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Under a Financial Emergency? Here’s What You Can Do Next

When financial emergencies strike, they rarely do so when you’re prepared to handle them, both mentally, physically, and, most importantly, financially. Because they have this sneaking ability to strike when you’re least prepared, getting caught off guard by these situations is common. They leave many people feeling stressed out as they scramble to find fast financial relief.

Sure, you could spend an indiscriminate amount of time researching the internet, trying to find the fastest loan option, but you run the risk of being misinformed or settling for the first loan you come across in your stressed-out state of mind. Scouring the internet for fast title loans is something you can do next after a financial emergency or you could apply for a title loan in Illinois. A solid option when all other options fail or fall through, title loans are a short-term loan option that offers you access to fast emergency cash by using your car title and not your credit score. Here’s how they can help you address your emergency.

Types of Financial Emergencies

Before we dive into the mechanics of title loans, let’s first explore some different types of emergencies that you’re likely to encounter in your life. For starters, financial emergencies come in many shapes and sizes and it can be easily defined as something you have to pay for that you cannot easily or normally afford. Some common emergencies include the following:

Medical Emergencies

It’s no secret that the cost of medicine and medical care in this country is astronomical, even with insurance, which is supposed to lessen the blow of these costs. While this is true, insurance often won’t cover the entire cost which, unfortunately, leaves us to come up with the remaining amount.

Asset Repairs

Some of the largest assets in our lives include items such as our houses, our vehicles, and our appliances. Because these items can be quite expensive, when they break or malfunction, the resulting repairs can be equally expensive and difficult to afford, especially with most adults in the country living each month paycheck-to-paycheck. While title loans are dependent upon your car for approval, you can also be approved for one if you need to repair your car. Check out this blog to learn more about how your car can be used to make you extra money!

Job Loss of Furlough

Unfortunately, many Americans have come face-to-face with this emergency this year. Even without Covid-19, the threat of being furloughed or let go from your job can immediately compromise your ability to provide for yourself and your family.

Now that you have an idea for what sort of emergencies you’re likely to encounter, let’s jump into title loans as being a fast loan option to help you when you need it most.

What Are Title Loans Exactly?

As I mentioned before, title loans are a short-term loan option type that allows you to access a substantial amount of money by offering the title to your vehicle as collateral. Because you’re offering your vehicle to secure the loan, your title loan application won’t run a credit check on you. Whereas more traditional loans obtained through the bank and credit cards, even low interest of 0% introductory APR credit cards use your credit score to determine whether or not you’ll be approved for financial assistance, Illinois Title Loans, Inc. focuses on your current situation, rather than your financial past.

How to Apply for a Title Loan

Applying for a title loan is easy and can be started online, thanks to our short, online form that can be begun from the comfort of your home. Once you input the information, you have the chance to pick your nearest store location. We serve several locations throughout the state, so whether your emergency is at home or if you’re traveling, we make sure that you’re not far from one of our store locations. If you’re curious about which locations we serve, check out our location page here!

With your location picked and your form submitted, one of our representatives will contact you to set up a face-to-face meeting. You’ll be asked to provide some pieces of information that will help to determine how much money you’ll receive with your title loan. You can receive up to $4,000 with your loan! The information you’ll be asked to provide is:

  • A valid form of identification
  • The lien-free* title to your vehicle
  • A blank check from a bank account in your name
  • Your vehicle for inspection

*Lien-free refers to a vehicle that you own without owing any money towards the car's value. If you own your car and it's paid off, you can apply for and be approved for a title loan today. For more information about liens and title loans in general, please visit our FAQ page. 

While you can receive up to $4,000 for your loan, this amount is dependent upon the model and condition of your car which will be determined during the inspection. Once the amount is decided upon, you’ll have a chance to ask any questions or voice any concerns you might have about the process of title loans in general. Remember – your representative is your friendly neighborhood title loan expert. If you have a question, ask it!

The moment you feel settled and sign the paperwork presented to you by your representative, the money will be deposited into your bank account quickly. If everything goes well, the entire process can take as little as 30 minutes, making title loans one of the fastest loan options on the market.


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Fast Title Loans – The Bottom Line

Financial emergencies are never a fun thing to contend with, but they don’t have to completely break your financial situation. We’ve streamlined the application process to make sure you have access to title loans whenever you need them the most. Remember title loans the next time you encounter a financial emergency so you never wonder what your next moves are.

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.