Over the past few years, people have turned to various solutions to settle their financial needs. Individuals looking to borrow money have several options, but not all are suitable for everyone. Title loans in Florida have become among the most effective and popular ways to access quick funds for financial emergencies.
Wondering why title loans in Florida have become this popular? This post looks at why consumers choose this option to borrow money.
How Title Loans in Florida Work?
Title loans provide financing to borrowers who own vehicles. Lenders will require the borrowers to provide their vehicles’ titles and use them as collateral for the loan. The loan is short-term, and the repayment period could range between 15 to 30 days. However, some lenders have an extended loan repayment duration.
Title loans in Florida are provided online or in a physical location. You must fill out an application form and present your car for appraisal. The appraisal helps the lender to determine your vehicle’s value.
Some lenders will require you to provide proof of insurance, a photo ID, and other relevant documents. Other lenders may require you to provide a second set of your car keys. The best part is that you can keep your vehicle during the loan repayment. As long as you adhere to the title loan terms, you can continue driving your car as you normally would.
If you cannot repay the loan on time, you can roll over your title loan into a new one. However, this will only add more interest, so it is advisable to have a clear repayment plan before taking out the loan.
You can borrow 25% to 50% of the vehicle’s value. You will repay your title loan in Florida through an automatic payment from your bank account or in person.
Benefits of Title Loans in Florida
You can expect several benefits from taking out a title loan in Florida. This, to a greater extent, explains the increasing popularity of these loans. Some of the main benefits Floridians look forward to including:
Suitable for Borrowers Who Conventional Lenders have turned Down
You may struggle to find finance from ordinary financial institutions if you have a poor credit history. This is because mainstream lenders significantly focus on your credit score when offering personal loans. If your credit score is below average, you will be turned down.
Title loan lenders typically focus on the value of your vehicle rather than your credit history. Since your vehicle is your collateral, your credit score is not a significant issue. Poor credit history or score will not prevent you from being able to acquire a title loan. However, it is essential to note that title loan lenders will still perform credit checks to assess your ability to repay the loan.
Simple Application Process
Borrowing money from conventional lending institutions can be frustrating, stressful, and time-consuming. It can involve sending many documents, waiting for responses, and application processing. This makes the application process a chore that most Florida residents don’t have time for.
On the contrary, title loans have a straightforward application process that does not take much time. You can complete the online title loan application process within minutes and without leaving the comfort of your office or home. This means that you can save time.
Quick Access to Funds
Another significant benefit of Florida title loans is that the pay out of funds is convenient and swift. You don’t have to wait for days to get a decision. Once your vehicle is appraised and approved, you will receive the funds within a short time. In most cases, borrowers access the funds within a business day. This makes title loans in Florida a suitable alternative for individuals who borrow money to cater to financial emergencies.
Convenient Payment Schemes
Most title lenders in Florida offer convenient loan repayment terms. Most have multiple instalment schemes to allow the borrower to repay the loan without inconvenience or hassle.
Get the Funds You need to Settle Your Financial Emergencies Today
As you can see, title loans in Florida provide a simple financing solution for most people. People who have struggled to secure financing are also not left. Therefore, if you want a simple loan solution, a car title loan could be the right choice for you.
At Florida Title, we understand that some financial emergencies come when you are least prepared, so we have a straightforward way to make it easy to get the funds you need. Contact us online to discover more and get a free quote now.