as legal, legitimate lenders. To make sure you are working with a lender you can trust, you should first always make sure your lender is properly registered with the State of Illinois. Lenders that are not properly registered with the state cannot be properly monitored, and should not be trusted with your vehicle or personal information.
Beyond this, a lender should be open about their terms when you are looking for a loan. Before you ever commit to borrowing, a lender should provide you with a written statement detailing the terms of a potential loan. Your loan statement should include:
- How much the loan will be for
- What interest rate will be assessed
- What other fees will be affiliated with the loan
- How long you have until payment comes due
If a lender is not willing to disclose this information upfront, or if they are in any way abusive of your rights as a borrower, report them immediately to the Consumer Financial Protection Bureau, as well as local law enforcement.
Getting Your Title Loan
If you decide that a title loan is right for you, give us a call. We specialize in Chicagoland title loans, which means we know not only what lenders you can trust, but which lenders have the right loans to meet your unique borrowing needs.
We can match you with a title loan custom selected to meet your needs in just a few minutes. With just one phone call and a bit of information about your vehicle, we can scour our database of secure, reputable lenders to find the loan for you.
We will also take the time to make sure you understand your loan inside and out. We will answer any questions you may have about your loan, and make sure you feel comfortable and confident in your decision to borrow. One quick call is all it takes to get your loan in just a few minutes.