Title Loans in Florida: The Funding Process
Any chance you need some extra cash? I'm SURE you do!
Life is hard these days. Steady income can be hard to get by. Those of us who weren't born with great financial backgrounds can be suffering.
Luckily, HAVING A CAR gives us a chance.
Title loans in Florida can give you fast cash (as long as you qualify for it)!
Title pawns are NOT ONLY for situations when you're short on cash. Title loans can still help your everyday life even if you have enough money for monthly expenses.
Don't suffer for no reason when title loans can save you some stress. FIND OUT HOW you can get one in the details below.
The Best Perks of Auto Title Loans in Florida
Auto title loans are ON THE RISE for a reason.
When you're out of options and badly need some funds, title loans can get it to you ONE WAY OR ANOTHER.
Florida residents get to enjoy this unique oasis in different times of financial crisis.
Learn more about the benefits and perks of a title loan in Florida by reading the next three sections below.
Car Title Loans Details
A car title loan is only one of the many types of loan.
What makes it unique or different from the loan types we used to know?
Car title loans are simple. You only really need to understand a few basic concepts. Here are the most important details about this loan type:
- You need your car's vehicle title
- It requires collateral
- It is a short-term loan agreement
That's it! If you badly need to get back on your feet, a title loan might be THE SOLUTION.
Benefits of Title Loan Services
A car title loan is a SECURED loan.
Lenders temporarily hold your vehicle title during the loan process. What this does is that it gives them security in case you fail to pay them back.
Compared to an unsecured loan, a title loan have lower interest rates.
Aside from the rate and security, a car title loan is also popular because of the average funding time.
- Fast approval is perfect for urgent needs
- No need to waste time waiting for bank loans
- Apply online = No travel time wasted
Auto title loans are HASSLE-FREE. A car title loan boasts benefits both before and after loan approval.
Flexible approval process
- Credit history is not grounds for disqualification
- Expert loan agent
- Flexible payment plan and loan terms
- No pre-payment penalties
- You get to keep driving your car
Advantages of Title Loans Over Traditional Loan Options
Title loans in Florida get more and more popular each day. Florida residents have started seeing why it's a great choice over traditional loans.
Here are our thoughts about it:
- An auto title loan ONLY requires your vehicle's title (not like car pawn loans)
- Lower annual percentage rate (than payday loans)
- No hidden fees (unlike cash advance loans)
- Fewer documents are required (unlike student loans)
- Faster loan type (unlike bank loans)
The Possible Problems to Watch Out For
We'd love to give 100% praise to online title loans.
But, the truth is that THEY AREN'T PERFECT. We won't let you suffer by hiding the downsides and risks that come with it.
That's just wrong! Here are all the ugly details you might need to know before you decide on getting a title loan in Florida.
Weakness of Florida Car Title Loans
Secured loans in Florida are great because there is LESS RISK. When there are fewer risks, lenders no longer feel the need to increase the interest rate by so much.
But, it doesn't mean that an auto title loan is cheap. It's the OPPOSITE.
A title loan is one of the MORE EXPENSIVE loan types out there. The interest rates are EXTREMELY STEEP, despite it being competitive.
Here are some of the pertinent negatives of a title loan in Florida.
- You can't qualify without a bank account or a source of income
- Credit histories are still looked at
- Not every vehicle qualifies
Risks You Take With Auto Title Loans in Florida
This section will enlighten you best if you want the absolute truth about title loans.
A car title loan is NOT THE BEST if you face a long-term financial emergency.
That's it, we said it!
A title loan is a short-term loan. You get fast cash, but you have to repay it quickly too. It's tempting to get money fast. But, remember the steep interest rates.
A fast approval process comes at a certain price.
The principal amount that you borrowed will INFLATE IN NO TIME. Imagine having to repay double the amount you didn't have in the first place.
If you fail to pay your loan, you will LOSE your vehicle. It's a CONVENIENT loan for emergency funding.
But, you have to be prepared for the setbacks.
Disadvantages of Auto Title Loans Compared to Other Loan Alternatives
Auto title loans sure do have benefits over traditional loans. But, they do carry a lot of disadvantages too.
- Higher interest rates (compared to bank loans)
- The credit check is STILL done
- Limited qualifying vehicle (unlike car pawn loans)
- Smaller loan amount (compared to personal loans)
Title loan companies in Florida are UNDERSTANDING and FLEXIBLE. But, they do require a few non-negotiable stuff.
Alternative income is usually accepted in personal loans. A title loan is, however, not the same.
The approval process is swift. But, it is still intensely meticulous. You can't hide from a credit check or the necessary bank statements.
Funding Process of Online Title Loans
You now learned both sides of online title loans. What's next?
It's time to learn how to get a title loan in Florida.
Carefully read every loan step so you won't forget anything! Missing a few documents or a few steps can shoot your chances down.
There's nothing worse than applying for a loan only to get rejected.
Title Loan Companies
Everything starts with a TRUSTY loan agent.
Find a title loan lender you can trust your finances with. Check their reputation and reviews online before you make a loan inquiry.
Here are the sub-steps in choosing your creditor:
- Narrow down your options to those with credible reviews
- Check which ones have a license to operate a title loan in Florida
- Compare the interest rate from lender to lender
- Ask about the minimum and maximum loan amount they offer
- Make sure that they accept your vehicle (check the vehicle type and vehicle year they accept)
Required Documents and Vehicle Inspection
ONE OF THE BEST THINGS about an auto title loan (also called title pawns) is that you can apply online.
Gather the documents required by your lender.
Compiling the documents needed is already half of the whole process. You can submit them through email or fax if you don't want to leave your house.
Just complete this step, and YOU'RE ALL SET!
As a borrower, you need to submit proof of identity and some documentation for your car.
- Photo ID
- Car title
- Proof of an existing bank account
- Proof of income (qualify with pay stubs too)
- Permanent address in Florida
- Properly filled-out application form
Some title loan lenders in Florida ask you to come in for a vehicle inspection. But, it's not always the case.
It can be MORE TEDIOUS. However, based on experience, inspections can increase how much cash you can get.
The title pawns approval process starts with getting conditional loan approval.
It can sound like jargon. But don't be intimidated.
Essentially, they just need you to demonstrate ability to pay your debts.
It is just your lender letting you know that you have all the requirements they need and that you can proceed to the next stage (of course, pending review).
The next phase is all about terms and conditions.
Don't wait to get your pre-approved before asking yourself these questions:
- How do I plan to do my loan payments?
- How much interest rate can I accept?
- Are expensive title pawns feasible for me?
- How many weeks can I realistically repay my loan?
A title loan lender will forward you a document containing the loan agreement. This document covers the following:
- Loan period
- Loan amount
- Interest rate
- Payment plans
The goal in this stage is for borrowers and lenders to agree on the loan terms.
Once that is done and dusted, the last approval is almost guaranteed. The money you need will be within your reach.
Cash claiming is NEVER NOT EASY with a car title loan.
Did you apply online? Online loans mean you can get your cash online too. Having a bank account makes it even easier.
Your cash can be AUTOMATICALLY WIRED once the loan process is over.
You can receive it through check too if you want.
An auto title loan in Florida usually operates on extended hours too. This means that you can get your cash anytime, anywhere.
Honestly, it's not normal to NOT get hooked by now.
But as always, remember NOT TO RUSH any step to avoid making critical mistakes. A small error can cost you a lot of time and money.
Most of us would like to think that the loan process ENDS when we get the money.
Sadly, it does not.
We've come a long way at this stage. But there's still A LONG WAY TO GO. A title loan in Florida ends after you've repaid your debts.
Repayment can be done in several ways:
- Direct deposit
- Money transfer
- Cash on hand
Plan your repayment strategies ahead of time to avoid getting into more debt.
Do you automatically lose your car if you fail to pay your loan? NOT REALLY. But don't get complacent either.
If you don't have enough cash to repay your debt, it's not the end. You can still try asking your title loan agent for an extension.
An extension is usually an extra 30-day period given to you. What happens here?
- You pay a fee to get an extra 30 days
- You get more time to pool the repayment money
- You and your lender sign a new contract
You get more time. But, it doesn't end there!
Don't forget that YOUR LOAN INCREASES as well. It can be even harder to repay, so think twice before relying on it.
Tips and Tricks of A Successful Application
Without some extra tips, a title loan article is just not complete for me.
Go through this short guide to increase your chances of getting the loan you need and want. These tips can help you avoid unnecessary delays too!
1 - Only Borrow What You Need
Some of us want a HIGHER loan amount. If you think about it, it's only natural, right?
But, it might not always be the case in a title loan.
A bigger amount of money at the start can be relieving. But, you'll REALIZE sooner or later just how hard it can be to pay it back.
Some people get bad credit from banks because they borrow more than they need.
Bad credit won't hurt your title loan application.
But, it doesn't mean you should just let your credit history be astray.
2 - Don't Be Discouraged by Bad Credit
A lot of people suffer every single day because of bad credit.
Some people make wrong financial decisions. But, it isn't always that person's fault. Sometimes, life just hits us with A LOT OF BAD LUCK.
Having bad credit should not stop you from fulfilling your basic needs.
Let title loans help you.
3 - Pay Your Loan Earlier if You Can
Interest rates will increase the longer it takes you to repay your debts.
If you managed to pool enough money, it's best to PRIORITIZE PAYING YOUR DEBTS. You'll realize there's less debt to pay in the long run.
A title loan in Florida does not charge pre-payment penalties.
4 - Be Wary of Hidden Fees
We said earlier that title pawns don't charge hidden fees.
They don't, normally.
But, some title loan companies might slip in some extra fees to earn more. DON'T LET THEM FOOL YOU.
As the borrower, it's your responsibility to protect yourself from fraud.
Check, double-check, and triple-check every single detail and information.
We don't want to borrow money only to land ourselves in a deeper financial problem. DON'T BE RECKLESS at a time like this.
Frequently Asked Questions
Learning everything about a title loan in Florida includes getting some answers.
This section will get you some answers to questions you might have. Read every FAQ to make the most out of this article.
It can sound technical, but it's very simple. It's also something you already know.
It just reminds borrowers that not all vehicles are accepted. There are limitations to an auto title loan, and we should know them.
Here are the vehicular limitations to note:
The car should not be older than 2012
The car should be fully paid
The vehicle should be free and clear
Is There Any Government Financial Regulation Overseeing Title Loans in Florida?
A title loan is LEGAL. It means that Florida laws cover these loan types.
Florida residents are protected from fraud and lenders who aim to take advantage of their bleak situation.
The government puts A CAP on how much interest rate a lender can impose.
They can't just keep raising it.
Florida laws also give you more time to repay your loan. Lenders can't just repossess your car the moment you miss your deadline.
You will have an EXTRA 30 DAYS to pay your debt. After that, your lender is free to do anything with your car.
Own them, sell them, or auction them? Whatever the case, it's all up to them.
Why Haven’t I Gotten My Money After Haven’t?
A title loan is popular because of the SAME-DAY PROMISE.
The urgency of most people makes them VERY ATTRACTED to getting same-day funds through title pawns.
You can indeed get your money within one business day. But, it's NOT ALWAYS the case.
The more realistic expectation is to get your money within 72 hours. It's a lot later than 24 hours, but it is still relatively quick.
Be patient, and your money will reach you in no time.
Do I Automatically Get Disqualified if I Don’t Have All the Requirements?
You won't be automatically disqualified.
But, it doesn't mean you won't be disqualified. Some requirements are just absolutely necessary. This includes the original copy of your car title.
Some documents can be more flexible than others.
- Proof of income (can show any source of funds)
- Proof of employment (Can be self-employed)
- Character references (Can be skipped)
Summary and Last Words
Florida residents do not need to travel to get financial aid.
With just a few clicks, the cash will be yours to keep. Almost anyone can access fast cash without tedious steps and limitations.
We hope this article helped you decide whether a car title loan is best for you.
Don't hesitate to contact us if you need to know more. We can answer any questions you might have as well.
Stay at home, and Good luck!