Title Loans in Arlington Heights
Title loans in Arlington Heights are a popular option among people who are in need of quick cash. These loans are secured. You get a title loan by giving the title of your vehicle to the lender. They are sometimes called title pawn loans.
Unlike most other loans, you can get Chicago title loans with bad credit. The lender will verify your income. They will also check to make sure that you own the title to your vehicle.
Additionally, there are certain standards that your vehicle has to meet.
Applying for Title Loans in Arlington Heights, IL
You will need to go to our website to apply for the title loans in Arlington Heights. You will have to fill out a simple application. You can complete the application in just a few minutes.
You will be given a title loan estimate after you complete your application. A customer service representative will call you after you fill out your application.
They will let you know if you have been approved. In most cases, people are able to get their money within 24 hours or less.
Title Loan Laws in Illinois
Before you attempt to get one of the title loans in Arlington Heights, it is important to know how the title loan laws apply to you. Lenders are required to calculate any interest that they add to the loan as simple interest.
This means that they are not allowed to add interest on top of interest. However, they are free to set the interest rates as high as they want. Lenders have to make the monthly payments equal. Illinois law forbids balloon payments.
They also cannot charge monthly payments that are greater than 50 percent of the person’s monthly income. For example, a person makes $1,200 per month.
The payments cannot exceed $600. Keep in mind that because your title secures the loan, you can potentially lose your vehicle if you fail to repay the loan. The lender can also sell your vehicle after they repossess it.
However, if the profit is greater than what you owe on the vehicle, then the lender has to reimburse you for the difference. For example, the car sold for $3,000. You only owed $2,000.
They are required to give you $1,000 back. There are several steps that you can take to prevent your vehicle from being repossessed. You can refinance your loan if your due date is approaching. However, you have to pay off at least 20 percent of the principal balance.
Benefits of Title Loans
Most people who apply for title loans will get approved for them. You also do not have to go through the hassle of filling out a lot of paperwork. A simple online application will get you approved for a title loan.
Title loans are a better option than payday loans. Payday loans can have extremely high interest rates. However, title loans can help you save a lot of money because they have lower interest rates.