Title Loans Hanover Park, IL from Loan Cheetah
When you need money fast, over a short period and without the hassle of a big bank, an auto title loan can be the perfect solution. Let’s have a closer look at how these loans work in the Hanover Park area.
Title Loans Hanover Park: An Overview of Car Title Loans
Title loans are secured loans, which means that the borrower puts up collateral. In the case of an auto title loan, that collateral is the physical copy of the title for your vehicle. Securing a loan rather than taking out an unsecured loan provides a number of benefits, including faster processing times and more flexibility in terms of the specifics of the loan. It’s important to note that your collateral is just the title and not the vehicle itself, which means that you still have access to that car during the loan.
Most title loans in Hanover Park and the neighboring communities process in under 15 minutes. Loans can also be for very small amounts, so if you need a $100 to get you through to the end of the week, that’s an option. This isn’t the case with most traditional lending options. Consider that First Eagle on E. Lake Street has a soft loan minimum of $5,000 and that Charter One on Irving Park Road prefers loan terms to be at least 120 days and usually longer for personal loans.
Title Loans Hanover Park: Getting Your Title Loan Online
Applying for a car title loan on our website is simple:
- Fill in information about your vehicle.
- Fill in your personal contact information.
- Click the submit button.
- Receive an instant estimate of your maximum loan amount.
- Receive a call from a loan representative at your convenience.
The vehicle information you’ll need handy include the make, model, year and mileage from the odometer. Personal information includes your name, a telephone number and a good time to contact you at that number. Keep in mind that the estimate is just a ballpark figure. You may be able to get more, and you may choose to take less, which are details our representative will discuss with you when he or she calls to discuss your options for title loans in Hanover Park.
Automotive Title Loan Laws and Regulations in Illinois
All title loans in Illinois are governed by a series of laws and regulations. The state maximum for a loan with a term of 120 days or less is $1,000. Additionally, such loans cannot exceed 25 percent of the borrower’s monthly income. Loan rollovers aren’t allowed either. Lenders can create a new loan that meets the obligation of the first loan, but the borrower cannot be in debt for more than 45 days total. For more information about these laws, see the Illinois Payday Loan Reform Act.
The Advantages of a Car Title Loan
Here’s a quick summary of what makes a car title loan an attractive option:
- No credit checks
- Fast processing
- Short loan terms
- Small loan amounts
- Full access to your car
- Lower interest rates than payday loans
Title loans in Schaumburg and the surrounding areas are a great option when you need cash flow and you need it fast. The acceptance rates for these loans are among the industry’s highest, and most lenders don’t require a credit check, which is perfect for those who lack credit or have bad credit. Maximum loan amount is based on the blue book value of the vehicle and its condition, but most borrowers have little issue reaching the Illinois maximum.
