Title Loans in Sarasota, Florida
Life is always fun in the Floridian city of Sarasota. The smart residents of this culturally-enriched and beautiful city know how to be free from the financial stress to enjoy life to the fullest. Therefore, when an unexpected financial crisis hits their lives, they don’t get worried because they know the easiest way to overcome it. They know where they get to turn during any financial emergency. Their full faith in title loans in Sarasota, Florida not only helps them satiate all of their personal financial needs, and tackle the unforeseen financial crisis, but it also lets them live peacefully without worrying about the sudden arisen financial crisis. Title loans in fact, works as an essential part of Sarasota’s financial system.
Undoubtedly, the financially-challenged people in Sarasota consider it the most reliable source of fast financial solution. It helps them fulfil a range of their all of a sudden popped up financial needs, such as paying a hospital bill, renovating a home, covering tour and travel expenses, paying college fees or house rent, and meeting short-term working capital to run your business. In all, this instant financial solution is considered to be the best fulfilment source of quick cash when it comes to meeting unexpected and unplanned expenses.
What is a Title Loan?
A title loan, also known as a car title loan or a vehicle title loan, is a short-term loan that you can secure against the title of your registered vehicle. You can receive the maximum loan amount based on the equity in your vehicle. It is a hassle-free monetary solution because it brings cash into your pocket without going through the mammoth paperwork.
Moreover, Tampa title loans doesn’t pay attention to your past credit history, meaning they don’t consider your credit history as a parameter to judge and evaluate your creditworthiness. This way, it brings new hopes to those bad credit people, who have miserably failed to get a quick loan from various traditional sources, in spite of their constant efforts.
Benefits of Title Loan
Title loan is gaining immense popularity day-by-day in Sarasota by virte of its following incredible benefits.
- Fast Cash in Hand – It takes just 20 to 30 minutes to get cash in your hand.
- Bad Credit? No Issue!- You are entitled to take out a Florida title loan even if you have bad credit or no credit.
- Granted for All Purposes- You can use this loan for any short-term need, such as paying medical bills, house rent or buying another vehicle.
- Easy Way to Turn Your Vehicle into Cash- Title loan is a wonderful way to turn your vehicle into cash to cover all kinds of expected and unexpected expenses.
- Enjoy Normal Drive – Even if your vehicle title is surrendered for the loan, you continue to enjoy its normal drive as you don’t need to keep your car with the lender.
How to Get a Title Loan in Sarasota?
There are just four simple steps to be followed to unlock the cash in your car.
- Fill out Application Form– Fill out the online application form available at the website of a title lender, or just call them over the telephone, so that they can know a bit about you and some details about your vehicle.
- Submit a Few Necessary Documents-
- An age proof document to show that you are 18 years old or above.
- An income proof document
- A Govt-issued ID proof
- Title of your vehicle
- A residential proof
- Get Your Car Inspected- A company rep would inspect your car and evaluate the maximum loan amount that can be granted to you.
- Collect Your Money- Once your loan gets approved; you can ask the lender to deposit the money in your bank account.
Title Loans Laws Applicable in Sarasota, Florida
- The title loan industry in Sarasota is regulated by the federal and state laws. Most of the state laws are set by the Florida Office of Financial Regulation.
- Therefore, any financial institution willing to provide title loans in Sarasota must have a license from the Office of Financial Regulation, Florida.
- According to the Florida Title Loan Act, a title lender may charge at the most 30% interest annually on the initial $2, 000 of the principal amount, 24% annually on that portion of the principal amount between $2,000 and $3, 000, 18% annually on that part of the principal amount exceeding $3, 000.
- The maturity term of the title loan in Sarasota shall be 30 days following the execution of title loan agreement. The agreement is extendable for another month by mutual consent of both the parties.
- The rate of interest charged in any title loan extension agreement should not be more than the rate of interest charged in the related title loan agreement.
- No title lender in Sarasota can charge compound interest rate. The company should charge an annual simple interest on title loan.