Title Loans Seminole, Florida
If you’re ever in a tight financial spot and need cash fast, a car title loan can be a great option. Let’s take a look at how title loans in Seminole work and can benefit you.
Title Loans Seminole: Everything You Want to Know about Title Loans
Vehicle title loans are a kind of secured loan that uses a title of a car, truck or motorcycle that you own in full as collateral. You keep control of the vehicle itself throughout the loan period. Practically any title for a vehicle that has value is eligible as collateral, which means that salvaged and rebuilt car title loans are an option. Since the lender takes on such little risk, most loans process in under 15 minutes and you have flexibility in regard to loan amount and term.
This is one way that title loans in Seminole differ from bank loans and benefit people throughout the area. Consider that major banks like SunTrust will only consider a borrower with strong credit, and even then, the loan process can take 24 hours or more. In addition, banks like BB&T and First Bank usually demand large loan amounts, such as $5,000 or $10,000, and a minimum term of 90 to 180 days.
Title Loans Seminole: Getting Your Title Loan Online
Did you know that you can apply for and even finalize a car title loan from the convenience of your home? In fact, Loan Cheetah can help you get started with just a bit of information, including:
- Your full name and zip code
- A phone number or email address
- The year, make and model of your vehicle
- An odometer reading or estimated mileage
Simply provide that information via a short form on the Loan Cheetah homepage. Within seconds, the site will provide you with a quote for title loans in Seminole. This quote will give you an estimate of the maximum money that you can borrow. If you choose to continue, you’ll be contacted by a loan representative who specializes in finalizing car title loans online. He or she can answer any questions that you may have and guide you through the process all the way to the point of having cash in hand.
How Florida Regulates Car Title Loans
Title loans in Clearwater and throughout Florida are:
- Restricted to borrowers 18 years of age or older
- Limited to an initial 30-day period
- Extendable by 30 days at a time
- Capped in terms of interest rate
The goal of the Florida laws is to prevent lenders from putting borrowers into a cycle of debt. Interest rates are capped at 30 percent on the first $2,000 borrowed, 24 percent on the next $1,000 borrowed and 18 percent on any money beyond $3,000. Interest must be simple and not compounded, and if the loan is extended, interest owed cannot be rolled into the principal of the loan. Loan fees are not capped. However, lenders are required by law to state total fees up front and provide them in writing.
The Advantages of Car Title Loans
Title loans in Seminole are an excellent borrowing option because of:
- High approval rates
- Fast processing times
- Small or large amounts
- Short loan terms
- No credit checks
Title loans are an easier option than bank loans when you need money fast and for a short period. They’re also a better option than payday loans and other short-term solutions because the overall cost of the loan tends to be lower. Credit checks aren’t a requirement, which means that you can have bad credit or even no credit at all, and you don’t have to worry about background screens, proof of employment and income verification.
