Title loans are very popular in Mango, Florida. They are very popular because they offer an effective way of getting quick cash during emergencies. Not to mention, they are very cheap when compared to payday loans. But how does an auto equity loan work? Read on to find out how title loans in Mango FL work, their benefits, what it takes to have one and the regulations governing them.
Title loans in Mango FL are very different from other forms of debt financing. Unlike other loans, title loans do not require paystubs and other paperwork. You only need to provide one or two assets as security, and you are good to go. While there are many types of assets you can provide as security in a title loan, most lenders prefer car titles. In this case, the lender keeps the title for the entire repayment period. If by any chance you fail to repay the loan as agreed, the lender can use the title to repossess the vehicle, sell and use the proceeds to recover the loan. Car title loans are short term loans. Their repayment period usually does not exceed 30 days. However, the lender can choose to rollover the loan for another 30 days if the borrower fails to repay the loan on time.
The process followed when applying for title loans in Mango FL is very simple. In fact, it only takes a few minutes to complete the process. You will be required to fill out an application form online. You must give out the details of the vehicle whose title is being used. These include its year of manufacture, registration number, model and mileage. You must also provide your personal information so that the lender can reach you easily. The personal information should include your phone number, home address and full names.
Once you finish filling out the form, you will be required to submit it online. Upon submission, the lender will provide you with a title loan estimate. This is the amount the lender thinks you can qualify for based on the details of the vehicle you have provided as collateral. Some lender will send their sales agent to your place of residence to view the vehicle. Note, you must be the real owner of the vehicle provided as collateral in order for the application to go through.
There are rules and guidelines put in place by the state of Florida to regulate individuals who want to specialize in title loans Tampa, Mango and other parts of Florida. According to these rules and guidelines, anybody who wants to operate a title loan shop must have zero criminal records and be a resident of the state for a period not less than three years. This is to protect borrowers against unethical and unscrupulous dealers. The rules also require lenders to fully disclose everything about the loan to the borrower. These include the amount borrowed, service fees charged and the interest rates. The titles provided as collateral must not have any lien on them. These rules are meant to create a level playfield where both lenders and borrowers can operate without disenfranchising each other.
Like I said in the first sentence of this post, title loans are very popular in Mango because they offer a quick alternative to cash. They can really be beneficial during financial emergencies. The application process takes a few minutes and there is less paperwork involved. Once you complete the application, you will receive your money within hours.