This loan is advanced against a car title as security (collateral). The lender takes physical possession of the title and places a lien on it. After successful repayment, the title is given back to the borrower and the lender lifts the lien.
The lien ensures the borrower does not sell the car before he can settle the loan. It means there is an interested party in the car ownership. If the borrower defaults, the lender has the power to repossess the vehicle and sell the vehicle to recover the outstanding loan amount.
One can borrow very low amounts e.g. $ 100 against his car. Title loans in Miami Lakes can be advanced against other moveable assets e.g. motorbikes, Jet Ski, Wave runners, and RVs.
For title loans in Miami Lake, Florida one can borrow between $1000 to 5000 against the car.
Most financial institutions consider lending amounts below $1000 to be risky and unprofitable, title loans in Miami Lakes demystifies this assumption. The loan range for title loans is mostly between $1,500 and$ 5,000 depending on the value of the car.
This does not spell doom for people who would need amounts that the title loan cannot avail. The good news is in the form of a facility known as an auto pawn. One can access amounts of up to $25,000 in less than 24 hours with this facility.
The distinct difference with the title loan is that you have to surrender possession of both the title and the car to the lender.
The loans can help one to cover unexpected expense, emergencies and also monthly expenses that are falling due.
How to Apply Title loans Miami Lakes
National Identification papers i.e. either a driver’s license or a passport.
You can apply right here on our website and fill in the application. One should also fill in the following information;
After receipt, they will review the details, and you will be given a free car title loan estimate to see how much you can qualify for. They can then arrange after that a convenient and timely meeting with a loans representative to clarify where one might have a question.
As easy as that you can access your money to settle your needs.
Miami Lakes is a city in the Greater state of Florida and is regulated by the laws of Florida State. Florida is one of the lucky states to allow and regulate title loans. The title loans in Florida are governed by Chapter 537 statute or what is commonly referred to as Florida Title Loans Act.
The law governs the lender and protects the borrower in Miami Lakes. The customer is protected by ensuring that the lender;
The law sets the context within which the business should be conducted. The Act sets penalties for breaking the law, so one should not be afraid to take up a title loan in Miami Lakes. The law also guards the borrower against unscrupulous lenders.
The law also governs other closest metro like Miami City, Orlando, and Fort Lauderdale. The loans services are also available in these cities.