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How to get out of a title loan in Illinois, Ive paid double the loan and with 300%interest I still owe the whole amount?




Unfortunately in IL, the PDL laws don't apply to title loans. So basically title lenders can charge whatever interest they want, and if you sign the contract, I'm sorry to say there's not much you can do.

These are simple interest loans, which mean they charge daily interest. Payments are applied to interest before it touches the principal; so the key to paying them off, is that you need to pay more than the interest. If all you do is pay for the interest, then the balance will never go down.

Sub: #1 posted on Fri, 12/12/2008 - 17:06

DebtCruncher DebtCruncher
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(Posts: 2296 | Credits: 269.79)

Yes you need to pay more than the minimum balance or pay the whole thing off in one lump sum. That's pretty much the only way out. This is financial quicksand if you don't wiggle your way out of this soon.

Sub: #2 posted on Wed, 12/17/2008 - 21:36

Richard Brooks Richard Brooks

(Posts: 10 | Credits: 1.53)

Many times they compound the interest as well if you miss a payment, so the sooner you can get out of it, the better. These types of loans can quickly escalate to the point that paying them off isn't possible.

Sub: #3 posted on Fri, 12/19/2008 - 12:02

ohmystars80 ohmystars80

(Posts: 6 | Credits: 1.57)

i need help right away. I'm disable and i'm behind on my title loan. i will have the funds in two weeks what can i do.

Sub: #4 posted on Sat, 01/17/2009 - 05:50

Unregistered


Have you talked to the title loan company??

Sub: #5 posted on Sat, 01/17/2009 - 06:30

SOAPLADY SOAPLADY
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(Posts: 17208 | Credits: 4746)

I am in debt with a title loan. I borrowed 500.00 for the vehicle, have paid over 700.00 in interest and still owe 800.00. I have tried to settle on a lump sum but they won't budge. any advice?

Sub: #6 posted on Thu, 03/26/2009 - 15:15

Unregistered


if i sell my car that has a title loan on it is there an easier way for the new owner to get the title

Sub: #7 posted on Mon, 04/13/2009 - 10:43

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You cannot transfer a title that has a loan still attached to it cause you do not have clear title to the property.

Sub: #8 posted on Mon, 04/13/2009 - 11:05

SOAPLADY SOAPLADY
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(Posts: 17208 | Credits: 4746)

The business where you obtained the title loan has a lein on your vehicle. Therefore as SOAPLADY stated it cannot be sold or transferred. You must pay off the title loan before you sell your vehicle Legaly.

Sub: #9 posted on Mon, 04/13/2009 - 14:14

Cool_Abyss Cool_Abyss
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Watch out bree. As other said, you can't legally sell the car while the lender has a lien on it.

There are ways to do it, and I won't say how, but if you managed to sell that car while a lien is in place you could be charged with fraud / conversion of mortgaged property.

Not to mention the lienholder could still go repossess the vehicle from whoever you "sell" it to. Naturally they will be wanting their money back if that happens, and could sue you for it.

Sub: #10 posted on Tue, 04/14/2009 - 16:24

DebtCruncher DebtCruncher
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