Title Loans Moline, Illinois
The title loan industry has undergone a dynamic change in Moline following the introduction of new title loan regulations by the Illinois Department of Financial and Professional Regulation (IDFPR) on April 1, 2009. Realizing the significance of a car or an auto title loan as a viable alternative to traditional loans for the majority of families in Illinois in the wake of global economic crisis, the IDFPR has included all necessary measures in the revised Consumer Installment Loan Act ensuring strong protections to the customers from predatory lenders.
At present, the title lenders across Illinois operate under such a government-monitored regulatory framework that they have no scope to manipulate people regarding interest rates or payment schedules with a motive to entrap them in a cycle of debt. The new regulations have eventually brought an end to the practice of balloon payments on title loans.
With implementation of new regulations, title loan has gained an overwhelming response across the cities in Illinois, including Moline and Peoria. The residents of Moline now consider the title loan as a hassle-free financial solution to raise instant cash to get rid of financial crisis.
What is a title loan?
A title loan is a special kind of secured loan that a borrower can obtain by using his/her vehicle title as collateral for the loan amount. This is the reason why this short-term loan is also dubbed as a car title loan or a vehicle loan. In order to avail this quick finance facility, you should allow a lender to put a lien on your vehicle title and surrender the hard copy of the title temporarily. The best part of the deal is that the lender will allow you to retain your car and continue to enjoy its normal drive during the repayment period. The title paper will be returned to you only after the repayment of loaned amount in its totality.
Bad Credit: Not a Matter of Concern!
Until the advent of Moline title loan, people with bad credit score used to get tensed and derailed when an unexpected financial problem struck their lives. Because of their bad credit score, they are often deprived of even accessing an ordinary bank loan or other such traditional loans. Most of the conventional lenders starkly said a big No to the bad credit customers. However, this problem of creditworthiness is now resolved by the title lenders, who never go through your credit history during the loan approval process. Therefore, you can easily get a loan in spite of your bad credit score or no credit score.
Interesting Facts about Title Loan
- Confidentiality of your personal information
- Loan more than 50% value of your vehicle
- Effective customer support services
- Don’t give your vehicle keys
- Flexible repayment options
- Easy refinancing option
- No credit score check
- Lower interest rates
- Cash on same day
How to Acquire a Title Loan?
Acquiring an Illinois title loan is very convenient, thanks to its hassle-free and stress-free approval process. By just following a few simple steps, you can obtain the cash in less than 30 minutes. Just fill out the loan application form and submit required documents. The title lenders will make a quick five-minute inspection of your vehicle and let you know the title loan quote and therefore the loan amount decided to be offered to you after the evaluation of your vehicle. If you agree to certain terms and conditions of the lender, the much-needed cash will be instantly transferred to you. Some of the key documents that you need to submit include:
- Lien-free vehicle title paper
- Residential proof certificate
- Age proof document
- Proof of income
- Driver’s license
Title Loans Laws Applicable in Moline, Illinois
According to the revised title loan regulations enacted by the Illinois Department of Financial and Professional Regulation (IDFPR) under the Consumer Installment Loan Act:
- The vehicle owners in Moline are entitled to get short-term loans based on the value of their any kind of vehicle, such as car, bike or truck.
- In Illinois, a title loan company cannot provide more than $4,000 as the principal amount of a vehicle title loan. The size of the loan should not be more than 50% of your gross monthly income.
- A Illinois-based title lender, as per the law, cannot ask you any type of balloon payments. You have the rights to repay the loan in substantially equal installments.
- All title loans should get approval from a statewide database.
- A lender is bound to sign an agreement with the borrower. The agreement should carry a signed statement by the borrower, clearly mentioning that the borrower has no outstanding title-secured loan within the preceding 15 days.
- A title lender cannot provide a fresh loan to a borrower, who has had a loan outstanding within the preceding 15 days.
- A title loan company must inform the borrower about the availability of debt management services and the consumer’s rights and responsibilities through an IDFPR-suggest brochure.