Title Loans Raiford, FL
When you are in a financial emergency, there are a few options you can explore to sort out the problem. You can go for a payday loan, ask friends for money or sell one or two of your belongings. But what happens if you are unable to qualify for a payday loan, or your friends refuse to give you money? Such scenarios can be very disappointing and stressful. Luckily, there is a quick and stress-free alternative you can explore to get cash. This alternative is known as title loan.
How Title Loans in Raiford FL Work
A title loan is a simple form of financing where the borrower provides his assets as security. The most popular form of title loans in Raiford FL is where a borrower uses the title of his vehicle as collateral in exchange for a loan. In this case, the borrower temporarily transfers the ownership of the car to the lender until the loan is repaid in full. The title provided must show that the borrower is the outright owner of the vehicle. If the borrower fails to repay the loan on time, the lender has the right to repossess the vehicle, sell it and use the proceeds to recover the loan amount. However, most lenders prefer to rollover the loan for another period instead of repossessing the vehicle. The repayment period for title loans in Raiford FL is usually 30 days. However, the lender may extend the period.
How to Apply for Title Loans in Raiford FL
If you want to apply for a title loan, there are two options you can consider. You can choose to apply for the loan in the lender’s office or via their website. Applying via the website is very convenient and saves you a lot of time. In this case, you will be required to fill and submit an application form available on the website. The form usually requires you to provide the details of the vehicle being provided as collateral, such as its registration number, model, year of manufacture and mileage. You must also include your full name, mobile phone number and home address. Once you finish, you will get a title loan estimate. This is the amount you are likely to get based on the information you have provided about the vehicle. The lender will also send one of their agents to your place to check the vehicle.
Title Loan Regulations in Raiford FL
Whether you want to apply for Jacksonville title loan or any other place in Florida, it is important you know the legal framework governing application, issuance and recovery of title loans. According to Florida laws, lenders should not charge more than 30 percent interests for amounts between $1 and $2,000 and 24 percent for amounts above $2,000. Every lender must be registered and licensed in order to operate a title loan shop in the state. In case a borrower fails to repay the loan as agreed, the lender is allowed to use the title to recover the loan. However, the lender must return the amount that remains after he has recovered the loan to the lender. The laws also require that all titles provided should not have any lien on them. Borrowers must be 18 years or older and be residents of Florida.
Benefits of Title Loans
One of the major benefits of title loans in Raiford FL is that they provide a quick alternative for emergencies. As long as you make an application properly, you are guaranteed of the money within 24 hours. Title loans are a bit cheaper than payday loans. This is mainly because they are fully secured with a title. Another advantage is that you don’t necessarily need a good credit score or history to qualify for a title loan.