Title Loans In South Elgin, IL
If you are in a financial bind, then you may want to consider getting a title loan. Title loans in South Elgin are a great choice for people who need to get money quickly. You will be able to use your vehicle title as your collateral and secure a loan. It is a lot easier for people to get a title loan than other types of funding such as a personal loan or credit card.
Reasons to Get Title Loans in South Elgin
Title loans Elgin are intended to take care of short-term financial problems. People use title loans for various reasons. Many people use their title loan to take care of a repair or medical bill. Others get title loans to pay for their rent, mortgage or utilities. You can use a title loan for anything that you want.
Getting Title Loans in South Elgin
It is easy to get a title loan. You will need to go on our website to fill out the application. You will receive a quote after you complete the application. After that, a loan representative will reach out to you. You will receive your funding after the loan representative finalizes everything.
Do You Need a Job to get a Title Loan?
You can get a title loan with no job. In fact, many of the people who take out a title loan are unemployed. You can get approved for a title loan as long as you have income coming in. Lenders have to make sure that you have a way of paying the loan back.
What Happens if I Default?
It is important for you to reach out to your lender as soon as possible if you are having trouble making payments. You can default on a loan if you miss payments. The lender can repossess your car if the loan is not paid back with a certain amount of time. However, the good news is that most people do not get their car repossessed. They are usually able to work something out with their lender.
Illinois Title Loan Laws
Lenders are required to have a specific license in order to give out a title loans in South Elgin. There are also a lot of laws that protect customers. Lenders are not allowed to charge interest on top of the interest and fees that they have already charged. However, there is no cap placed on the amount of simple interest that the lender can charge.
Lenders are also required to make the payments on title loans in South Elgin equal. Customers are able to refinance a loan. However, there are several requirements that have to be met before the refinancing can take place. You have to pay 20 percent or more before you can refinance the loan. For example, your loan balance is $1,200. You must pay at least $240.
Some states require that lenders keep an extra set of keys to the car. However, this is not a requirement in the state of Illinois. Lenders are required to give the customer a notice before repossessing the car.