Title Loans in Winter Haven, Florida
With modern lifestyles becoming costlier these days, you are compelled to take out loans to meet your various lifestyle needs. You can explore various options to borrow money. The best and least expensive way of borrowing money would normally require you to have a good credit score, but what if that’s exactly your weak point? This is where title loans in Winter Haven, Florida come into play. If you live in Florida’s Winter Haven city and own a vehicle outright, obtaining a title loan will be a breezy affair.
Garner Instant Cash despite Bad Credit History!
A Winter Haven title loan is a specially designed financial solution, which offers instant cash to people without verifying their credit history. It is a short-term loan where the title of a vehicle is used as collateral or security for the loan amount. Hence, you can easily obtain the loan, if you are willing to surrender your vehicle title before the lender. Here your credit score has no role to play in determining your eligibility for the loan or fixing its interest rate. The size of the loan is determined by evaluating the equity in your vehicle. You can raise up to $10,000 in title loan.
Striking Features of securing title loans in Winter Haven!
Title loans Winter Haven have gained wide recognition due to the following striking benefits.
- Flexible repayment process
- Lower interest rates
- No credit checks
- Affordable loan
- Retain your car
- Fast approval
How to Acquire a Title Loan in Winter Haven?
Applying for a title loan Winter Haven is so simple that you will get the cash in less than an hour. Just fill out an application form either online or by visiting a title loan store. A loan expert will carry out a quick appraisal of the vehicle and announce your eligibility for the loan. During the approval process, the lender will also verify certain common documents such as title paper of your vehicle, photo ID, residential evidence and income proof. The title loan quote and the amount you get as a loan will depend on the car’s value, your need, your capability to repay the loan and applicable state laws. You will get the loan in check or it will be transferred to your account.
Title Loans Laws Applicable in Winter Haven, Florida
- The Florida Title Loan Act (Chapter 537 – Florida Statutes) makes it compulsory for a title loan company to hold a valid license from the state Office of Financial Regulation to operate in Winter Haven, Lakeland, or anywhere in the state.
- The Act also mandates the lender and borrower to sign a written agreement before the finalizing the title loan.
- Chapter 516 – Few lenders are licensed under this chapter. Provision hereunder govern consumer lending in general and are not limited to just title loans. Nevertheless, it does provide consumer protection with respect to title loan transactions.
- The maximum interest that can be charged on Florida title loans in Winter Haven is 30% on the first $2,000 borrowed, 25% on amounts more than $2,000 and up to $3,000, and 18% on any amount above $3,000, as per the law.
- Interest has to be calculated as annual simple interest and cannot be compounded. If a lender knowingly charges interest above the permitted rate, the title loan agreement becomes invalid and the lender loses all rights to collect any amounts, including the principal, owed on the loan.
- As per Chapter 537, the repayment term is 30 days but this can be extended for another 30-day period if both parties agree in writing. The interest rate imposed for any extension cannot exceed the rate mentioned in the original agreement.
- A title loan company in Winter Haven is restricted by law from charging a prepayment penalty.