Title Loans in Urbana, Illinois
Do you want to get your financial life on track before it gets out of control? What is going on in your financial life right now? Are bills getting you down? Do you have high debt that you want to pay down? Have you had a long term illness and medical bills are giving you a constant headache? Have you lost a loved one and the funeral expenses just depleted your finances? Whatever your financial problems, you can get help and you don’t even have to go to your family members and friends. You don’t even have to consider a conventional lender. Moreover, this is not advised when you have bad credit unless you want to be put through the ringer with requests for multiple documents and credit check. With a title loan, you don’t have to worry about credit nor about multiple documents. A title loan can get you the money necessary to do something about your financial situation. Don’t wait and worry. Instead, you should contact a title loan lender and start the loan process.
The City of Urbana
The city of Urbana is located in Champaign County within the state of Illinois. It is named the county seat and had a population of 41,250 as of the year 2010 according to the U.S. census data. On a list of popular cities in the state of Illinois, the city of Urbana falls in tenth place. The area was settled first in the year 1822. At that time, the city was labeled “Big Grove.” Between May and November of each year, on Saturday mornings, vendors gather in the parking lot of Lincoln Square to set up for selling their produce.
Title Loan Laws
According to the state of Illinois, potential borrowers are able to get a title loan, but the amount cannot exceed $4,000. The law states that all title loan lenders must put the agreed terms in the loan agreement, providing this statement to the borrower in written form. The law also compels title loan lenders to provide information about the Department of Financial and Professional Regulation agency so that they can file any consumer rights complaint that has been violated.
The Title Loan Process
The Illinois title loan process is simplified because no credit check is necessary. Furthermore, you don’t need a lot of paperwork. All you need to produce is a copy of your original vehicle title. The vehicle cannot have any kind of lien. Additionally, the title must be in your name. Next, you will be asked for proof of your age. Unless you are 18 years or older, you won’t be able to apply for a title loan. Usually, a driver’s license or valid photo ID will be accepted as proof of age. You will also need to provide proof of income. You have to be receiving stable income, which could include:
- Tax Returns
- Pay Stubs
- Retirement Income
- Worker’s Compensation
- Unemployment Benefits
- Disability Benefits
- Social Security Benefits
Your 8 has to be assessed of its value. With the value, the lender will know how much to loan the borrower. Typically, the loan amount is up to fifty percent of the vehicle’s assessed value. The value is assessed through Kelley Blue Book online. The title loan lender will ask for specific information to determine the value. Your lender will want to know:
- The Make, model and year of the vehicle
- The VIN number
- The Odometer Reading
Now that you have a basic understanding of what is required to obtain a title loan, it is the right time to begin the application process. The application form is concise so it should only take you a few minutes. Once you complete the application and submit it for review, you will receive a phone call from the lender’s representative. You will be asked for the required documents. When this is provided, the lender goes ahead with the review and approval process. The funds are then directly wired to your bank account once it is approved. See how simple this is? So what are you waiting for? Apply today!