Title Loans in Lealman, FL
Do you need some temporary financial help? If you’re looking for a small loan and you are worried that you don’t have the appropriate credit history to be approved, you could consider the potential of getting a title loan. This type of loan is ideal for those who don’t have strong credit but do have a vehicle. This type of loan allows the borrower to use a vehicle as collateral to take out a small loan.
Getting Familiar with the Process of Lealman Title Loans
One of the biggest advantages of these loans is how easy the process is to understand. Anybody can take out this type of loan, but it always has to start with an application. The application needs to be filled out to show some basic details to the lender. If you’re looking for a title loan Tampa, the lender will need to know who you are and some basic details about you. The lender will also need to know about your vehicle.
One of the big focuses of the application for title loans in Lealman FL is what the collateral vehicle is. Generally speaking, you’ll have to provide enough information so that the lender can get an idea of what your vehicle is worth. This information is necessary because the vehicle serves as collateral on the loan. As such, the amount you can borrow will be limited by the value of your collateral vehicle. Information required on the application includes the make, model, and milage of the vehicle.
The State Regulations Involved with Title Loans Lealman
States make up their own laws when it comes to this type of loan. Laws are put in place to protect consumers. In Florida, it’s important to be aware of the following three things when taking out title loans in Lealman FL:
- There is a limit of $500 on the loan amount- Title loan amounts in Florida are limited to a certain extent. Keeping the loan amounts low makes this type of loan affordable and makes it so that borrowers can quickly reestablish their finances by paying back the loan conveniently and easily.
- There is a limit of 31 days on the loan term- State law limits the loan term. The more quickly the borrower pays back the loan, the lower the amount of interest rate is and the more quickly the borrower can stop making payments.
- There is a cap of 30 percent on the interest rate- Higher interest rates mean that the borrower has to pay more to take out the loan. The state puts a cap on the interest rate, and this cap is 30 percent.
A few things to keep in mind
You should be aware of a few keys factors regarding these loans before you apply or take one out. Remember the following:
- These are not payday loans- Unlike payday loans, these loans don’t require you to sign over your paycheck to the lenders. If you want to take out title loans in Lealman FL, you may have considered payday loans. Title loans offer quite a few advantages.
- Liens on the loan are ok- Those who owe money on their vehicles may still be approved for title loans. They just need to have an adequate amount of equity in the vehicle in question.
- Secured vs. unsecured loans- These loans are secured because the vehicle is used as collateral. Secured loans require collateral but they don’t require a particularly high credit score in numerous cases.