Your finances can get out of control if not closely monitored. Florida residents who own vehicles have the option of taking out title loans West Miami when they are in need of short term financing. This is a type of alternative lending product that is perfect for those with a low credit score who can use their vehicles as collateral on a loan.
There are many advantages that title loans can potentially offer to consumers, but it's important that consumers are aware of the laws in Florida that apply to this type of loan product. Doing research on title loans is the best thing consumers needing a loan can do to find their way out of any financial issues.
The application procedure for a title loan through Amberjack Finance is fortunately very easy for consumers to deal with and successfully complete. This type of loan only requires an online application that can be filled out in very little time. The application will ask the applicant to enter details about his or her car the car's age, make, model, and mileage. We will use this information to evaluate the car. We need to know how much the borrower's car is worth to determine how much we can loan the applicant.
We respond in very little time to all applications we receive. Regardless of whether we offer a loan or not, we will get back to the applicant and explain our decision. If we offer a loan, we'll respond with a detailed loan offer that explains to the prospective borrower how much he or she can borrow and how long the loan term will be.
After receiving our response, an applicant can choose to follow through with the application and borrow the loan. However, before we can give out the loan funds, the borrower will need to give us his or her vehicle title.
The final step in the process is for the borrower to make payments on the loan until the loan is paid off.
Florida law limits how much interest can be charged on a title loan in the state. Amberjack Finance adhere to all Florida laws to offer a legal alternative lending product.
Interest rates on loans in Florida are not permitted to exceed 30 percent. Another legal requirement in the state of Florida is that title loans not exceed $500 in amount. The state keeps title loan amounts low to ensure that they can be paid back fairly easily.
A title loan is a one-of-a-kind financial product that provides consumers who need a loan with some unique benefits. This type of loan will: