We are currently not providing car title loan services in this state. The information brought here is meant to explain in general terms what auto title loans are. You can still submit a loan request for installment loans with us.
Title Loans in Illinois
When you need instant cash but have a poor credit history, taking a bad credit loan in Illinois is an option to consider1. These loans can be obtained much more quickly and easily than traditional bank loans.2
Although taking bank loans can be a desirable long-term financial solution, it’s a long process. Moreover, you may not get approved if you have bad credit. Thus, when you need money quickly in the short term bad credit loans such as title loans come in handy.1
These loans can help you manage your unavoidable and unexpected expenses. So, when you don’t have any other financial alternatives left, consider applying for a bad credit loan at 5 Star Car Title Loans.
About Car Title Loans in Illinois
The Car Title Loans are given to applicants who:
- Want a title pawn but intend to keep their car while borrowing money
- Need money fast2
- Have bad credit and need to borrow a significant amount
- Facing rejection for loan approval from traditional financial institutions (i.e., banks, credit unions, etc.)
- Don’t want to go through a long loan process for approval
- Are of 18+ years of age and possess a clear vehicle title in their name
- Have the ability to repay the loan4
With title loans, you can get the necessary funds during any urgent emergency including common household expenses or small business expenses. Moreover, you don’t require good credit or credit checks for title loan approval.1
Therefore, most people opt for auto title loans as the last resort. These are usually taken for a short time, say 30 days to less than a year. In addition, you can pay it back in installments4, unlike other short-term loans such as payday loans.
How do Illinois Title Loans Work?
The process of taking an auto title loan or pink slip loan is very straightforward. You just need to follow the below steps to get the title loan:
- Quick Online Application
It will only take 5 minutes to fill out our quick and easy online title application form.2 You can apply at any time while sitting at home and our team will reach out to discuss your loan requirements and assess your loan eligibility right away!
- Submit Documents for Verification
You need to get your documents assessed and verified to get approved. For this, you simply need to upload your documents and wait for the assessment. After a review of the documents, our team will calculate the estimated loan amount you can borrow.
- Get Final Approval
If you meet all the loan requirements and accept the loan terms, you will get the final approval.1 At 5 Star Car Title Loans, we ensure that loan proceeds become available within 1-2 business days following approval.2
The quick and easy loan process makes borrowing from auto title loan companies, such as 5 Star Car Title Loans, the most convenient way to get a cash advance on short notice.
So, if you need quick cash, fill out our free online title loan application form and get an Illinois title loan today at 5 Star Car Title Loans!
Illinois Title Loans Requirements
If you have decided to get a vehicle title loan, you should know which documents you will be required to submit. It will make the process of obtaining online title loans much smoother and hassle-free.2
Here are the basic requirements and documents you need to prepare for a quick title loan:
- Original Vehicle Title
You will need to present the original vehicle title stating your legal name (same as the driver’s license). A clear vehicle title means you have sole ownership of the car without third-party liens.
It will be used as collateral for your Car Title Loan, thus, the original title will be needed.
- A Government-issued ID
Your driver’s license or other government-issued ID such as a passport will be required to verify your identity. Your name on the driver’s license must be the same as the car title to get title loans in Illinois.
- Proof of Illinois residence
Every location across the U.S. has different financial and professional regulations when it comes to title loans. Thus, your location is a crucial factor in determining how much cash you can borrow, loan interest rate, loan payments, and other loan terms.
As a result, applicants are required to provide valid proof of residence via utility bills, credit card bills, rental agreements, etc.
- Bank account information
Although lenders may not run a deep credit check they usually require your credit history and bank account information. It is required for depositing the funds after the loan approval. However, you can also skip it if you want to receive cash in hand.
- Valid vehicle insurance and registration
Your vehicle must be registered by Illinois state authorities and should be insured by a reputed insurance service provider. It signifies that you are authorized to legally use the vehicle and the car is covered in case there is any damage or accident.
- Income Proof
Whichever title loan company you choose, they may not require a job or credit checks for granting a title loan. However, your ability to repay will be assessed for loan approval.4
Applicants must provide sufficient proof of income supporting their loan application. Thus, you can submit your employment history, salary stubs, bank statements, or alternative income sources.
If you are ready to start your title loan process, get in touch with our experts at 5 Star Car Title Loans today!
Can I get the title loan without a car inspection?
The inspection is necessary to evaluate the car’s condition and estimate its fair market value. Its value will determine how much loan amount you can borrow. Thus, the car inspection will be needed, though it doesn’t have to be an in-person inspection.
At 5 Star Car Title Loans, we offer online car inspection to determine the loan. For this, you need to submit –
- Photos of the car from every side
- Pictures of the Odometer Reading (Mileage)
- Vehicle Identification Number (VIN)
Our team will assess the car online and provide an estimate without delay. Simply fill out our title loan application form and get an online car inspection today!
What to do If You lose the Original Vehicle Title?
Title Loans are granted if you provide the original title since a copy of the title certificate is not accepted as collateral. Thus, if you have lost the title you need to get a new title issued from your local DMV or the secretary of state.
For this, you need to fill out the title replacement form online on the website of the local Department of Motor Vehicles or visit the branch physically as per your convenience.
Steps to Apply for a Replacement Car Title
Here are the steps to get a replacement title:
- You need to visit the DMV or go to their website to submit your request for a duplicate title.
- With the application form, you also need to attach the documents proving your ownership of the vehicle. Thus, you can submit car registration, insurance, bill of sale, or any other documents that can prove the car belonged to you.
- The online process is pretty simple, so you just need to follow the instructions on the screen and pay a small fee to get a new title issued in your name. You can pay the fee in cash, or via debit/credit card as per your convenience.
Once your request has been submitted the DMV may take 2 – 6 weeks to prepare and mail you the new vehicle title as a replacement. As soon as you get the new title, you can apply for a title loan from 5 Star Car Title Loans.
Give us a call at (888) 309 0994 for immediate assistance!
How Long Does it Take to Get Approval for a Title Loan in Illinois?
We do not take as much time as traditional financial institutions such as banks to grant loan approval. We provide personal loans in exchange for your car title with speedy loan processing.2
You can get approved for a title loan from 5 Star Car Title Loans within 1-2 business days1 and receive the funds within 24 hours of approval.2 In addition, we can provide same-day conditional approval, pending review of documents if you apply today!
Give us a call at (888) 309 0994 for a free consultation!
Pros of Choosing 5 Star Car Title Loans
The following are some of the top benefits of getting short-term title loans from 5 Star Car Title Loans:
- Fast Loan approval process2
- Competitive interest rates
- Bad credit accepted1
- No extensive credit checks
- No prepayment penalties4
- Quality customer support
Apply for Affordable Car Title Loans in Illinois Today!
Struggling to make ends meet and need immediate financial assistance? 5 Star Car Title Loans is your reliable partner for short-term quick cash loans. We offer the required equity value of your car as the loan amount which you can pay back with convenient monthly payments. No matter your credit history, get instant approval1 by applying for title loans in Illinois today!
So, if you are an Illinois resident, you can apply for cash loans on your car title whenever any sudden expenses may arrive. Just give us a call at (888) 309 0994 for a consultation!