Title Loan is an easy and safe way to get funding in Florida if you have a title in your name. Apply and get approved today.
Bad Credit Florida Title Loan
Bad credit history will not be a barrier to getting a Title Loan in Florida. Since the loan is secured, title lenders work with different types of credit.
Many people need emergency funding from time to time in order to cope with unexpected expenses, and Florida residents are no exception. That is why they, like other Americans, are constantly looking for an alternative source of funding that could help them cope with expenses. A Title Loan is perhaps one of the most suitable options if you have a car title in your name.
However, are Title Loans legal in Florida? How do they work? And how much can you get? Keep reading to find out the details.
Title Loan Basic Information
You probably know that a Title Loan is a secured type of financing that requires an asset as collateral. Most often, it is your car that acts as collateral for the loan. Thus, if you apply for a Title Loan, you will need to transfer the title of the car to the lender until you have paid off the debt in full with interest. However, despite this, you can continue to enter your car even during the payment of the debt.
Title Loan is a fairly popular type of financing, as it allows the borrower to quickly receive money and cope with emergency difficulties. Moreover, it has relatively low interest rates compared to, for example, Payday Loans. Moreover, you can get a loan even if you have a bad or poor credit history. Since the Title Loan is secured, the lender has some assurance that the debt will be paid on time.
Are Title Loans Legal In Florida?
For now, online title loan in Florida is legal, however it is important to note that the state has passed laws that restrict them. This was done to protect borrowers from extremely high interest rates and debt traps.
So there’s the Florida Title Loan Act, which requires lenders who make loans to be licensed. Moreover, according to this law, the lender should draft an agreement before giving a borrower the loan. The agreement should clearly state the amount you are borrowing and the interest rate.
Florida also has another law called Chapter 537 that deals with repossession. Under this law, creditors must tell you that they have the legal right to repossess and sell your car. Moreover, they are also required to inform you before the loan reaches this point in order to give you a chance to keep your car. Moreover, the lender must contact you 10 days before the sale of your car in order to have a chance to get it back.
How Can I Get A Title Loan In Florida?
At this point, getting car title loans with no proof of income has become as easy as it gets. Now the borrower can choose one of two options: apply online or offline. If personal contact is important to you, then most likely you will need to find a lender near you and visit their physical location. However, the easiest and fastest financing option at the moment is the online application.
Next, you will need to visit the website of the selected lender and fill out a simple and convenient online application that will not take you more than 10 minutes. You will need to provide basic information about you and your vehicle. If you are applying offline, you will need to visit the lender’s location in order to have your vehicle physically inspected. However, when applying online, you only need to provide recent photographs of the vehicle in order for a specialist to evaluate it.
After you receive approval, the lender will contact you to discuss loan terms and debt repayment terms. If you are happy with the contract, you can sign it and receive funding directly into your bank account.
How Much Can I Get With Florida Title Loan?
Most often, title lenders offer between 25% and 50% of the value of your car. They will pay attention to factors such as make, model, age, mileage, condition, and more. Most often in Florida, you can get between $4,000 and $25,000.
However, you must remember that you will need to repay not only the loan amount, but also pay the interest rate on the loan. The average interest rate on a Florida Title Loan is about 18%.
Also, some lenders charge additional fees and charges, such as an early repayment fee, late payment fee, application fee, and so on. Thus, you should compare the different financing options in Florida and choose the lender that has the lowest amount of fees and charges.
What Are The Requirements To Get A Title Loan In Florida?
Each lender has certain eligibility criteria that must be met in order to receive funding. In Florida, lenders have their own requirements, and most often the main ones are as follows:
• Be a US citizen or official resident
• Be at least 18 years of age or older
• Have a regular monthly source of income
• Have an active bank account
• Have a government-issued ID
• Provide a social security number
• Provide phone and email
You must also provide documents for the car:
• Current vehicle registration
• Vehicle insurance proof
• Proof of residency matching the name on the title
• Government issued identification matching the name on the title
• Original vehicle title with solo ownership
If you meet these requirements, your application for a Florida Title Loan is more likely to be approved even if you have a bad or poor credit history.