Title Loans in Cortland, Illinois

Title Loans in Cortland, Illinois

What are Title Loans?

Title loans are a type of secured loan in which the borrower uses their vehicle as collateral. These loans are popular among borrowers who require quick cash and have poor credit scores. The lender retains the title to the vehicle until the borrower repays the loan.

Legal Status of Title Loans in Illinois

Title loans are legal in Illinois, but the state has strict regulations in place to protect borrowers from unscrupulous lenders. State law limits the amount of money that can be borrowed to $4,000 or 50% of the vehicle’s value, whichever is less. The loan term must be between 15 and 60 days, and lenders are limited to charging no more than 36% interest.

How to Get a Title Loan in Cortland, Illinois

To qualify for a title loan in Cortland, Illinois, the borrower must have a clear title to their vehicle and be at least 18 years old. The lender will also require proof of income and residency. Once the borrower completes the application process, the lender will inspect the vehicle to determine its value. The borrower will then sign a contract and provide the lender with the title to the vehicle.

Benefits of Title Loans in Cortland, Illinois

• Quick Cash – Borrowers can get money in as little as 30 minutes.
• No Credit Check – Lenders do not require a credit check, making title loans an option for borrowers with poor credit.
• Flexible Repayment Options – Borrowers have the option to extend their loan term if they are unable to repay the loan on time.

Risks of Title Loans in Cortland, Illinois

While title loans offer quick cash to borrowers, they also come with several risks. The interest rates on title loans are often much higher than traditional loans, sometimes reaching as high as 300%. Borrowers who are unable to repay their loans may have their vehicles repossessed by the lender.

Interesting Facts and Statistics about Title Loans in Cortland, Illinois

• According to a 2019 report by the Illinois Department of Financial and Professional Regulation, only 6% of title loan borrowers in Illinois were able to repay their loans on time.
• The same report found that the average title loan in Illinois was $1,201.
• Cortland, Illinois has several title loan lenders, making it a popular destination for borrowers in need of quick cash.

Apply Now

If you are in need of quick cash and own a vehicle, a title loan may be an option for you. TheGuaranteedLoans is a connector service that can help you find a lender that meets your needs. Simply fill out our online application, and we will connect you with potential lenders in your area. Remember that TheGuaranteedLoans is not a direct lender, and we do not make any credit decisions.