Don’t Be Fooled By the “Experts.” Here Are the Facts About Title Loans
September 2, 2020 | Emma Frost
If you’ve recently experienced the need for emergency cash, you know firsthand how frightening it can be to discover that your budget isn't large enough. You're far from alone. Most working adults in this country only have around $400 set aside to handle emergencies. In your fast cash research, you’ve likely stumbled across title loans as an option for handling your emergency, but what are the experts saying about these loans, and is there any truth to their concerns?
While there are indeed a variety of loan options available to you that might also suit your needs and help you take control of your financials, title loans are an option that will be there for you when other options fail or fall through, despite what critics say. Here are the facts about these convenient loans.
Title Loans Aren’t Based on Your Credit Score
One of the main selling points for title loans is that the approval isn’t based on your credit score. Traditional bank loans and credit cards are based on your credit score, which means your score has to at least be good or average to be approved. While there are some exceptions, title loans are consistent in the fact that they aren’t based on your credit score. All credit is welcome whether it's good, bad, or nonexistent.
You Can Start Your Application Online
You may have heard that you can only start your application at a store location, but this isn't true. The reality of applying for a title loan is that you can start your application by filling out a short online form in the comfort of your own home. The information that you input there will later be used to match you to your nearest store location, meaning you don’t have to waste time searching for the nearest store to your location.
The Approval Process Is Fast
We understand that you apply for title loans to receive money quickly, which is why we’ve streamlined the process to be as fast as possible. Once you submit your online form, you’ll have the opportunity to schedule a face-to-face meeting during which your vehicle will be inspected, which will determine the amount of money you’ll receive on your loan. There’s no deliberation. You find out right after the inspection how much money you’ll receive.
The Amount That You Receive is Dependent on Your Car
During your application, your car will be inspected by a representative who will pay attention to the condition of your car. The following factors will determine how much money you’ll receive for your title loan:
- The year of your car
- The model of your car
- The condition of your car
Depending on the condition of your car, you could be eligible for up to $4,000 today.
The Money is Deposited into Your Account
Once you fill out your paperwork, the store representative will answer any questions or address any concerns you have. After this, however, the will initiate the deposit of the loan money directly into the bank account with your name on it. It’s that simple.
You Get to Keep Your Car
It’s a common misconception that lenders keep your car once you’ve been approved for your title loan, but how would you function if this were the case? How would you get to and from work? The grocery store? The truth is you get to keep and operate your car as you normally would.
It’s Easy to Find a Title Loan Near You
As I mentioned previously, getting matched to your nearest store location is easy. We serve several locations throughout Illinois and we make finding a title loan near you simple, whether you’re in the bustling city of Chicago or the small town of East Dubuque.
Title Loan Requirements
We know how frustrating it is to have to supply copious amounts of information to secure your title loan which is why we’ve taken away those pesky hoops that many banks and loan lenders make you jump through. In order to secure your title loan today, you need to supply the following pieces of information:
- Your vehicle for inspection
- The lien-free title to your vehicle
- Your driver’s license or state-issued I.D.
Once the representative has all of this information on file, you’ll receive your loan and have the ability to handle your financial emergency.
How to Apply for a Title Loan in Chicago, IL
After filling out the short online form on our website, a representative you’re your nearest store location will contact you to set up a face-to-face meeting, during with you’ll supply the pieces of information that were specified earlier and find out whether you qualify for a title loan. The entire process can take as little as 30 minutes, meaning you can get your hands on fast cash on the same day that you apply, thanks to our streamlined process. Whether you're from Chicago, IL or just passing through, we've got your back when no one else does.
Don't let the "experts" decide how you should handle your financial hardship. Visit our FAQ page if you have more questions and if you don't, visit our homepage and apply for a title loan to seize control of your financial situation today.