Car Title Loans in Illinois
Car Title Loans can provide quick funds for borrowers in Illinois with bad credit. With this type of loan, borrowers put up their auto title as collateral. If they fail to make the necessary repayment, the car and its title become the property of the lender. The deal is similar to pawning an item, except that many lenders allow borrowers to keep their vehicle while making repayments.
In order for borrowers in Illinois to qualify for a Car Title Loans, they must own the vehicle being used as collateral and the vehicle must be paid off or nearly paid off. Proof of both of these conditions is typically required prior to receiving the loan amount. Lenders may also consider the borrower's employment status and source of income when determining approval. Getting Car Title Loans with Bad Credit in Illinois has never been easier.
How Much Can I Borrow?
Generally, you can borrow up to 85% of your actual equity in the vehicle. Most lenders will run a credit check prior to distributing any funds, but bad credit is not usually a deterrent for most lenders because the debt is secured by auto equity. The lender is not at risk of losing any money because the car can cover the debt if payment are not made. Consumers looking for quick approval for Car Title Loans should apply online or by phone with Title Loan Shop. This lender provides customers in Illinois with flexible term options and quick turnaround.