It is not hard to run into financial problems nowadays. Even if you have a great-paying job, all it takes is one unexpected expense to ruin your finances. If you have a savings account, then you can use the money to resolve your financial problems.
You may also be able to use a credit card. However, many people are not fortunate enough to have these options. That is why many people turn to title loans in Arlington Heights, IL.
A title loan can get you out of a bad financial situation. You can get one of our Chicago title loans if you have income and a clear car title. The lender will verify this information before they approve you.
It can take you a long time to get a loan from a bank or credit union. However, you will be able to quickly get a loan if you apply with us. You can fill out an application online. All we will need is some basic information about you and your car. All of the information that you enter will be on a secured page.
You will get an estimate based on the information that you provide us. A lender will be in touch with you soon. After that, you will be able to get the funds that you need.
There are several regulations that have been put in place to protect people who take out title loans in Arlington Heights as well as the lenders.
The laws prevent people from taking out more than they can afford by limiting the amount that can be borrowed to $4,000. The payments cannot exceed more than 50 percent of the person's income.
The Illinois Department of Financial and Professional Regulation has stated that title loans in Arlington Heights should be used as a short-term financial solution. The lender is required to give you back the title of your vehicle within 24 hours. However, they have an additional five days to release the title if you write a check. This will give them more time to make sure that the check clears.
If you want to take out another title loan, then you will have to wait 15 days. The lender has to search the database to verify that it has been at least 15 days before approving you for a title loan. You are only allowed to take out one title loan at one time.
You can refinance your loan if you have paid off at least 20 percent of the balance. The new balance cannot be higher than what you owe on the old one. However, the lender is free to add additional fees and interests.
The lender will contact you if you default on the loan. If you are unable to pay the loan, then it is best to reach out to the lender. This will help you avoid getting your car repossessed.
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