Illinois Title Loans

A title loan can provide quick funds for borrowers with bad credit. With this type of loan, borrowers put up their auto title as collateral. If they fail to make the necessary repayment, the car and its title become the property of the lender. The deal is similar to pawning an item, except that many lenders allow borrowers to keep their vehicle while making repayments. Pawn brokers typically hold on to their collateral until the debt is paid.

In order for borrowers to qualify for a title loan, they must own the vehicle being used as collateral and the vehicle must be paid off or nearly paid off. Proof of both of these conditions is typically required prior to receiving the loan amount. Lenders may also consider the borrower's employment status and source of income when determining approval.

Getting a Title Loan with Bad Credit in Illinois

Most lenders will run a credit check prior to distributing any funds, but bad credit is not usually a deterrent for most lenders because the debt is secured by auto equity. The lender is not at risk of losing any money because the car can cover the debt if payment are not made. Defaulting on title loan can make a borrower's bad credit worse, however, as most lenders report to all three credit bureaus.

Consumers looking for quick approval for a title loan should apply online or by phone with Wilshire Consumer Credit. This lender provides borrowers in Illinois and several other states with flexible term options and quick turnaround.