Title Loans Port Orange, Florida
A car title loan, also called a car collateral loan, is a secured, short-term personal loan. Anyone who is 18 years old or older can secure a title loan if they have full ownership of a car or truck and possess the title. These loans are short-term in that they’re available with a loan period as short as 24 hours, and Florida law restricts them to 30 days and an additional 30-day extension. These loans have high acceptance rates because there’s little risk for the lender, and most loans process in just minutes.
Title loans in Port Orange are an important option for local residents due to the way area banks handle personal loans. Banks like the Floridian Bank and Florida Community Bank, which are both located on South Clyde Morris Boulevard, have many restrictions regarding personal loans. No credit, bad credit and low or no income are deal-breakers. Short term is often defined as three to six months. Loans have minimums as high as $10,000, and there can be early repayment penalties.
Title Loans Port Orange: Getting a Quote and Acquiring a Loan Online
The most convenient way to shop for title loans in Port Orange is to use Loan Cheetah. Loan Cheetah is a website that takes your information and then ships it around to area lenders in order to find the most favorable car title loan estimate for you possible. The information it requires includes:
- A name and zip code
- An email address and/or phone number
- Year, make and model of your vehicle
- An odometer reading or mileage estimate
Loan Cheetah will provide you a quote within moments, and this will give you an idea of how much money is available. You can choose a lesser amount if that fits your needs better. When you’re ready to continue, a loan specialist will contact you. If you have any questions or concerns, he or she can discuss them with you. When you’re ready to go ahead with the loan, he or she can help you complete it.
Title Loan Regulations in the Greater Daytona Beach Area
Lenders who lend title loans in Daytona Beach and the surrounding areas must conform to the Florida Title Loan Act of 2000. This act protects consumers by dictating what lenders can charge as well as requiring them to meet certain obligations, such as licensing and mandating that they provide the borrower with a written agreement that includes all relevant information. There are safeguards in place to ensure that lenders don’t interfere with a borrower protecting their ownership of their vehicle. In addition, lenders cannot:
- Charge a higher interest rate than allowed by state law
- Refuse a partial or early payment
- Charge an early repayment penalty
How a Title Loan Can Benefit You More than Other Types of Personal Loans
Title loans in Port Orange can benefit you more than the other kinds of personal loans available. You can borrow what you need, so if you only need $200, you only pay interest on $200. You can take out the loan for a short period, so if you can pay it off in a week, you take out the loan for just a week and avoid unnecessary interest. If you have the money earlier than that, you can go ahead and pay it without penalty. When acquiring the loan, you don’t have to worry about income checks, credit checks and background screening, and you keep control of your car for the entire term of the loan.