car title loans Romeoville

Title Loans in Romeoville, IL

In these last two years, the economy has started to move upwards again as more and more Americans have started to get back to work. But even with companies starting to hire again, not every place in the greater Chicago area has recovered out of the Chicago area, and job security is never a sure thing for anyone. Maybe you've recently lost your job, or you're in between jobs but in a bit of a cash shortage at the moment but can't wait until your next paycheck to take care of your rent or utility bills. If you need money today but are unemployed, there are ways you can make it happen through car title loans in Romeoville, IL.

Meeting Illinois Car Title Loan Laws Through Car Title Loans In Romeoville, IL

Car title loans use a vehicle as collateral to borrow money which could be a regular car, van, truck or even a motorcycle. These loans are legal in about 22 states including Illinois and usually have less laws and red tape to cut through, but there are a few things you do need to be aware of if you want to use your vehicle to borrow cash.

  1. You must be at least 18 years old
  2. You must have your vehicle completely paid off and your title must reflect that
  3. You must have income that can be verified
  4. You cannot borrow more than $4,000 with a title loan

Maybe you've met the first two requirements for car title loans in Romeoville, but if you've become recently unemployed, you might be wondering how you can meet the third one. There may be a few loopholes the lender can work out for you. A source of income doesn't necessarily have to be an employer's paycheck. It could also be the following:

  1. A social security check
  2. A severance payment
  3. Alimony or another court-ordered payment you receive
  4. Miscellaneous money you could make from hobbies on the side

And these aren't the only options you have for getting a title loan while unemployed. You might also be able to get a cosigner as a backup source of income, though you'll need to discuss the issue with the person you're asking to cosign with you so that they understand what they're doing.

How Car Title Loans In Romeoville, IL Are Calculated And Repaid

Car title loans are based on a fraction of what the vehicle is currently worth. This to make sure that if the vehicle suddenly depreciates and you need to sell it to pay off your title loan, you're not stuck making a payment that's worth more than the vehicle. Your income is also taken into account with the final amount you're given in car title loans in Romeoville, IL.

Usually you'll have 30 days to repay your title loan in full, or you can pay 20 percent of the principal and extend it for another period. If you can't make the hard deadline, you will be given a grace period to make your payments. Be advised that once you've paid off either a car title loan or a payday loan, you'll need to wait 15 days until you can take out a new one. The lender also is required by law, if you pay your loan in full before the deadline to release your title back to you within 24 hours, although if you pay by check they can wait five business days to make sure the check clears.

Apply Today For A Title Loan

If you're ready to apply for car title loans in Naperville, IL and meet the requirements for them, you can start by filling in our car title loan estimate form. You'll get an idea of what your title loan amount will be, but a mechanic at the title loan agency store will need to inspect the vehicle to make sure it's in good working order. You'll be able to come to the title loan store during business hours at your earliest convenience to finish the approval process.