Getting a Title Loan During COVID-19
Covid-19’s impact on the financial health of America and Americans cannot be overstated. Not only has the stock market taken a precipitous and sudden plunge off a cliff, it’s also led to millions of people losing their jobs in a completely unprecedented unemployment spike. And even for those of us who still have our jobs, hours have been cut across the board and we’re all feeling the financial strain.
Maybe that’s why ‘title loans Chicago’ has become such a popular search term in our state in the last few months. What are title loans? They’re a fast and convenient type of short term loan that leverages the value of your car as collateral (though you continue to be able to operate your car as before). They’re also perfect for helping fill in any financial gaps that may have yawned open during this pandemic and are threatening to pull you down in them.
So how do you get a title loan during this period of social lockdown? How do you fix your financial problems while staying safe? Here’s our step by step guide to the title loans Chicago needs.
What You’ll Need
Unlike a traditional loan that might require a small desk worth of paperwork, for a title loan you’ll need just three simple items:
- Driver's License or State Issued I.D. This must be a legally recognized I.D. and not just your school or clubhouse I.D.
- Lien-Free Title to Your Vehicle. Lien-free simply means that you own your car outright without anyone else having a claim on it. The title must also be in your name for you to be able to receive a title loan.
- Your Vehicle for Inspection. The vehicle inspection takes only a few minutes once you arrive at a title loan location and is there to determine the value of your car and thus the value of your possible loan.
It’s easiest, and most convenient, to gather these items before leaving your home for a title loan store, as they’re absolutely necessary for obtaining a title loan and no one wants to have to drive back home, again and again, to pick up something you could’ve just brought to begin with.
How Much You Can Get?
This is the, to pardon the pun, the million-dollar question. Unfortunately, it’s a difficult question to answer before actually going to a title loan and having your car inspected. The criteria your car will be judged for are the make, model, year, and condition.
All four combine to determine the exact amount you can get. The more expensive the car and the better condition it is, the larger the amount you can be loaned. While we can’t give you an exact number here, a general estimate of the value of your car can be found on an online car site like Kelley Blue Book.
It’s worth noting that no matter if you’re driving a junker or a Ferrari, the upward limit of how much you can receive in a title loan in the state of Illinois is $4,000.
Getting Started From Home
During this pandemic, we’re all justifiably leery of going outside and interacting with other people. It seems strangely primitive for the year 2020, but the truth is that social distancing is the only tool in our arsenal against the virus that’s slowly spreading across the nation.
This is one of the reasons it’s so convenient that the title loan process can be started online. If you’re interested in the best title loans Chicago has to offer, you can get started simply by filling out the online request form at the top of this page. A representative of ours will give you a swift call back to walk you through the process and answer any questions you may have.
The other advantage of a title loan in these socially distanced time is how fast the process is. It’s entirely possible, and even likely, that you’ll be in and out of our title loan store in as little as a half-hour, meaning you can be home in the blink of an eye.
If a title loan sounds like the answer to your financial problems, then we highly suggest you get started today. We pride ourselves here at Illinois Title Loans, Inc. on offering the title loans in the state of Illinois need.Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.