Many people wonder if car title loans are legal in Florida, some people say they are illegal, and some people say they are legal, here you will find out all the information that you need if you are thinking about getting a car title loan in Florida.
The truth is that car title loans are legal in Florida, and they are regulated by the Florida Title Loan Act. The laws were placed to protect the consumers from the lenders charging high interest, and making the title loans too short.
Title Loan Laws In Florida
The Florida Title Loans Act requires all car title loan lenders in Florida to be licensed. All lenders need to present a draft agreement before the borrower signs the contract. This will disclose all of the title loan details, how much they will borrow, and how much interest they will be charged.
Also, the title loan lenders in Florida need to also disclose the right to repossession, the law Chapter 537, requires the lenders to disclose the borrower’s legal rights, and that the lender can repossess the car, and sell the car.
This law also makes the lenders disclose to the borrower the chance to retain their car, by paying all past due payments and fees.
If the borrower is unable to pay off the title loan, or reinstate the title loan, the notice also allows the borrower to pick up any personal belongings from their vehicle. The lender must notify the borrower 10 before they sell the vehicle.
If the lender is in breach of the Title Loan Act, borrowers are encouraged to talk with the Florida Office Of Financial Regulation or go to the website Flofr.com or you can call them at 850 487 9687.
Or you can contact the Floridas Attorney General’s Office, by using their website MyFloridaLegal.com, or you can call them at 866 9 NO SCAM.
Fast Money Options in Florida
There are other options for you to get emergency loans in Florida. You can go to Banks, Credit Unions, or other personal loan companies.
Not all car title loan companies in Florida are the same, and it is best that you shop around to find the best deals.
Do not go with a title loan company in Florida that is charging triple-digit interest, title loans in Florida are more expensive than traditional loans, but you will be able to get the money that you need, with the equity of your vehicle.
Make sure that you are not getting a short-term title loan in Florida, there are companies that can offer you up to 36 months’ terms, and they offer you no prepayment penalties.
Title loans in Florida are not the cheapest option, but they will get you the money that you need within 24 hours, they can be good for people with poor credit ratings.
It is important that you shop around to get the best title loan terms, as they can differ from lender to lender, make sure that the monthly payments that you are getting will fit within your monthly budget.
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