Title Loans Park Forest: All You Need to Know about Title Loans in Your Area
When you need extra cash that you can use for any purpose at your discretion, title loans in Park Forest are an effective option. These are short-term loans that you secure with the title of a vehicle that you own. Loan amounts can be small or quite large, and a loan against car title doesn’t mean that you have to relinquish the vehicle. It remains yours to get to work, run errands or whatever. You can also borrow just what you need and for a loan period that makes sense for you, including just a day or a week.
Other popular lending options aren’t secured. Paydays are short-term but unsecured, which means that they tend to cost more than title loans. Bank loans are an options as well, but U.S. Bank, for instance, won’t generally lend you money for a week or a month without a credit line. First Midwest Bank, for instance, will usually request a 90-day or 180-day minimum and require early repayment penalties in order to ensure that the bank makes enough on the loan. You’ll face a similar challenge with loan amounts. A title loan can be for just a $100 if you want, but banks like Chase Bank usually don’t consider loans less than $5,000 or $10,000 to be worth their time.
Title Loans Park Forest: Applying for and Securing Your Loan Online
In order to get title loans in Park Forest, you must:
- Be 18 years old or older
- Possess a valid title for a vehicle you own outright
You’ll also need some basic information, such as:
- Year, make and model of the vehicle
- An odometer reading or estimated mileage
- Your full name and zip code
- Contact information, such as a cell number or email address
Applying online with Platinum Lending is easy, and an online title loan is usually even faster than a local title loan. Simply use the brief application form on our website to submit the information. The system will provide you with a response in the form of a loan estimate within seconds. If you want to proceed, a loan representative will contact you for additional information and to discuss any concerns you may have. The representative can guide you through the remainder of the process, which can entail a direct deposit to your bank account or entering a local shop to claim the cash.
Title Loans Park Forest: How Illinois Governs Title Loans
Illinois regulates all title loans in Park Forest and throughout the state. Loan amounts are limited to $4,000 or 50 percent of monthly income, whichever is higher. While most title loan lenders don’t require income checks, a check may be needed if you request an amount greater than $4,000. There is no cap on interest rate or fees. Additionally, title loans in Joliet are limited to one renewal, and that renewal requires a repayment of 20 percent of the principle. Furthermore, once you take out a title loan, you must wait 15 days before taking out another.
Title Loans Park Forest: Why Title Loans Continue to Be a Strong Option
Title loans in Park Forest continue to be a strong financial tool because they give you a lot of options without the hassle of a bank loan and without the added cost of most short-term borrowing methods. Application processes tend to be very streamlined and can usually be completed in less than 15 minutes. There’s generally no need for credit checks, background screens, employment and income verification and so forth, and you can repay these loans early without penalty.