Title Loans in Lansing, IL from Loan Cheetah
A car title loan is a fast and short-term loan consumers can use to get quick access to cash. Title loans are secured, which means they use collateral to approve you for a loan even if you have poor credit or do not otherwise qualify for a traditional loan. With title loans in Lansing, you can get access to the money you need to pay bills, avoid utility disconnection and late fees, make necessary repairs, and more using your vehicle title as collateral.
Contrary to popular misconception, title loans in Chicago and elsewhere in Illinois do not require giving up your vehicle. Unlike a pawn loan, in which you hand over your property and do not get it back until the loan is repaid, you will continue driving your vehicle while you pay back the title loan. Once the loan is paid off, your title will be returned to you.
If you own your vehicle outright, you can borrow against the title to get the cash you need today. Online auto title loans can be approved and funded in just one or two days to help you through an emergency or give you more breathing room in your finances.
How to Apply for Title Loans in Lansing
Applying for an online title loan is a fast and easy process that usually takes about five minutes through Loan Cheetah. Through the online application, you will need to provide the year, make, and mileage of your vehicle. This information will be used to determine the value of your car and your maximum loan amount. Your application will also require personal contact information.
After submitting your application, you will receive a free title loan estimate and a loan representative will get in touch with you to finalize your loan.
Not sure if you qualify? The requirements for an auto title loan from Loan Cheetah are basic:
- Identification to verify you are at least 18
- Clear title to your vehicle
- Some source of income to repay the loan
If you meet these qualifications, you probably qualify for a loan right now!
What to Know About Illinois Title Loan Regulations
Lenders in Illinois have certain requirements to meet to protect consumers. Under Illinois law, this means you will be charged simple interest on your auto title loan. With simple interest, you can't be charged interest on outstanding interest. This makes it easy for you to understand exactly what your loan will cost. Illinois law also requires that loan payments be amortized so monthly payments are fairly equal with no balloon payments at the end.
Illinois also requires that lenders get proof of income before loaning money. Your monthly payment cannot be more than 50% of your gross monthly income. Depending on the amount of your loan, the length of the loan term can be lengthened to ensure you can make your loan payments.
Once you have paid off 20% of the principal balance, you have the option of refinancing or rolling over the loan.
If you can't make payments and default on your loan, you are also protected under Illinois law. Lenders can only take reasonable fees associated with the repossession plus the money you still owe when your vehicle is sold. After the vehicle is repossessed, you can also get it back by paying off the loan or making up missed payments if you have paid off at least 30% of the balance. Keep in mind this is only a worst-case scenario: lenders do not want to repossess your car! We want to help you use a title loan to improve your life and finances, not make your situation more difficult.
Why Consider a Car Title Loan?
Not sure if a title loan is the right option for you? Consider these benefits:
- No credit requirements. If you have no credit or poor credit, you will probably find it very difficult to get any type of loan to help you through an emergency. Because a title loans in Lansing secured by your vehicle title, your credit score does not matter.
- Fast access to cash. A traditional bank loan can take weeks or months to fund, assuming you qualify. A title loan can usually be processed within 1 to 2 days to give you access to the money you need, when you need it.
- Continue driving your car. You do not need to give up your car to get a loan. While you pay off your loan, continue driving your vehicle and get the title back when the loan is paid off.
If you need fast access to a loan, Loan Cheetah is here to help with a fast, easy application that can give you the money you need within one to two days. Get started today by submitting an application for title loans in Lansing!