Title Loans in Mount Prospect, Illinois
In order to cover an unexpected expense, you might be forced to borrow money, if you don’t have adequate funds. Though there are several options available to borrow money, the wise residents of Mount Prospect, Illinois often prefer to take out a title loan because it is the most convenient and safest way to raise fast cash to meet all expected and unexpected expenses.
The unique feature of a title loan is that it can be acquired by a customer in spite of his/her bad credit score. Unlike traditional loans, where credit score plays a key role in deciding your eligibility for an easy loan, the title loans in Mount Prospect, Illinois don’t discriminate your eligibility on the basis of your past credit score. You can easily secure the much-needed quick cash as and when you need it, whether you have an unsatisfactory credit score. This is the reason why this instant financial solution is also known as an emergency loan.
What is a Title Loan?
A title loan is a secured loan that you can avail instantly by keeping the title of your vehicle as collateral. In order to acquire this loan facility, you should allow a title loan company to put a lien on your vehicle title, and you have to surrender the document of your vehicle title temporarily in exchange for the loan amount. The best part of an Arlington Heights title loan is that the lender just keeps the title of your vehicle, and doesn’t deprive you of the driving rights. This means that you go on enjoying driving of your vehicle all through the loan repayment period. Moreover, the vehicle title is returned to you after repayment of the entire loaned amount, including the interest.
Advantages of Title Loan
The first and foremost benefit of securing title loans in Mount Prospect, is its ability to provide you with quick cash as soon as possible so that you can utilize the amount for various purposes, such as paying your medical bills, house renovation or repairing, paying college fees etc. In addition to this, there are other significant benefits of this instant financial solution, such as:
- Cash more than 50% value of your vehicle
- Affordable interest rates
- Easy repayment options
- No credit score check
- Minimal paperwork
- Refinancing option
- Fast approval
Steps To Be Followed to Acquire Title Loan in Mount Prospect
You can easily get a title loan in Mount Prospect by following the below given simple steps:
- Fill in application form mentioning your personal details and other information related to your vehicle, such as its model and make.
- Submit necessary documents, such as your age proof document, photo ID, title of your vehicle, and your monthly income proof.
- Get the vehicle inspected so that the company could determine the maximum loan amount.
- Sign the contract
- Obtain cash.
Title Loan Laws in Mount Prospect, Illinois:
- Since lending and borrowing title loan is legal in Mount Prospect, every lender must hold a valid license from the Department of Financial and Professional Regulation, Illinois.
- As per the Illinois Administrative Code, a title loan company should calculate interest on all secured loans as simple interest. It means that interest should be charged, excluding outstanding interest.
- The loan should be completely amortized and equal payment should be made every month. Balloon payment is strictly prohibited in Mount Prospect.
- A title lender is not allowed to provide more than $4,000 as principal amount of a vehicle title loan. The loan amount must not exceed more than 50% of gross monthly income of a borrower.
- Borrower can renew the loan after making 20% of the payment of the principal amount.
- Privacy should be maintained by the lender. Any information shared by a borrower must not be disclosed to the third party.