Best Title Loan Companies in Illinois

Known as the Garden of the West, Illinois is home to beautiful landscapes which feature cultivated corn and soybean fields. Far away from the rolling prairies of Illinois, there is Springfield, the capital and the government seat of the state. Chicago leads the way as the largest city in Illinois and the midwest known for its windy conditions, amazing architecture, and delicious deep dish pizza.

In terms of living conditions, Illinois is considered one of the most expensive in the United States. According to Livingcost.org, Illinois is ranked as the 16th most expensive state. Despite the high cost of living, due to the economy and location, Illinois is considered as one of the top 10 states to live in the United States. It appears that many people are willing to pay more for the experience of living in Illinois.

Despite Illinois being a coveted state, there are times where funds are limited due to an emergency, and residents of Illinois may need cash without the headaches of qualifying for a credit check. This is where access to title loans is a convenient option for meeting short-term financial emergencies.

Are Title Loans Legal in Illinois?

According to the Consumer Federation of America, title loans are legal in Illinois as well as 15 other states. Under the specific laws in these 15 states, title loan companies are able to provide title loan services and products at triple digit APR’s.

Due to the high interest rates on title loans in Illinois, those interested in seeking a title loan are advised to borrow responsibly. Given that a vehicle is used as collateral to secure the title loan, failure to repay the title loan could result in vehicle repossession to repay the defaulted title loan.

How Do Title Loans Work In Illinois?

Getting a title loan in Illinois is not difficult with proper preparation of the documentation to expedite the title loan process. The Illinois Department of Financial and Professional Regulation states that title loans are available for up to $4000 or 50% of the applicant’s monthly income. There is a 15-day grace period between receiving consecutive title loans. 

If the applicant would like to renew a title loan, they must be willing to pay 20% of the existing title loan principal, and only one renewal is allowed. Repayment of the title loan is to occur in equal installments, and balloon payments are prohibited.

To ensure that consumers are receiving title loan services from legitimate and reputable companies, all title loan companies must be licensed to write consumer installment loans in Illinois and are referred to as consumer installment licensees (CILA).

Best Online Title Loans In Illinois

To assist consumers in obtaining a title loan from a reputable company, the following is a list of the best title loan companies in Illinois. For convenience, we begin this list with two companies that offer online title loans. This makes it easier to start the title loan process from the comfort of your home.

The Top 5 Local Illinois Title Loan Companies

Online title loan services such as Max Cash and LoanMart may be convenient, but sometimes consumers prefer to complete a title loan in person. Thus, we have provided five local Illinois title loan companies.

It is important to note that the landscape of title loan lending in Illinois has changed significantly since the passage of the Predatory Loan Prevention Act in March 2021. This act prevents loan companies from charging more than 36% APR on all consumer loans. As a result, many title loan companies have ceased operation in Illinois.

While the following five local Illinois title loan companies have been thoroughly researched for your convenience, we advise those who are interested in seeking a title loan to do their due diligence and confirm that title loan companies are adhering to the 36% APR cap. Consumers can also refer to the list of licensed title loan companies in Illinois that adhere to the consumer installment licensee requirements.

To avoid possible title loan scams, consumers can opt to obtain title loans from one of the preferred online title loan providers such as MaxCash.

The following are five local Illinois title loan companies thoroughly researched and vetted for your convenience.

What Are The Title Loan Requirements in Illinois?

The Consumer Installment Loan Act-205 ILCS 670 details the requirements for consumer loans in Illinois. For title loans specifically, companies interested in providing title loans in Illinois must be recorded as a consumer installment licensee and adhere to the 36% APR cap per the Predatory Loan Prevention Act passed in March 2021. Title loan companies are not allowed to loan more than $4,000 and/or 50% of the applicant’s monthly income. 

Consumers interested in title loans are required to provide a state-issued identification or driver’s license, proof of employment, and a lien-free title to the vehicle used as collateral for the title loan. To determine the amount of the title loan, a vehicle inspection is necessary. The title loan company may request, at their discretion, either an in-person vehicle inspection or photos of the vehicle to determine the vehicle value for the title loan.

What Are The Disadvantages of a Title Loan?

While title loans provide a quick and efficient way for those with less than stellar credit to obtain cash, it is important to utilize these loans with discretion as there is a price for the convenience offered via a title loan. Some of the aspects to consider when getting a title loan include:

• The possibility that the vehicle used to secure the title loan will be repossessed if the title loan is not paid in full. Lenders, however, do not prefer this option. They would much rather work with you to get the loan paid off.
• Many title loans are offered at high interest rates. It’s always in the borrower's best interest to pay back the loan quickly.

To determine if a title loan is a reasonably convenient emergency cash option for you, check out our post on Do No Credit Check Loans With Guaranteed Approval Exist?

Can I Negotiate a Title Loan?

Before receiving a title loan, consumers must agree to specific loan terms and conditions and sign a loan contract. These loan conditions are established and governed under Illinois state law. Generally, the initial title loan terms require repayment of the title loan in equal installments. There is an option for a renewal of the title loan if 20% of the loan principal is paid. 

If the original title loan terms aren’t sufficient and the consumer has decided that they cannot repay the title loan, there is the option to willfully allow the title loan company to repossess the vehicle used to secure the title loan. In most cases, this settles the title loan debt.

Some companies allow for title loan refinancing to assist consumers with obtaining more affordable title loan payments.

Conclusion and Next Steps

It’s time to take the first steps in obtaining a title loan in Illinois. Our list of online and local title loan companies have been vetted to assist you in getting the title loan you desire from companies that you can trust.

Head over to Max Cash, our preferred online title loan provider, to start the title loan process. With a well-developed online platform that connects consumers to numerous title loan companies at once, you are well on your way to receiving the title loan you want at competitive rates.