Title Loans Schaumburg, Illinois
The cost of living in Illinois is one of the highest in the nation. Since it is such an expensive state to live in, many of us live paycheck to paycheck, and are often subjected to debt. The debt in turn ruins our credit score which makes it impossible for us to seek additional financial assistance. However, by getting a title loan in Schaumburg you can get the money you need regardless of your credit score. For your vehicle title, you can get up to $4,000 for a loan. Regardless of your income level, occupation or education, our lenders will gladly assist you in your time of financial need!
How to Apply
There are two ways to apply for a title loan in Illinois:
- Online. When you apply online, you can access the website through a computer or your mobile phone! Our user-friendly application only asks you to submit information about your vehicle, and a contact number for us to get ahold of you. All you need to tell us is the vehicle make, year, model, style and mileage, and we can give you a direct title loan quote for free!
- On the phone. You can also call our offices, which are open 7 days a week. Similar to the online application, you will just have to let us know the information mentioned above.
No matter which option you take, the entire process is free and non obligatory! After you apply, our loan representatives will inform you of a title loan location in Schaumburg that will work with your needs.
When you visit the site, please have the following documents prepared with you:
- Vehicle Title
- Proof of income (Bank statements or pay stubs)
- Photo ID (State ID, Driver’s License or Passport)
- Proof of insurance (Depending on the title loan lender; most do not require it)
Your vehicle title can be taken out at a tag and title service or
How do Title Loans Work
As stated above, you can get up to $4,000 in Illinois for your vehicle title exchange, or, the title loan lender can approve you for a loan that is not greater than 50% of your monthly income. You are able to negotiate with your lender on the loan amount. Lenders are allowed to keep your vehicle title until you pay off the loan, but are not allowed to take your keys or any other copies of your car keys. When it comes to your payment plan, lenders are required to make all amounts equal in value. This prevents balloon payments, and stops lenders from charging you higher interest rates. You are allowed to pay off the amounts before they are due, and can receive your title back a lot sooner than the maturity date. On the other hand, if you do not pay your loan off, your car can be repossessed and sold.
Unfair Practices and Operation
In your contract, you will be provided a hotline to file any complaints against your lender. You can file complaints if you are being taken advantage of, or if any unfair act is examined. An unfair act must meet a criteria listed below:
- Caused injury
- Strays from public policy
- Unethical practices such as discrimination of an applicant based on their education level, income, occupation, mental ability, age, sex or race