Title Loans in Lakeland: Your Best Bet for Instant Cash
There are times when little decisions can have BIG financial consequences. Maybe you got preoccupied with your business and forgot to pay your bills on time.
Maybe you accidentally wrecked your furniture, and now you need money for household purposes like home repairs.
If you’re looking for ways to make some quick cash, loans are often the quickest option. Are you interested in getting a car title loan in Lakeland, Florida?
Read on to learn more about the loan process!
Meeting the Standards for Car Title Loans in Lakeland, FL
Before you start looking for car title loans in Lakeland, FL, you’ll have to gauge your eligibility for them.
To do so, you’ll have to consider the following aspects:
Applicant Criteria for Car Title Loans in Lakeland, Florida
- Residency: Only Lakeland residents can avail of auto title loans in Lakeland, Florida. If you come from another area, it’s best to look for car title loans in your general vicinity.
- Required Documents: If you want to receive your title loan in less than 1 business day, you should prepare the needed documents as early as possible.
- Informative Repayment Plan: A repayment plan can show your lender that you can pay your auto title loan on schedule. It’ll also help you avoid additional payments!
- Good Credit History: While some lenders won’t do a credit check, having a bad credit score can make it more challenging to get title loans in Florida.
Vehicle Criteria for Car Title Loans in Lakeland, Florida
- Car Title From Lakeland, Florida: If you want a car title loan in Lakeland, FL, your vehicle’s title must come from Lakeland, FL.
- No Lien: It’s important to check if your vehicle has a lien. If it has a lien, it is easier for your loan agent to repossess your vehicle if you miss a LOT of deadlines.
- Good Equity: Equity is often known as an economics concept. In this case, your car’s equity is good if your vehicle loan is smaller than the vehicle’s value.
- Stability: While finding a center of stability is important, your vehicle should also be stable so that your chances of getting your lender’s approval for a title loan increase!
- Overall Condition: If you want the lender’s approval, your vehicle should be in good condition!
Application Process for Car Title Loans (Lakeland, FL)
Step 1: All the Little Things
Similar to many application procedures, the first thing you’ll have to do is fill out a title loan application form.
You can apply for online title loans by accessing the form through a website, or you could apply with your chosen lender directly through your cell phone.
Make sure to fill out all the necessary fields without leaving any parts blank! Here are some of the personal information that you might need to provide:
- Name
- Address in Florida
- Contact Details
- Car Details (i.e., your car’s model and vehicle year)
- Financial documents (i.e., income statements or bank statements)
Step 2: Preparation Is Key
After getting conditional approval from your lender on your application form, the next step is to prepare and submit the necessary documents.
These documents may vary depending on the lender’s preference, but here are some of the common files:
- A Valid Government ID (i.e., Driver’s license)
- Proof of Residency in Lakeland, FL
- Your Car Title from Lakeland, FL
- Car Documents (can include pictures of your car)
- Proof of Income (can exist in the form of financial statements)
Don’t forget to coordinate with your lender to ensure that all of your documents are in order before submitting them!
For online title loans, you can choose to submit through a website or visit the nearest title loan branch in Lakeland, FL.
Step 3: Being On the Same Page
While your application is pending review, don’t forget to look over ALL of the details included in the title loan agreement.
These may include the following:
- Payment terms
- Exact loan amount/how much cash you’ll be availing of
- Funding time (if applicable)
- Deadlines for repayment
- Your car’s value
- Additional fees (ex: interest rates)
As long as you demonstrate ability to pay back car title loans on time, your chances of getting your title loan application approved in less than 1 business day/during the same day increases!
Step 4: Receiving Your Money
After receiving your lender’s final approval, you can finally receive your title loan proceeds!
You may receive your cash through any of the following methods:
- Electronically
- Through the form of bills
- Through a direct deposit
The main method will depend primarily on your lender’s preference!
As soon as you receive the money, make sure to stick to your repayment plan to pay off your loan ASAP.
Facts About Car Title Loans (Lakeland, Florida)
Understanding the steps needed to get a title loan in Florida is just one of many facts you’ll have to know about the whole process.
Still interested in learning more about the ins and outs of auto title loans in Florida?
Keep reading to view the bits of trivia we’ve compiled for your reference!
1- Interest Rates
One of the most critical aspects of the title loan procedure is checking the interest rates that title loan companies in Lakeland, FL, offer.
Since your goal is to get fast cash, it’s best to avoid spending MORE money. You can accomplish this by comparing lenders’ various rates before picking one.
These rates are often available online, but you can also choose to coordinate with potential lenders through a phone call!
2- Prepayment Penalties
Did you know that some lenders in Lakeland, Florida, may charge you pre-payment penalties? This usually occurs because title loans usually involve a cheaper interest rate. [R]
To earn back the money that they lose from the cheap rates of loans, lenders may choose to include fees for borrowers to pay whenever they pay off their loan in advance
Mortgage lenders often implement these types of penalties, but other types of lenders usually do this as well.
To avoid encountering pre-payment penalties, coordinate with your lender to ensure full transparency regarding any additional fees!
3- Credit Decisions
While most Lakeland title loans may not require lenders to review your credit score, it’s still important to make responsible credit choices!
This will help title loan companies in Florida consider your auto title loan application and your eligibility for one.
With a good credit score, your lender may be more inclined to have your loan approved within the same day that you submitted your loan application!
4- Types of Loans in Florida
While many institutions offer title loans, there are other types of loans in Florida as well.
- Bank Loans: This type of loan is provided by a bank to individuals for a certain amount of time and requires numerous documents to be submitted. [R]
- Student Loans: This type of loan is also known as an education loan and is primarily used for educational fees. Various institutions can service student loans. [R]
- Secured Loans: Similar to title loans, this type of loan requires collateral to be provided as a form of insurance before you can borrow money. [R]
- Unsecured Loans: Unlike title loans, this type of loan relies mainly on a borrower’s assets and credit to gauge their eligibility for a loan. [R]
- Payday Loans: These loans require you to pay your loan by payday and are riskier than title loans. They charge high rates and additional fees for every missed payment. [R]
Advantages and Disadvantages of Car Title Loans (Lakeland, Florida)
After learning about the procedure for title loans and the other types of loans that are present in Florida, you might be confused about what to do with ALL of this information.
To help you decide if you should pursue a car title loan in Florida, we’ve prepared a few pros and cons for you to look over!
1- Advantages
- Smooth and efficient loan process: Did you know that you can often get cash within the same day you applied as long as you’ve prepared all forms and documents?
- Flexible deadlines: Since your lender has your vehicle title, they’re more inclined to adjust deadlines as long as you coordinate with them properly and pay the money you owe.
- Utilizing your car: You’d still be able to use your car to drive around Lakeland, Florida, while you’re paying off your loan!
2- Disadvantages
- Requires collateral: To get cash from title loans, you’ll have to offer collateral, such as your vehicle title. It will be a form of insurance for your lender when they give you money.
- Involves many risks: Pursuing title loans is a risky path because you can LOSE your car if you forget to pay your loan on time. Spend money wisely so that you can keep your car!
- May include expensive fees: While initially paying loans won’t be too expensive, missing payment deadlines means an increase in fees. Be careful not to fall into a debt cycle!
Driving by Lakeland, Florida
Needing some financial help to get by isn’t always a bad thing. Sometimes life can throw curveballs at you that you weren’t prepared for.
While getting a car title loan in Lakeland, Florida, is one of the fastest ways of getting money within the same day, getting approval from your lender requires a LOT of steps.
Be prepared with your documents and other assets so that your request for money gets approved quickly!