title loan facts

Unsure About Title Loans? Get the Facts Here

So, you’ve been struck with a financially difficult situation and you find yourself wondering what you're options are. In your hastily conducted research, you’ve come across a fast loan option type called title loans and now you're probably wondering if it's the right option for you. When it comes to title loans there are plenty of misconceptions around them, including how they work and their approval is based on. If you're considering a title loan you should first understand the process.

What is a Title Loan?

Before we jump into the facts of an auto title loan, you have to understand exactly what a title loan is. Title loans are a fast loan option that allows you to use your vehicle’s title as collateral for your loan. Depending on the model and condition of your car, you can receive up to $4,000 for your title loan, which can go a long way when trying to handle an emergency repair or sudden medical bill. It’s a short-term loan option that is designed to help you handle any surprise costs that arise within tight budgets. While a popular option, there are many misconceptions when it comes to title loans. Before you decide if a title loan is right for you, you should know the facts.

The Facts About Title Loans

They’re Fast

Perhaps the strongest selling point for title loans is they’re very fast. Whereas traditional loans obtained through the bank involve a lengthy application and deliberation process, title loans specialize in getting you cash on the same day that you apply on. We understand that the need for cash usually comes from a place of urgency, which is why we’ve created a process that won’t waste your time with a drawn-out application.

Your Credit Score Doesn’t Matter

One of the defining factors that set title loans apart from other loan options is that they aren’t dependent upon your credit score. Whereas most loan options will use your credit score as the determining factor for approval, title loan approval is based on the title to your vehicle. Regardless of your financial history and regardless of whether your credit score is good, bad, or nonexistent, your application can still be approved.

All Cars Are Welcome

While the make, model, and condition of your vehicle are all determining factors for how much money you’ll receive, we accept other vehicles, too. Cars, trucks, SUVs, motorcycles, and more are all welcome to apply for a title loan. The better condition that your car is in, however, the more likely it is that you’ll receive a larger amount of money.

You Get to Keep Your Car

One of the most common misconceptions about title loans is that you have to release your car for the duration of the loan but this couldn’t be farther from the case and that would be too disruptive to your daily life. You get to keep and operate your car as you normally would, driving it to the store, to work, or wherever you might normally go.

Applying is Easy

The process of applying and obtaining a title loan is easy. The way to get started it by filling out an online form that uses your address to connect you to the nearest store location. Once you fill out the prompted information and submit it, you’ll receive a phone call from one of our representatives on the same day. During this phone call, you’ll have a chance to ask any questions and receive all of the necessary information to set up a face-to-face meeting at the time and on the day of your choosing. During this meeting, you’ll be asked to bring the following:

  • Your driver’s license or state-issued I.D. to prove that you are over the age of 18
  • The lien-free title to your vehicle that is in your name
  • Your vehicle for a quick inspection

It’s during the inspection that the representative will determine how much money you’ll receive on your title loan. If you have any more questions, now is the time to ask them. Remember – your representative is your title loan expert and they’ll be happy to assist you with anything you need!

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Fill Out Your Application Today

With the facts laid out before you, you can see that the process is simple and straightforward. Serving several locations throughout the state of Illinois, our professional and knowledgeable representatives are here to help you at a moment’s notice, getting you the cash and support you need. The entire process can take you as little as 30 minutes, if everything goes well, meaning you can gain the ability to handle your emergency quickly. With your title loan facts straight, what are you waiting for? Visit the Illinois Title Loans, Inc. website, and take control of your financials today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.