Title Loans Progress Village, Florida
Any consumer out there who needs a loan but is having trouble being approved should know about title loans. This is a special type of loan. If you own your own vehicle, you can probably be approved for this type of loan. A title loan uses a vehicle as collateral. This makes factors that are typically important in loan applications like credit score and employment history less important.
Simple process: Title loans Progress Village are quick and easy
We answer applications quickly. If we’re able to offer a loan, we’ll send out a loan agreement with all the terms of the loan to be offered. If the consumer wishes to go ahead with the loan after receiving details, he or she can send in his or her title and we’ll then transfer the funds to the borrower’s bank account.
Legal requirements that help consumers with title loans Progress Village
Certain state laws that apply to title loans in Progress Village are meant to help consumers and protect their financial health. In Florida, state laws regulate how hight an interest rate can be on a loan. An APR interest rate in Florida on a loan cannot be any higher than 30 percent. This is a relatively low interest rate in comparison to the interest rate that is required of title loans in many other states where laws are more lax.
Florida also limits the maximum amount that a title loan can be for. Title loans in the state can’t be given for any more than $500. This too is a law that’s meant to protect consumers. A large loan takes longer to pay off and usually results in more interest than a smaller loan. Smaller title loans are more affordable for the consumers. They’re also easier to pay off faster so that the borrower can get back on track financially as quickly as possible.
Best way to get some financing
Taking out title loans Progress Village just might be the best way out there to get financing for Florida residents. That’s because there are many advantages to this type of alternative lending product.
What are the advantages? Here are five of the most significant ones:
- Convenience and speed– Generally speaking, there’s nothing convenient at all about applying for a traditional loan. It involves waiting at banks and other financial institutions. It also involves responding to prying and sometimes embarrassing questions. With title loans, it’s usually possible to apply online and fill out the required application in only a few minutes.
- Credit score– It’s not easy to build up a high credit score. It’s especially challenging when one lives through periods where the economy is in recession and it’s not easy to make money. With a title loan, a high credit score is not necessary to be approved.
- Employment– Sometimes, individuals can’t get a loan because they’re unemployed or because they run their own business and don’t have the guarantee of a regular paycheck. These individuals may have trouble with traditional loans, but they should be able to get a title loan as long as they own a vehicle.
- Vehicle multitasking– When a consumer borrows a title loan from Superior Lenders, that consumer continues to use his or her car even while it’s being held as collateral.
- Affordability– Loans are small and easy to budget for.