Top 5 Reasons People Are Still Relying on Title Loans
August, 7 2020 | Emma Frost
When you need money in a pinch, there are few options available that are as fast, convenient, and popular as title loans, particularly with so many people living each month paycheck-to-paycheck. With the need for extra cash becoming more and more prominent in these economically challenging times, many of us find ourselves searching for different ways to bolster our finances.
One such option is a title loan. Title loans are a short-term loan option that is designed to offer quick relief when your budget is too tight to allow for any added costs. They're popular across the country and many people turn to them to escape financially difficult situations. But what are title loans and what makes them so popular?
1. Title Loans Are Fast
Boasting one of the fastest loan processes on the market, title loans specialize in offering fast financial relief on the same day that you apply on. While traditional bank loans often have a long and exacerbated application and deliberation process, which won't help you if you need money quickly, title loans offer an online application that can be completed in as little as 30 minutes on the Illinois Title Loans, Inc. website.
Once completed, you'll receive a phone call from your nearest store location and a representative will schedule a face-to-face meeting at the time of your choice. Once completed, the loan will be deposited directly into your account, often in as little as a few hours!
2. Your Credit Score Doesn’t Matter
One of the reasons that title loans are so quick is because your credit score isn't taken into consideration for determining whether or not you'll be approved for a title loan. While traditional loans spend time digging through your credit history to determine your eligibility, title loans skip this by you offering your vehicle up as collateral. All credit is welcome when you're applying for a title loan, whether it's good, bad, or nonexistent.
3. The Application is Easy
To obtain a title loan in the state of Illinois, you start by filling out a straightforward online application. This application can be completed in as little as 30 minutes and can be started from the comfort of your own home. Once submitted, a representative will contact you and schedule a meeting, during which you'll have a chance to ask questions and voice any concerns about title loans or the process in general. With their help, applying for a title loan is easier now than ever before.
4. You Can Keep Your Car for the Duration of the Loan
It's a common misconception that you have to relinquish your car for the duration of your title loan, but this couldn't be farther from the truth! You need your car to get from place to place and we won't keep it once you're approved for your loan. You get to keep your car and use it as you normally would, ensuring minimal disruption to your daily life.
5. You Only Need a Few Things to Apply For a Title Loan
During your meeting with the representative, you’ll be required to provide a few pieces of information. This information, along with the inspection of your car, will determine how much money you'll receive for your title loan, with a maximum being $4,000. Here's the following information you'll need to supply:
- Your driver's license or state-issued I.D.
- The lien-free title to your vehicle
- Your vehicle for inspection
During the inspection, the model, year, and condition of your car will be the determining factor for your loan amount. The better condition your car is in, the more likely it is that you'll receive the maximum amount for your title loan.
Title Loans – The Bottom Line
Title loans are among the easiest and hassle-free loans to apply and be approved for, which is one of many reasons why they're so popular today. If you find yourself in need of fast emergency cash in Illinois, don't stress. We serve several locations throughout the state and can offer you financial assistance when you need it most. When you're in a bind, Illinois Title Loans, Inc. has your back.