Fast Same Day Car Title Loans In Miami, FL
Car title pawns are among Miami’s best ways to raise short-term cash. The approval pawn process involves using your paid off car title as collateral for a loan. You can then borrow money against the title and take the funds. The lender uses the car’s title as collateral and you make monthly payments until it’s fully repaid. There is no credit report check or income verification, and title loans in Florida may be approved within 24 hours (in most cases).
The catch is that title loans cost more than other forms of borrowing because these loans don’t require a credit check and come with high interest rates. This guide will explain how the loans work, whether they’re right for you, and where you can get a loan in Miami.
What’s Required To Get A Same Day Title Loan In Miami FL?
The requirements to get title loans in Miami are simple and you can count on far fewer restrictions than all other types of loans. Most secured lenders in FL will require:
– Proof of ownership – A valid driver’s license or state identification card – At least two (2) months of income stubs (paycheck stubs, if you are self employed you’ll need tax returns and bank statement instead) – Residency verification (utility bill in your name with a recent payment history). The most important requirement here is the fully paid off pink slip. It can’t have any liens or outstanding loans attached to it, and you must physically possess the pink slip. No lender in Miami will offer a title pawn online without receiving the vehicle title as collateral.
What Are The Interest Rates Or APR For Miami Title Loans?
Title loans in Miami aren’t as expensive as cash advances and payday advances from other cities. However, auto pawns will still cost you more than traditional bank loans or cash advances. Annual Percentage Rates (APR) for title pawns and other personal loans will start at 20% and only go up from there. The most common interest rates will exceed 36%, the standard for secured loans throughout Florida. But don’t forget rates are always higher because they come with a monthly payment plan, plus the title remains under your name and you can continue driving your vehicle during the life of the loan.
Car Title Loans In Miami With No Job Or Bad Credit
Miami title loans aren’t subject to minimum credit standards like many other unsecured personal loans, which means bad credit won’t disqualify or deter lenders from approving applications for their prospective customers. Most lenders won’t even run credit when underwriting a title loan.
These loans require the pink slip to be paid off, and clear of other loan obligations. It sounds simple enough, but some companies in Miami will try to get away with referring to these loans as “unsecured” when they’re cash advances or payday loans without the title. A title pawn is always secured by collateral and comes with monthly payments and a higher interest rate than most other types of personal loans. So always be sure you know exactly what type of title loan you’re getting before signing any agreements or taking out title loans in Florida with no job.
Are Online Title Loans Legal In Miami?
All lenders that offer online title loans must be state licensed and regulated by the Florida Office Of Financial Regulation (OFR). If your lender says they’re certified by the State Of Florida, that’s great, but you should always contact the OFR directly to get a current status update regarding their certification. Apply online with Title Pawn Online and we’ll match you with a local company in Miami!
Additional Car Title Loan Lending Locations In Florida: