Title Loans Oak Lawn, Illinois from Loan Cheetah
In times of financial hardship, many people in Illinois feel that they've been left without any good options to cover short-term expenses like bills, family emergencies, or crucial home repairs. While this can certainly feel like an isolating time to many people, it doesn't necessarily have to be. Short-term loans, such as title loans, can help customers cover a financial shortfall very quickly. That means getting back to regular life, wiping out financial stress, and enjoying everyday instead of fretting about the next round of monthly bills that must be paid.
A Beginner's Guide to Title Loans
So, what are title loans, exactly? These unique loans are actually short-term loans that are quite a bit different from long-term, installment-based lending products from major banks. While those types of loans set borrower's up for years of repayments and unending interest charges, most title loans can be repaid over a period of just 30 or 60 days. This matters because most borrowers simply don't like the idea of committing to years of repayments for a simple, short-term financial issue.
In addition to their shorter repayment term, title loans have some other unique features. These loans are considered secured loans, which means they're tied to the value of the borrower's property. In this case, that property is the borrower's fully owned vehicle. Because the loans are secured with collateral, a borrower is far more likely to be approved. In fact, a credit check and FICO score are generally not needed in order to be approved for title loans in Illinois.
A Guide to Applying for Title Loans in Oak Lawn
When getting started with online title loans in Oak Lawn, potential borrowers should have some information ready for the formal application. Personal contact information, along with key details about the borrower's' vehicle, will be required at this stage in the process. This information includes:
- Full name
- Mailing address
- Zip code
- Phone number
- Vehicle make model, and year
- Current vehicle mileage
State Regulations: What to Know
Illinois doesn't have stringent regulations on title loans, but one area of concern for state legislators is the way that interest is paid on the balance. State financial regulations require that a simple interest calculation be used each month, rather than a formula that uses compounding interest. This actually brings down loan expenses for borrowers. Additionally, the state allows for extension and renewal of the repayment period as long as borrowers have repaid at least 20 percent of the loan balance.
Benefits of Title Loans in Oak Lawn, Illinois
Title loans in Chicago and the surrounding suburbs have many benefits for Illinois borrowers. These loans offer far higher approval rates, require a much shorter repayment period, and offer borrowers the ability to get back on their feet in as little as one business day.
For short-term expenses and financial headaches, this means less waiting, less stress, and less financial penalties. That's a significant benefit for anyone who knows what it feels like to fall just short of their financial needs at the end of the month.