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?

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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.

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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.

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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.

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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.

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Have you talked to the title loan company??

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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?

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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

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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.

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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.

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"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-

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.

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a long time ago i got involved in a title loan, it got to the same point where i had repayed hundreds over the amount that i borrowed and still wasnt touching the principle balance. i called the place and told them to just come and get it. told them i couldnt afford to keep paying all the intrest. the guy ended up offering me a settlement and i ended up making like 2 more payments then they gave me the title back. it might not work out the same in every case, and at that point i was serious when i told them to come and get it, i wasnt bluffing. so dont say that to them unless you really dont care if they come and get it, in case they take you up on it. but most likely if you've been paying on it forever they might have the decency to offer a settlement. its hard to say, but good luck.

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