Online Car Title Loans in Illinois
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Apply for a car title loan in Illinois

Illinois ranks fourth among all US states with the most number of profitable corporations. It is home to 67 of the top 1000 companies in the country in terms of revenue. Despite this, Illinois has been in a severe budget and employment crisis for years. Unemployment rate slightly improved from 4.7% to 4.6%. However, this is not because more people landed jobs. It is because more job seekers have stopped actively looking for work.

A great option for Illinoisans to deal with monetary hardships is to get a car title loan. With the state’s deteriorating economy, it is understandable that many of its residents are faced with financial burdens. Taking this into consideration, potential borrowers with bad credit scores are not turned away.

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We make applying for Illinois title loans easy.

Apply.

Applying for car title loans online shouldn't be difficult. Complete our simple online application and enter basic information about yourself and your vehicle. Once you're pre-approved, one of our friendly experts will contact you.

Accept.

Titlelo will assess your needs and match you with the best lender in your area. Once you've accepted the terms and conditions of your lender, we'll help you gather everything you need to make the process simple and swift.

Done.

Visit your local title lender and bring your title, ID, and any other required documents. Review and sign your loan documents and get the cash you need instantly. Drive away with your car and get back to what matters in your life.

Take control of your finances with one click.

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How title loans benefit Illinoisans

Application for an Illinois title loan is made simple and requires minimum time and effort from the borrower. For the application to be reviewed, it would only require a few documentary requirements. These include the borrower’s driver’s license, proof of income, title to the vehicle, and vehicle registration and insurance. Applications are processed quickly by in-house loan representatives, so borrowers need not wait for too long.

Another positive thing worth noting is that borrowers are not required to surrender their vehicles during the period that the loan is in effect. They can use it as collateral and still keep it, as long as they comply with all the loan requirements. This win-win situation is why many residents turn to car title loans. In Illinois, the convenience and welfare of its potential borrowers are the top priority.

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How Do Online Title Loans In Illinois Work?

Title loans are simple, short-term loans that use your vehicle as collateral. You can easily acquire one of these loans by completing an online application form and providing a lien-free title document. You should receive the funds within the same business day.

It's worth noting that some lenders may compare your proof of income to things like your gross median monthly rent before offering you a loan amount. The interest rate on this type of loan is often more favorable than on an unsecured loan.

Qualification Requirements For Auto Title Loans In Illinois

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Title loans are relatively simple to qualify for, but you should possess the following traits:

  • Be at least 18 years old.

  • Own a vehicle without outstanding debts or other loans on it.

  • Have a regular monthly income and proof thereof.

Documents Needed To Apply For A Title Loan In Illinois

When applying for title loans in Illinois, applicants must be able to produce the following:

  • A verifiable government ID proving that the applicant is 18 years old or older

  • Proof of regular income in the form of bank statements or another acceptable proof of payment. The income may be anything from a pension to a salary or even a disability payout.

  • The car's registration and any financial documents related to the vehicle

  • The vehicle's title, proving that the applicant owns the vehicle

  • Proof of residence, i.e., a utility bill, rent agreement, or other acknowledgment of your physical address

It's worth noting that not all Illinois title loan companies will require the same paperwork. Some may ask for additional items like references and a copy of your driver's license. Others may only require some of the documents listed above.

Whenever you're applying for Illinois loans online, you will require at least the vehicle's title and registration, as well as proof of your identification and income.

Comparing title lenders before applying for an online title loan is always a good idea.

What If the Vehicle's Title Isn't in Your Name?

illinois state capital building

Whether you're applying for online loans in Illinois or a more traditional loan, you can only take out a loan on a car if you possess the title to that vehicle.

If someone gave you the vehicle, you could ask them to sign the title over to you. That way, you'll be eligible for Illinois title loans.

You also have options if the vehicle title deed is lost or damaged. You can visit your nearest Illinois Secretary of State office and ask them to reissue the title deed.

There's a fee of around $50 related to this. It's also worth noting that this isn't the fastest process, and it may take several weeks to get the replacement title. In the case of a damaged original, they may also ask you to hand in the original document.

In the meantime, you can't apply for an online title loan, nor can you do so if you're not a vehicle owner.

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Bad Credit Illinois Car Title Loan

The basic principles remain the same whether you're applying for online loans in Illinois or Kentucky.

Applying for an Illinois title loan online is similar to the application process for other kinds of secured loans. In the case of title loans, your vehicle becomes the collateral. Since cars generally have a high value, title loan lenders are often willing to give you a more significant cash advance at more competitive rates with a lower interest rate.

If you default on your loan payments, the title loan company can and will repossess your vehicle. They'll sell your car to compensate for the funds you didn't pay.

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How Much Cash You Can Expect From a Car Title Loan

Title loans are an easy way to get funds paid quickly to your account. An extra cash payment can mean the difference between standing in the government destitution line or making your existing monthly payments.

How much money you can expect from a vehicle title loan varies from one provider to the next. It also depends significantly on the market value and condition of your vehicle. Most providers are willing to provide around 50% of your vehicle's market worth.

Depending on the state of your car, its overall value, and your normal median income, some providers may be willing to provide even more. It entirely depends on the value of your collateral and your ability to make a monthly payment of a certain amount.

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Laws Regulating And Protecting Borrowers From Car Title Loans In Illinois

In 2009, Illinois passed new laws protecting users of title loans. Some of the protective measures included:

  • No balloon payments

  • Lenders may not give title loans to applicants who have had an outstanding title-specific loan in the past 15 days

  • Lenders may not lend more than 50% of the applicant's gross monthly income

  • A statewide database must approve all title loans

  • Lenders may not refinance title loans unless the applicant has reduced the principal by at least 20%

signing loan document

Why Choose An Auto Title Loan In Illinois Over Traditional Bank Loans?

Why would you choose a title loan in Illinois over another type of traditional loan? For one thing, an online title loan has a same-day application process. So, if the due date on some of your bills is today, you can make the payment almost immediately.

Another reason why these loans are attractive is that they offer low interest rates. Finally, these loans are available even to those with bad credit or no credit history.

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Title Loan Interest Rates in Illinois

The interest rates on a title loan can vary significantly in the state of Illinois. The average is around 50%, but some people have reported that providers charge as much as 90% interest on a simple title loan.

While the interest is highly variable, Illinois state law caps the principal amount at 4,000 dollars.

How To Choose the Right Car Title Loan Lender in Illinois

Whether you apply for title loans online or offline, your car is important to you. If you use it as collateral, you want to ensure that the lenders are legitimate and trustworthy. Unfortunately, a borrower may not have the time to investigate every lender properly.

At TitleLo, we work with a comprehensive web of reliable lenders for title loans. We only work with trustworthy providers, so we can help you ensure that there are no hidden fees or other unpleasant surprises that may lead to a problematic loan experience.

Contact us if you need cash fast, without worrying about pre-approval and other financial red tape. Our efficient, friendly, and well-trained staff can help you apply for your new loans today.

Got questions? We've got answers.