Title loans in Miami Gardens, FL
If you are a resident of Miami Gardens, FL, looking for some quick cash to handle a sudden financial crunch, getting title loans in Miami Gardens, FL is the best option. While title loan laws vary state to state, title loan statutes in Florida are what have been specifically formed to protect the consumers challenged by unexpected financial emergencies. Thanks to the Florida Title Loan Act 2000, borrowers can now get quick cash in their pocket, and enjoy their life without worrying about the financial crunch.
FL title loans work as a mode of getting an instant financial solution when faced with any financial strait. This is a type of secured loan that a borrower can obtain by keeping the title of his/her vehicle as collateral with the lender. A lender, after determining the true value of your vehicle, decides how much money he/she should give you based on the car title loan estimate online. Title loans, on average, are $250 to $1,500, but they may further be increased up to $40,000.
Remember, title loans in Miami Gardens FL are a short-term loan, so it must be repaid within the specified time. In case, a borrower is unable to pay the loaned amount, the lender, as per the contract or agreement, authorized to repossess or sell the mortgaged asset. However, the process of repossession and sale of the collateral also varies state to state. In some states, the lender can do so only by taking orders from the court, while some state laws completely disapprove this liberty of the lenders.
As far as FL residents or consumers are concerned, the Florida title loan laws provide full security to the consumers looking for title loans and put a limit on the liberty of the lenders. This way, it can be said Florida is the best state when it comes to getting a car title loan in Miami Gardens FL. We also serve car title loans in Miami, Fort Lauderdale, Hollywood and several other locations, so don’t let the location stop you.
Florida Title Loan Laws
Getting title loans in Miami Gardens, FL is certainly lenders’ envy and borrowers’ pride. This is because the borrowers are made legally stronger than the lenders. Where the laws restrain lenders from charging more than the defined interest rates, they are also required to provide the users with clear and complete information of the agreement or contract signed between both the parties. Talking about borrowers’ rights, the Florida Statute 537 says that the lender must:
- Give an opportunity to a borrower to willingly hand over the titled assets at a suitable date, place and time before the repossession through a licensed repossession agent.
- Give sufficient time to a borrower to shift his/her personal things from the titled assets without making any extra charge or cost.
- Offer for sale the titled assets through a licensed motor vehicle dealer.
- Give a notification to a borrower about the time, date and place earlier than the specified sale date.
- Give a detailed and written account of all amounts due, inclusive of principal, interest.
- Give payment of any additional sale earnings to the borrower within 30 days after the sale date.