Title Loans South Holland: The Ins and Outs of Car Title Loans
A title loan is a short-term personal loan, but unlike a payday loan, for instance, it’s secured. The collateral is the title for a car, truck or motorcycle that you own. Although this is a loan against your car, the lender doesn’t take possession of it, and you can continue using it for your personal purposes. Almost all vehicles, including salvage vehicles, have the necessary value for a loan, and since the soft cap in Illinois is $4,000, it’s pretty easy to reach it. You can also borrow less if you wish.
When you need money, you’ll also have the option of a bank loan. Keep in mind that most banks, including MB Financial Bank and First Merchants Bank, prefer unsecured loans, which means that you need a strong credit history and income that meets their requirements. There’s also the matter of the loan term. Many vehicle title loans can be for as little as a day, a week or a month. Banks like Chase Bank and Providence Bank & Trust, on the other hand, will usually demand a term of 90 to 180 days, and the agreements will include early repayment penalties so you have to pay a certain amount.
Title Loans South Holland: Online Title Loans
You may be surprised to learn that you can apply for and even complete title loans South Holland online. It’s even possible to get an online title loan with no inspection, and the entire loan process usually takes less than 15 minutes. To get started on Platinum Lending, you’ll need:
- The model, make and year of the vehicle
- The estimated mileage on the vehicle
- Your first name, last name and zip code
- A telephone number and/or email address
Once you’ve provided this information, the Platinum Lending website will respond in seconds with a loan estimate. You can also speak with a loan representative who’ll give you additional information, answer any of your questions and walk you through completing the loan process. Many people are able to complete this process and get the money they need without ever leaving their computer.
Regulation of Title Loans in Illinois
Title loans in Chicago and throughout the state can only be provided by licensed entities. A complete list of Consumer Installment licensees is available online, and if you want more information about a particular licensee, you can contact the Illinois Department of Financial and Professional Regulation. Illinois does cap loans at $4,000, but people who make more than $8,000 or more can get a cap that’s 50 percent of their monthly income with proof of that income. Note that Illinois also has a 15-day limit in between loans, but it is possible to renew existing title loans South Holland one time.
How a Title Loan Can Benefit You
- Short application forms
- Fast processing times
- Loan amount and term flexibility
- Early repayment
When you choose title loans South Holland as a financial tool, you’re choosing convenience and control. Borrow what you want when you want, and repay it in a way that makes sense for you. When you need money, you need it fast, and a title loans puts cash in hand faster than practically any other loan option. It’s a big difference in how much information you need to provide as well. Most lenders won’t require a credit check, income verification or even a vehicle inspection.