Need Extra Cash? Use Your Car’s Equity!
September 21, 2020 | Emma Frost
When it comes to finding fast financial relief to an emergency situation, it’s often hard for many to keep calm when considering different options available to you. Between the pressure of having to pay for house bills, which includes either rent or a mortgage, medical expenses, education, insurance bills, and the other miscellaneous bills that accompany your monthly expenses, the pressure of having to find extra money to handle an emergency can be difficult and, let’s be honest, stressful. You might be wondering what you can do to find emergency money, right? Well, the answer might be sitting in your driveway.
If you own a car, then you might be able to use its equity to access your emergency cash today, in as little as 30 minutes, through a title loan. Before I tell you how to get your hands on a title loan near you, let’s first discuss equity.
What Does Equity Mean?
Equity commonly refers to a shareholders’ privately held assets that, when liquified into a cash amount, represents the amount that the share was worth. Now, you might be asking What does that have to do with my car? Well, equity, as it refers to privately owned items, represents the amount of money that your car is worth. This number is largely dependent upon the following: year, model, make, and condition. All of these factors are will help determine your eligibility to obtain a title loan in a time of financial crisis. Let’s jump into the meat of this blog – title loans.
What is a Title Loan?
Before you make any decision regarding your finances, particularly when deciding upon a loan, you should understand what exactly you’re getting yourself into and how your loan option works. A title loan is a short-term, secured loan. A secured loan is a loan that functions by you offering up an asset as collateral, in this case, the title to a vehicle that you own, in exchange for the loan amount. Usually, the loan amount is determined by the market value of the car along with the condition of the car.
Because you’re offering something that you own up for collateral, you can be approved without the use of your credit score. This makes a title loan an option for you if you have average, bad, terrible, or even non-existent credit.
How Can I Apply for a Title Loan?
We understand that when you need emergency money, you might not have all of the time in the world to complete a long application before awaiting the deliberation process. Whereas traditional loans obtained through the bank often feature a long application process, title loans specialize in getting you cash quickly. If everything goes well, you can have your emergency finances is as little as 30 minutes or less.
By simply navigating to the Illinois Title Loans, Inc. Homepage, you’ll be able to start your application by filling out the short online form, where you’ll input your contact information and zip code. The zip code will match you to your nearest store location. Once you hit submit, a store representative will contact you shortly after to set up a face-to-face meeting. While they have you on the phone, they’ll go over all of the information that you’ll need to bring with you in order to obtain your loan. This information includes:
- Your driver’s license or state-issued I.D.
- The title to your vehicle
- A blank check from your active checking account
- Your vehicle for inspection
After the inspection, your loan representative will sit down to calculate how much money you’ll receive on your loan. Do you remember when I mentioned that the amount of your loan is dependent upon your car? Well, you can receive up to $4,000 for your title loan today. The process is that simple and the funds will be deposited into your bank account for you to use as you see fit.
How Can I Spend My Title Loan?
Curious as to how you can use your title loan? Well, the possibilities are endless and, once you receive your money, you can handle whatever crisis you’re facing. Because you don’t have to wait for a long loan process, you can gain the funds to handle your crisis on the same day that you begin your application, making title loans a fast option for your loan needs. Whether you’re facing a costly medical expense that your insurance won’t fully cover or you need to repair some damage to your house that occurred after a violent storm, a title loan can help you handle these costly expenses without destroying your budget in the process.
Finding a Title Loan Near You
While there is an option to choose your closest store location in the online form that I detailed to you earlier, we do serve several locations throughout the state of Illinois, which means that you’ll never be far from fast financial relief. Be sure to check out our Locations Page to find out where you can secure one of these convenient loans. You don’t have to be home to be approved for one. If you’re traveling and find yourself in a sticky situation, you can still be approved for one.
Illinois Title Loans
While looking at your different loan options, make sure you reference the information on our FAQ Page, which is full of handy resources for you to use at your disposal. If you’re still on the fence, try filling out an online form anyway, which will secure your chance to speak to a loan representative today. If you’re facing financial hardship, don’t wait until it destroys your budget. Get a fast title loan today.