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Chicago residents often find themselves in need of emergency funding. One of the most common needs for funding arises when one’s vehicle or home appliance breaks. Other situations in which someone may need fast cash are bill payments, shopping sprees, business trips, vacations and investments. Title loans Chicago advances are cash loans that provide consumers with the funds they need for any reason. The lender does not place any stipulations on title loans. The borrower can spend the funds on whatever he or she likes. Title loans are a great way for a person to get fast cash without jumping through hoops or completing a mound of paperwork.
Car title loan Illinois cash advances are short-term loans that last about 30 days. Lenders provide such loans to people who own automobiles. Title loans are different from payday loans because the lender bases the value of the loan on the borrower’s vehicle. That means that a person who has a brand new vehicle can obtain a much larger loan than someone who has an older vehicle can. The lender secures the advance by placing a lien on the vehicle. The lien gives the lender the right to repossess the vehicle should the borrower not repay the advance. The lender will not automatically repossess the vehicle unless the consumer gives that person no chance.
A person must meet certain criteria before he or she will qualify for title loans. First, the individual must be 18 years of age or older. Secondly, the person must be the legal owner of the vehicle, which means that the title to the vehicle must be in that person's hands when he or she walks into the building to obtain an advance. Thirdly, the person should have documentation such as a driver’s licenses, proof of employment and a bank account.
The application process starts with an initial contact using an online form. The prospective borrower requests an advance and provides the lender with a wealth of information. The person has to provide information about his or her name, address and telephone number. The individual also has to provide information about the vehicle such as the make, model and manufacturing date. The lender will consider all those things and then offer the consumer a free title loan estimate. The consumer can then make the choice whether to visit the nearest branch and take the loan or not.
If the consumer chooses to take the loan, then the lender will collect the person’s title and personal information. Next, the lender will create a contract that specifies the loan amount, financing charge, repayment date and so forth. The lender will disburse the funds as soon as the consumer signs the contract. The repayment will be due approximately 30 days from the time that the consumer takes the cash advance. The consumer should contact the lender if any problems arise that prevent that person from making a timely payment. They may be able to refinance title loan options or provide some other type of assistance.
Having the number to a local Department of Motor Vehicles is always important, as there is always something that a consumer will need to do with the car. The Chicago DMV is located at 5401 N Elston Ave, Chicago, IL 60630. The telephone number to the facility is 312-793-1010. The next closest facility is at 69 W Washington St Ste 1240, Chicago, IL 60602. The phone number to the facility is 312-793-3380.
A 24-hour towing company is the best kind of towing company to call because one can call in the midst of emergencies. The Chicago area has a towing company called Chicago 24 Hour Towing that provides a wealth of services. Just a few of the services that one can find at this facility are roadside assistance, lockout assistance, gas help, jumps, tire replacements and so much more. The number to the facility is 773-681-9670. The address to the facility is 5332 N Elston Ave, Chicago, IL 60630. Consumers can feel confident that this company will help in the midst of emergencies and more.
Every now and again, a borrower may feel the need to contact an attorney in the area. An experienced attorney can ensure that a person gets treated right when it comes to emergency loans. Stuart B. Handleman is an excellent attorney in the Chicago area. He knows bankruptcy law and various other debt laws. His address is 200 S Michigan Ave Ste 205, Chicago, IL 60604. The number to his firm is 312-360-0500.
Consumers are more than welcome to call if they have any issues with their title loan products. All consumers are entitled to experience fair debt collection practices, and calling an attorney is very much warranted if they do not experience such things.
A debtor cannot repossess a vehicle without abiding by certain laws. Such debtors must first go through the motions as stated by law. Illinois laws state that a repo company or lender must give consumers at least 21 days of notice of its intent to recover the vehicle. This gives the consumer the opportunity to right the default and get back on track. A repossession that occurs without appropriate notice may be deemed invalid.
Consumers should not worry that their title loan deals will go sour. Many title loan arrangements progress perfectly without any problems to the consumer or the lender. Borrowers have a multitude of protective resources that they can seek if any issues arise. The most important thing for the consumer to remember is to pay the bill on time so that the exchange goes smoothly. Lenders will usually provide subsequent title loans to people who pay their bills on time. The title loans Illinois lender and borrower relationship could be one that produces fruit for future emergencies and tight situations.