Title Loans in Medley, FL
Financial distress often seems to develop out of the blue, and it immediately puts a damper on your plans. In many cases, unexpected expenses create strain on a budget, and these expenses may be from an illness, a car accident, a home repair issue or something else. You may not have the cash available to pay these bills. Perhaps you paid the unexpected expenses, but now you do not have money available to pay your regular bills. Finding a way to overcome this type of situation can seem impossible, but after you learn about the benefits of title loans in Medley, you may see how this financing source can help you overcome your current issues and challenges.
What You Need to Know About Medley Title Loans
Many people have heard about title loans Hialeah, but you may not know what they are or how they are different from other types of loans. A title loan is a very short-term loan that uses your car as collateral. This is not the same as a typical car loan that you may be familiar with. A typical car loan may take years to pay off, but a car title loan has a single payment that is due within a few weeks. Because a title loan uses your car as collateral, you should be aware of the lenient credit score requirements for loan applicants. If you have bad credit scores, rest easy knowing that you may still qualify for an auto title loan.
What It Takes to Qualify for Medley Title Loans
If bad credit scores are acceptable to qualify for title loans in Medley, you understandably may be wondering what the requirements are. The primary requirement for approval relates to your vehicle. A car title loan utilizes vehicle equity as collateral. This means that you must have equity available to lend on. Equity on a vehicle is computed by subtracting any outstanding loan balances from the vehicle’s current market value. We will issue a loan amount that is a percentage of your vehicle’s equity rather than based on the full equity amount. If you do not have equity available, a car title loan is not a good fit for you.
Legal Considerations About Auto Title Loans
Florida has been legal requirements that lenders most follow, and there are several requirements that apply to title loans in Medley. In order to comply with legal guidelines, we are only able to extend a loan to applicants who are 18 years old or older. In addition, we can only collateralize the car as equity if you own the car in your name and if sufficient equity is available. Some of the legal guidelines impact us as the lender. For example, legal requirements state the maximum loan fees and interest rate that can be charged on the loans that we provide.
What the Car Title Loan Process Is Like
When you urgently need cash, you understandably may think that a lengthy loan process would not work well for your situation. The good news is that our car title loans can be approved within a few days or less. The loan application is online, so there is no reason to visit our office in person. We will also not inspect the car personally. If we approve your loan request, you may expect to see your loan funds deposited in your bank account within a day or two.
Your money issues can seem embarrassing to deal with, and you may also feel the pressure associated with wondering if you will be able to buy groceries, pay rent and more. As dire as your current situation seems, we offer you a flexible and fast solution. If you have equity available in your car, fill out the application today to get started with the loan process.