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These days almost everyone has his or her own vehicle. With the advent of various customized loan options that are being offered in the market today title loans in Chicago has taken precedence. Chicago being the third most populous city in the United States of America is one of the fastest growing cities. Title loans have hence found a great number of borrowers looking to collateralize their vehicle in exchange of a loan amount based on the current evaluation of the vehicle. Title loans have been in existence since the 1990’s and became instantaneously famous. Also known as the pink slip loan or the auto title loans, title loans are secured loans where one has to collateralize its vehicle on order to secure loan. The lenders provide a lien on the title of the car and the borrower temporarily surrenders the hard copy of the vehicles title against an agreed loan amount. Once the loan is repaid, the lien is removed and the owner gets back its vehicle and the car title as well. If the borrower fails to repay the amount then the lender can go ahead and sale the vehicle in order to recover its debt. Title loans are faster processed, in some cases within 30 minutes or less. Title loans require no credit score just a vehicle to be pawned. Hence people with bad credit can secure a loan through title loans. Due to its faster approval rates and practically no documentation, lots of people prefer title loans to other type of loans. Title loans hence typically come with higher interest rates as compared to other loans. The interesting characteristics of title loans are: Higher approval rates- As the lenders stand to risk less through title loans, the approval rates are higher providing the much needed cash within a day or two to the incumbent. Faster processing- Title loans are faster processed, in some cases in less than 30 minutes providing emergency cash to the borrowers. Loan in smaller amounts- Title loans can provide smaller loan amounts as low as $100 as compared to other loan options providing lump sum amount of loans. No credit score required- Many borrowers with bad credit can obtain loan through the title loans. Title loans do not require any credit check or any documentation. It is easier to get and is less tedious as well. Solution for short term requirements- Title loans in Chicago are best known as short term loans. These secured loans help borrowers to tide over the short term cash flow, providing a great solution for people looking at short term requirements. Higher interest rates- Title loans come with higher interest rates as compared to other loans. Joanie is a writer and he has written many articles Auto Title Loans. For more information please visit at Aaa1autotitleloans.com
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