Title Loans in St. Johns, Florida
Financial emergencies are common even among the most meticulous planners. When you find yourself in a financial bind, you may not have many options for quick resolutions in St. Johns, Florida. Approaching a bank means that you have to present numerous documents and sit through a number of interviews before being approved. Title loans in St. Johns differ in that regard because they don’t have complicated application and approval processes.
Learning More about St. Johns Title Loans
Auto title loans are short-term secured loans. The title of a vehicle is used as collateral for a certain amount of money, which the borrower is supposed to repay after 30 days. However, lending companies are not strictly bound to 30-day loan term limits; customers can negotiate a longer duration depending on the loan amount and ability to pay. Repayments include the principal plus interest, which varies from lender to lender.
When picking a consumer lending business for a Jacksonville title loan, the annual percentage rate is one of the elements to consider. The interest rate will dictate how much in total a borrower owes. Note that being a secured loan, the lender can take the vehicle if the customer defaults on payment. However, most lenders will offer plenty of opportunities to make good on loan before resorting to repossession.
Regulation of St John’s Title Loans
Florida protects borrowers of auto title loans in several ways. For one, it requires licensing of any money-lending business in the region. The state has two statutes, 537 and 516, under which lenders can be licensed. Statute 516 offers more general provisions for consumer lending, and most companies have this type of licensing. Florida Statute 537 is more specific to title loans and covers points like extra charges, repossession, and sale of assets.
Customers should first check which type of licensing a financial institution or credit access business holds before applying for a loan. Federal and state laws require auto title loan lenders to provide concise information to customers when agreeing on loan terms. The borrower should know what the interest is, how much the loan is in total, what happens in case of a late payment, repossession terms among others.
Comparing Title Loans with other Products
Individuals in need of emergency cash have a few other options they can look at but why are title loans in St. Johnsa top choice? Compared to payday loans, you have a higher chance of getting more money with a car title loan. Instead of considering your monthly income when determining the size of the loan, title loans base the borrowing capacity on the worth of the vehicle. If you look at title pawns, the lending company requires the customer to surrender the vehicle completely as opposed to only leaving the title. With auto title loans, the car stays with you, meaning you can continue going to work without any inconveniences.
Application Procedure for Auto Title Loans
Loan applications have traditionally been characterized by exhausting processes and weeks-long waits. With our title loans in St. Johns, customers can expect a smooth process that begins by filling an online form. We ask for personal details including your name, email address, zip code and phone numbers. Also, we need the vehicle particulars that is;
5. Estimated mileage
We then give a quote of the loan you will receive based on your car’s value. Our team takes a few hours to process your application and then a customer representative will contact you if approved. For documentation, we need proof of income and residency as well as a lien-free title. Anyone applying for title loans in St. Johns Florida should be 8 years or older and have a valid identification.