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Are Title Loans Allowed in Illinois?

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Title loans are a secured form of lending that use the vehicle’s title as collateral to make funding available.

Generally, title loans are a popular option for those who need funding quickly but who don’t have the best credit. Although title loans are not available in every state, they are available in the state of Illinois!

If you are thinking about inquiring for a title loan in the state of Illinois, it may be helpful to know more about the process. Below, you’ll find more information on how to obtain an innovative title loan in Illinois, known as a title loan serviced by LoanMart1.

What is a Title Loan Serviced by LoanMart and How Does it Work in Illinois?

A title loan serviced by LoanMart is a unique kind of title loan. This type of funding comes with all the benefits of a standard title loan, such as fast funding and flexibility.

Here is how the title loan process will work for eligible Illinois residents:

  • Reach Out to a Loan Agent—An applicant will have to fill out a short inquiry form. This can be done over the phone by calling or completing the online inquiry. The information provided will give a loan agent a rough look at the applicant’s finances, car details, and lending needs.
  • Send in the Required Documents— Once the initial inquiry form is filled out, a loan agent will get in contact with the applicant to discuss details about the loan and eligibility. Following contact, a loan agent will request a few documents to verify the applicant’s information. If approved, the contract will be generated, which will include the terms and repayment details.
  • Get Funding— Once a title loan contract is generated, agreed upon, and signed, the funding from a title loan serviced by LoanMart can be made available!

Although title loans serviced by LoanMart work in a similar fashion as other title loans, they come with several unique perks.

Where Can I Get the Funds from a Title Loan in Illinois?

To add even more convenience to the process, once an applicant is approved, the funds can be made available in a variety of different ways—picked up at a local MoneyGram, transferred straight to a bank account, or mailed in the form of a check.

What Documents Will I Need for a Title Loan in Illinois?

In order to complete the title loan inquiry in Illinois, an applicant will need to submit the following documents/information:

  • A valid government-issued photo ID (state ID, driver’s license, or passport)
  • The vehicle title in your name
  • Proof of income (pay stubs or bank statements)
  • Proof of residence (mail or lease/mortgage information)
  • References
  • Photos of the car
  • Other documents may be requested for clarification of information

What Are the Different Benefits of a Title Loan in Illinois?

Here are some of the benefits that make title loans serviced by LoanMart unique from other title loans in the industry:

Competitive Interest Rates for Residents of Illinois

Title loans serviced by LoanMart come with extremely competitive interest rates. This could mean huge savings over time!

Flexibility Throughout the Process in Illinois

With a title loan serviced by LoanMart, borrowers will find flexibility with each step. Whether it’s the initial inquiry process or receiving funds, title loans serviced by LoanMart offer tons of options to provide unmatched flexibility.

Exceptional Customer Service for Residents of Illinois

Title loan agents are helpful, transparent, and honest. They can be contacted 7 days a week and consistently make the customer a priority.

Easy Repayment for Residents of Illinois

When paying back a title loan serviced by LoanMart, a borrower will get years to pay back the loan—this is longer than what the average title loan provides. Along with that, there are no prepayment penalties or hidden fees!

Borrowers in Illinois Get to Keep and Drive Their Vehicle

Even though an applicant’s car title will be used as collateral with a title loan serviced by LoanMart, the convenient thing is that a borrower will get to keep and drive their car while making consistent monthly payments!

To get the title loan process started in Illinois, head over to the informational webpage!

When looking for a title loan in the state of Illinois, it is important to know the right questions to ask. Knowing these details can help you make an informed decision. If you find yourself on the search for title loan funding in Illinois, start with title loans serviced by LoanMart!

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