The state of Illinois is home to so many great things. From the miles of beachfront of Lake Michigan, to the towering sky scrapers in Illinois, to the numerous places of higher learning. There is never a lack of things to do or places to be.
Just because the state is so great, however, does not mean that its residents are safe from periods of financial hardship in their lives. If you are a resident of Illinois and are in need of fast cash, one way to get that cash even if you have bad credit is a car title loan.
If you are facing an urgent financial situation, suffer damage to your home due to a harsh winter storm, or are responsible for an unexpected medical bill, the cost may simply be outside your budget, you may not be sure where to turn.
While there are, of course, a handful of options at your disposal, considering your borrowing history (both with lenders and with family and friends), your options may be limited.
If you are short on time and low on credit score, you may be wondering where you can turn. Luckily, one option available to you is taking out a car title loan Illinois.
If you have not yet searched car title loans in Illinois, you may be wondering what exactly they are. To put it simply, a car title loan is just a secured loan – or collateral loan – taken out on a vehicle that is owned in full and has a lien-free title.
With car title loans, Illinois residents can use the value of their fully owned vehicle to take out a loan worth up to $4000. While you will have to trade in your title to secure a loan, you will not have to trade in your car. That means that you can out a loan ranging from a few hundred to a few thousand dollars while giving nothing up front in return. If you do not have a car, you have options! If you own anything from an RV to an SUV, to an ATV, to a motorcycle, boat, or more, you can find title lenders in Illinois who will be happy and able to work with you.
There are several fantastic aspects of car title loans in Illinois and one of the primary positive aspects is how quickly they can be taken out. Because car title loans are based off of the value of your car (or other vehicle), there is no need for a credit score check. That means that no matter if you have a default, a bankruptcy, even an eviction in your past, it won’t keep you from taking out a car title loan and getting the money you need to cover your expenses.
Another fantastic aspect of car title loans are the speed in which they can be approved. Car title loans are available for customers online, over the phone, and in person. As long as you have the necessary documents and meet the necessary requirements to take out a car title loan, it is quite common for borrowers to be able to get the cash they need in hand within an hour! The average time it takes individuals to take out car title loans in approximately 24 hours.
If taking out a car title loan is sounding like an attractive option to you, you may be wondering what kind of requirements you have to meet and what kind of documents you have to provide in order to qualify for a car title loan in Illinois.
The truth is, there are just a few requirements that you will have to meet in order to qualify and take out the cash you need to get back on track! To be eligible for car title, Illinois residents must be 18 years old and have a valid government issued ID. The vehicle that you are using to secure the loan must have a lien-free title, and the title must be in your name. When you are getting a loan in Illinois, you must also be able to prove that you have form of income. That shows a prospective lender that you are able to pay back the car title loan that you are set to take out.
Although you do have to show form of income, being unemployed does not necessarily disqualify you from being able to take out a car title loan in Illinois. Many title lenders in the Illinois area will accept unemployment checks, retirement benefits, disability payments, pensions, or more as a proof of income.
One of the great aspects of car title loans is that unlike other kinds of secured financing is that once you get the cash in exchange for your title loan, you can use it on basically anything you want. While some of the most common uses for title loans have already been discussed (financial emergency, medical expenses, emergency repairs to your home), there are many more things you can use the cash for as well.
Here are some of the most popular uses for a car title loan:
If you or a loved one is facing tough financial times, do not let it weigh you down. See if you are eligible to qualify for a car title loan and get the money you need to cover the costs you have. If you are responsible about your loan, it can be a great way to help get yourself out of tough and unforeseen financial times.