Located northeast of Chicago along the Fox River, Elgin is a bustling city of over 100,000 within Chicago’s greater metro area. The Elgin Watch Company was the city’s most prominent business from the late 19th century until 1965 and because of the prosperity it brought to the town many fine examples of Victorian era architecture are still in evidence today. Arts and civic organizations are active in Elgin and residents and visitors can take advantage to recreational opportunities such as the Fox River Trail and the Illinois Prairie Path or over 1,600 acres of parkland.
If you’re interested in title loans Elgin, you should know that this is a unique type of alternative lending product where a vehicle is held as collateral.
You need to fully understand how this helpful alternative loan product works before you even get started.
It’s easy to see why so many people rely on this type of loan to handle finances when they’re in need. First off, the entire application can be accessed and filled out online. Furthermore, the application is relatively short in comparison to the application that goes along with taking out a lot of other types of loan like traditional mortgage loan.
However, one thing you’re going to have to know is what the basic details are on your vehicle. The application is set up to analyze the vehicle and determine if it’s adequate as collateral for a loan. Therefore, the value of the vehicle is an important consideration. Details that are required on the application regarding the vehicle are what its make and model are. Also, it will be necessary to indicate the milage.
When the application has been submitted, it will quickly be evaluated. When a loan can be offered, a detailed offer will be sent to the applicant that includes all the information the applicant needs to come to a decision. This includes how much the interest charges will be, how quickly the loan needs to be paid back, and how much the loan amount is.
The state of Illinois has some legal regulations regarding these loans that need to be adhered to by anyone offering online title loans in Aurora or elsewhere in the state. First off, there is a cap on the amount of money for which this type of loan can be offered in the state. The maximum amount of a title loan in the state is either $4,000 or 50 percent of the amount of money that the applicant makes in a month. Another limitation placed by state law is a minimum limit of 15 days on how long a consumer can wait to take out a second title loan after taking out a title loan previously.