A title loan is a type of secured financing. The owner of a titled asset can use the property as collateral to receive cash loans. Title loans in Jacksonville Beach have positively helped people around Florida while in desperate financial need. During turbulent economic times, vehicle title loans help mitigate the expenditures.
Applying for a title loan in Jacksonville Beach, FL on our website only takes a few minutes. All an applicant is required to do is fill data online. The page prompts for basic information about the security such as make and model of the car and estimated mileage. Upon successful entry of all necessary data, a notification indicating the auto title loan estimate is sent to you. After that, a loan representative will initiate contact at the earliest convenient time to discuss the details.
In the United States, title loans are only allowed in a few states. States that have legalized title loans include Alabama, Illinois, Kentucky, Minnesota, Nevada, Texas, and Georgia. Title loans in Florida are limited by law. The law stipulations limit loan amounts, the length of repayment periods, handling refinancing of the loan and other terms of the agreement.
Specifically, Florida 537 and Florida 516 Statutes provide more protection to the borrowers due to their stipulations on sale, repossession and extra costs charged by operators. In Florida, any titled personal property can be used as security for a title loan under both statutes. The law also provides direction regarding loan agreement. Some of the conditions required are:
All title loans agreements in Florida must be in writing. The contract must also include details on the make, model, and date of manufacturing of the property offered as collateral for the loan.
Interest rates on any auto pawn in Florida are capped at 30 percent for the first 2000 dollars borrowed, 25 percent on the amounts between 2000 dollars and 3000 dollars. A maximum of 18 percent is charged for values over 3000 dollars. Moreover, the rates should be calculated on simple interest rates.
Loan lenders in Jacksonville, are prohibited from turning down partial payments, enter into agreements with minors or borrowers under the influence of drugs and engaging selling of motor vehicles. In the case of the lender breaking the aforementioned regulations, the creditor loses any right to collect more value to service the loan.
Title loans in Jacksonville Beach are becoming common for many reasons. The benefits associated with car title loans may include:
Getting title loans in Jacksonville has been made easier with the low-interest rates offered. The company does not pressure on early installment payment. A title loan might be a good solution to any financial problem.