Title Loans in Florida
Title loans online are short-term collateral loans that are secured and legal. This type of financial aid is a convenient way to avoid the stringent bank loan requirement or the highly disadvantageous loan sharks. Consumers with cars can use their car as collateral provided they surrender the car title to the lender and give the lender claim over the ownership of the car until the loan is paid off.
Title loans Florida are often the only safe avenue left for people left out by large banks and financial institutions. If you have been to the banks to ask for a loan, then you know how difficult it is to get past the first interview. Then, there are the voluminous documents that the banks require plus the all-important credit check that can quickly dowse the bank’s interest in approving a loan.
Title loans Florida companies like Loan Cheetah offer automobile title loan estimates and online applications. These companies also understand the stress and struggle many consumers face that put them in a position to look for alternative funding sources. Thus, a huge plus for title loans in Florida is the fact that no credit history check is done since the loan is based on the value of the vehicle. Therefore, your loan application can be approved quickly – on the same day!
How To Apply for a Car Title Loan in Florida
The beauty of online title loans is that provided you are an adult and your car is free from any obligation, and you can get cash fast without the hassle and fuss of traditional lenders. You will need to provide the following documents:
- Proof that you are at least 18 years old
- Social Security number
- Proof of income like a pay slip
- Driver’s license or any state-issued identification
- At least two personal references
- Car registration papers in your name
The best way to find an automobile title loan estimate is to search online for your options. This will save you not just time and money but also ensure that you are dealing with forward-thinking companies who want you to find financial relief in the easiest way possible.
You can submit a title loan Florida online application and provide the most basic information like your vehicle data, your name, contact details, and zip code. That’s all! There is no need to divulge more personal information at this stage, and anyone who asks for financial information should be dealt with delicately and with extreme caution.
With Loan Cheetah, we approve loans on almost all makes and models of cars and other vehicles although you should know that the older the vehicle, the lower the value and loan amount that can be approved. Once your online application is received, you can expect a call from one of the company’s representatives who will provide you with a free car title loan estimate. At this point, the ball’s in your court and you can proceed with the application at your convenience. If you decide to move forward with the loan, this is the only time you will be asked to submit documents, bring the car around, and sign the loan agreement.
Benefits of Car Title Loans in Florida
The car title loan is a welcome financial arrangement especially in emergency and unexpected financial crisis situations. Just a few of the benefits of getting this type of loan includes:
- Low rejection rate – Since the basic requirements for a car title loan is minimal; most people can easily meet them and be approved quickly!
- Fast approval and processing of loan – It isn’t uncommon for a car title loan to be approved and paid out in an hour.
- You get to keep your car – Car title lenders will not take possession of your vehicle. They will just hold on to a hard copy of your vehicle’s proof of ownership. It’s similar to getting a car loan with a bank wherein you only get the certificate of registration after the loan has been paid in full.
- Contrary to popular belief, there are title loan companies that offer reasonable low-interest rates and add-on fees for processing and documentation like Loan Cheetah.
- No credit history check to complicate your loan application
The Florida Title Loan Act
Under the Florida Title Loan Act, there are two laws that regulate car title loans: Chapter 537 and Chapter 516. The former states that there must be written agreement between the two parties that includes the consequences of non-payment of the loan while the latter law mandates the lender to provide the borrower with written statement of accounts and policies.
Under this act, all title loan offices must have a license to operate (renewable every two years) and follow strict rules that protect consumers against fraud, negligence, or misrepresentation.
The maximum legal, simple interest charges for title loans Florida are 30% per annum that reduces to 24% if the vehicle is worth over $2,000 or 18% if the vehicle is worth over $3,000. Consumers who have reason to complain about their title loan agreement can consult with the Department of Financial Services.
Loan Cheetah Title Loans in Florida
Finally, with the right car title loan online company, you can negotiate for a quick and easy repayment plan. This will immediately make it possible for you to stop worrying about where to find emergency funds, meeting financial obligations, or paying bills. Stress is alleviated with Loan Cheetah!