Title Loans Lutz, Florida
Not every consumers has great credit. In fact, establishing a high credit score is very challenging for many people. For these people, being approved for a traditional loan might not be possible.
Fortunately, there are title loans in Lutz from Superior Lenders that can be great alternatives to consumers with low credit scores. Anyone who has a vehicle can be approved for a title loan. There are many advantages to this type of borrowing.
Title loans Lutz: The process
At Superior Lenders, we’re always standing by to help consumers with the application process for title loans in Tampa. The first step is to apply online. We just need a little bit of information from out applicants. In our application, we’re mostly concerned with the type of vehicle our borrowers have. We need to know what the vehicle’s make and model are.
We respond quickly to the applications we receive. If we’re able to offer a loan, we respond with details like how much we will loan. We also respond with the loan term and the details on how the loan will be repaid. Then, the applicant can decide whether he or she wishes to go ahead with the loan.
After we receive an affirmation and the applicant’s vehicle title, we can disperse the loan funds. Then the last part of the process for title loans Lutz is for the borrower to pay back the loan.
How Florida law affects title loans Lutz
Title loans are regulated by state governments. In Florida, there are numerous laws that regulate this type of loan product. It’s not permitted for a title loan to be offered in Florida for any more than $500. The state wants to keep title loans low in amount so that they’re easy to pay back and borrowers can quickly put themselves in a good financial position after taking out such a loan.
Another regulation in Florida is that the maximum interest rate on a Florida loan is 30 percent. This keeps title loans affordable for Florida consumers.
How this alternative lending product benefits Lutz consumers
An alternative lending product gives both borrower and lenders a different way of doing things. This alternative is preferable for many consumers depending on their unique situations.
If you’re wondering how title loans Lutz can benefit consumers in ways traditional loans can’t, consider the following:
- You don’t need to have credit to get approved- Even consumers with good credit sometimes have trouble taking out a loan or being approved for the loan they have in mind. However, when it comes to title loans, credit history is not so important. Because an item of value– a vehicle- is held as collateral, credit is not considered as heavily by title loan lenders. This makes it so that title loans are a great solution for anyone with a vehicle who has some credit obstacles that make traditional financing hard to come by.
- You don’t need to be employed to be approved– Being employed is not necessary for title loan borrowers. If the prospective borrower has a vehicle with a high enough value, considerations like employment are not stressed by lenders. This is great for borrowers are between jobs, are currently searching for a new job, or are self-employed.
- You don’t need to give up your vehicle to take out a loan– Consumers are sometimes surprised to realize that they can continue using their vehicle even while it’s held as collateral for a title loan. This means that the borrower’s vehicle can multitask as collateral and transportation.