Title Loans Royal Palm Beach, FL
A title loan is a type of short-term loan that is given to borrowers who have paid off their vehicle and can use the title as collateral. Many people believe that when you get a title loan you have to hand over your vehicle as collateral, but you don’t. The company holds the title to your car or truck until the loan is paid off. You will always have possession of your vehicle. Title loans Florida companies offer loans to customers who do not have good credit and can’t get a loan from a traditional source, such as a bank or local credit union. Not everyone has family or friends that they can borrow money from. Title loan companies offer a quick and easy application process over the Internet. The procedure takes just minutes of your time and you will have a free title loan quote almost immediately after you send the information in. No matter what type of vehicle you have, you can get a cash loan for it as long as you own it outright with no payments.
Requirements for Title Loans in Royal Palm Beach, FL
If you apply for a loan at your local bank or credit union, you will be asked a series of questions and have to fill out a mountain of paperwork. If you don’t have good credit, you may as well not even bother. Plus, the time involved in getting a traditional loan can be days or even a week or more. Title loans Royal Palm Beach companies do not care what type of credit score you have. They do not require a credit check in order to approve you for a loan. Even a past repossession on your part will not deter you from receiving a loan. All they need is the title of your vehicle to get you approved for a fast advance.
Applying For a Title Loan in Royal Palm Beach
When you apply for title loans West Palm Beach, you will only need a small amount of information in order to process the loan. This includes:
- Phone Number
- Make and Model of the Vehicle
- Zip Code
Once this information is completed, the company will send you a free quote concerning the amount you may be eligible to receive. A loan representative will then call you to continue the procedure. They will help you through the application process and answer any concerns or questions you have about the loan. Once that is done, you can have the money deposited straight into your bank account. Title loans will be processed that day or within 24 hours in most cases.
Laws In Place for Title Loan Companies
There are limits on the interest rates that title loans Royal Palm Beach companies can charge.
- Borrowers who take out $2,000 or less will be charged a maximum of 30%.
- Amounts between $2,000 to $3,000 will be charged at a maximum of 25%.
- Amounts over $3,000 will be charged at a maximum of 18%.
All interest on the loan has to be calculated as annual simple interest. It cannot be compounded. Title loan companies must also accept any partial payments the borrower may give them. So even if you cannot afford to make the first full payment, you may give them as much as you can at any time. Title loan companies may also rollover the loan period for another 30 days if both parties agree to it in writing. This may happen if the borrower cannot pay the whole loan amount back in the first 30-day term.
Title loans can be an easy way to get out of debt or take care of an unexpected financial emergency when you have the title of your vehicle to use as collateral. If you have a car, van, truck, or motorcycle, you can receive a cash loan today.