Title Loans in River Forest, IL

Title loans in River Forest are secured loans. They are backed by your car title. If you are in a financial crunch, then you may want to get one of these loans. You can quickly apply for one of these loans and get approved.

Applying for Title Loans in River Forest

There are three steps that you will have to take to get one of the Chicago car title loans. You will need to fill out the application online. The application is simple and can be completed in just a few minutes. You will be given a loan estimate that is based on your income and car value.

The next step is to wait for the approval. It is easy to get approved. A lien-free car title and proof of income are the keys to getting approved. The final step is to get your cash.

What to do Before You get Your Cash

You can quickly get funds if you apply for one of the title loans in River Forest. However, there is an extremely important thing that you will need to do before you get your cash. You will need to review the loan agreement. The agreement will have the payment date, interest rate as well as the terms and conditions of the loan.

If you do not understand something, then it is important for you to reach out to your lender.

Illinois Title Loans

There are a number of laws that lenders have to abide by when approving people for title loans in River Forest. Lenders have to calculate any interest that they charge as simple interest. This means that they cannot charge you interest on top of the outstanding interest.

The Perks of Getting a Title Loan

Lenders are not allowed to set balloon payments. They will have to make the payments somewhat equal. They also have to limit the payments to 50 percent of the person's monthly income. For example, they cannot require that a person pay more than $1,500 per month if they make $3,000.

Because your car title is what secures the loan, you risk losing your vehicle if you default. However, this is something that only happens to a small percentage of people. The lender has to give you time to catch up on missed payments before they repossess your car.

Lenders have to let you know when they will repossess your vehicle. They do have the authority to sell your vehicle. However, if there is a surplus, then they have to send you a check. For example, they sell your car for $3,000 but you only owed $600. They will have to send you a check for $2,400.

Benefits of Title Loans

You can get a title loan without undergoing a credit check. This makes it easier for you to get approved. You will still be able to drive your vehicle while you have the loan. You can also get your funds quickly. In fact, you can get your funds the same day that you apply.