Are Title Loans Legal in Florida?

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Can I Apply for Title Loans in Florida Today?

The answer is yes! Title loans are legal in Florida. However, you must meet the initial requirements to qualify for this loan option. The requirements for a title loan in Florida can be relatively simple to understand! Additionally, the application process can usually be quick and convenient. 

Title loans are great options for people in Florida who struggle with their financial situation and need help fast. If you need a better credit score, applying for traditional bank loans can be challenging and inconvenient. When you have a low credit score, you may not be approved, or you may have to borrow at high interest rates.

Below is more information about the title loan laws in Florida. You can begin the inquiry process for a title loan by filling out the pre-approval form or calling to speak with a title loan representative. 

What Are the Title Loan Laws in Florida?

The title loan laws in Florida are similar to those elsewhere throughout the country, but there can be variances depending on where you live. All of the rules surrounding title loans are outlined in the Florida Consumer Finance Act, which is critical to learn about if you’re interested in this loan option!

The Act outlines the terms and conditions a title loan may be given, the maximum interest rate, and the time that can pass before a loan is considered delinquent. Also, lenders must provide borrowers with a disclosure statement outlining the terms and conditions of the loan. Additionally, lenders are required to give borrowers notice at least 30 days before repossessing the borrower’s vehicle.

What Documents Do I Need for a Title Loan in Florida?

The required documentation for a title loan in Florida can be relatively straightforward! Most adults have this paperwork on-hand, so you don’t need to spend a long time tracking down obscure information. You will typically need the following:

  • Valid Government or State-Issued Photo I.D.: You must prove your identity and age when applying for a title loan in Florida! You must be at least 18 years of age or older. As proof, you can use your driver’s license or passport.
  • Proof of Address: You can show proof of address using a piece of official mail, like a bank statement, utility bill, or leasing agreement.
  • Proof of a Car Title in Your Name: You must have a qualifying vehicle title in your name to apply for a title loan in Florida. Title loans depend on using car titles as collateral for funding, so you would only be eligible with one. Contact the DMV in your area if you need assistance replacing and transferring a title. 
  • Proof of a Steady Income: One of the most significant advantages of a title loan is that you don’t need to be traditionally employed to qualify! You can apply for this option if you have some form of steady money every month. You can use pay stubs, but you can also use workers’ compensation, Social Security benefits, alimony/child support payments, or some self-employment, to name a few. 
  • Recent Pictures of Your Vehicle: If you are applying for a title loan online, then you must take photos of your car during your title loan application. These pictures will serve as a virtual car inspection. So instead of visiting a physical location, you can submit pictures online, which is a much more convenient option!

How Much Cash Can I Receive From a Title Loan in Florida?

The amount of cash you may receive from a title loan in Florida depends primarily on how much equity your car has. Car equity is the difference between how much your vehicle is worth and how much you still owe to a bank or dealership. Title loans should be applied for once the car has been paid off or is close to being paid off. In general, borrowers can access a percentage of their car’s value through a title loan! 

Apply for a Legal Title Loan in Florida Today

Applying for a title loan in Florida can be convenient for people who need to access cash quickly. Don’t let the stress of a financial situation bring you down! Title loans are legal in Florida, so if you need a little extra help this month, don’t hesitate to find out if you are qualified for funding!