Chicago IL, also known as the “Windy City”, sits on the southwestern shore of Lake Michigan. The 26 miles of lakefront views and 3,000 hectares of city parks brings in around 86 million visitors every year. This multicultural city has 77 distinct neighborhoods and over 2.5 million residents. To accommodate such a large number of tourists and locals, there are over 200 theaters, almost just as many art galleries, over 550 parks, and so many more attractions. Beginning on Adam Street in Grant Park is the historic Route 66. For those who don’t know, this famous highway will take you all the way to Southern California.
Most of us experience situations where it helps to have a bit of cash to lean on in a pinch. If you own a vehicle, you should explore what title loans are and how they can help you in these particular situations. This is a special type of loan you may be able to quality for solely on the basis of vehicle ownership. If it’s always been difficult for you to be approved for a loan because your credit is not good, explore your options.
The following is some important information you should be aware of about car title loans Illinois.
One huge advantage to this alternative lending product is that it’s very easy to come to terms with what the product is and what the process of applying entails. Although there are some slight similarities between title loans and typical types of loans like bank loans, there are some key differences that it’s important to understand.
The big similarity is that both types of loan require filling out an application. Anybody has to fill out an application in order to get the ball rolling for getting this loan type. The application provides us as the lender with key details like who the applicant is, where the applicant lives, and what type of vehicle the applicant is using as collateral on the loan in question.
Otherwise, the process is pretty distinct from the traditional loan process. Applications are quickly reviewed and a response is generally sent back in a very timely manner. Anyone who owns a vehicle that is valuable enough to qualify for a loan is generally approved. When an applicant is approved, the applicant will receive detailed information on the loan being offered like how much it is for and how much interest will be required on the loan.
Then, the applicant can finalize things by sending in the vehicle title and beginning to make payments on the loan.
Illinois makes its own laws about title loans within its borders. Likewise, every state has the freedom to specify its own legal regulations regarding car title loans. Illinois residents interested in taking out a loan should be familiar with these requirements.
For title loans Chicago, there is a limit of $4,000 on how much a title loan can be offered for. Alternatively, there is a limit of 50 percent of the monthly income of the applicant.
There is no limit on how much interest can be charged on this type of loan in Illinois. However, there is a limit of 15 days placed on how much time can go by before a new loan is taken out.
This is a unique type of loan. You should know why it might be able to benefit you if you’re considering applying.
Be aware of these basic factors before you get started: