What is a Car Title Loan in Miami, Florida?
When it comes to alternative loans, there are two types to consider: Secured loans require collateral, as the asset will ensure the lender that you will repay your loan in one way or another. Since secured loans offer a flexible approval process, they are generally an ideal choice for those with poor credit history.
Unsecured loans are loans that rely on credit for approval, which makes them harder to obtain. If an individual is looking for funding, an unsecure loan may not be an ideal alternative loan option.
Title loans are secured installment loans, as they use the title of the vehicle as collateral for the loan. The title then has a lien placed on it, and your lender becomes your lienholder for the duration of the loan. Once you’ve paid the loan in full, the lien is removed from the title and it is returned to you.
Since the title loan is secured, there are to look forward to:
- Potentially Lower Interest Rates
- More Funding
- Longer Repayment Terms
- Even those with Poor Credit May Still be Approved
How Can I Get an Online Title Loan in Miami, Florida?
When you’re looking for a title loan, one key aspect you may be looking for is the convenience of being able to apply online. While every state may have different rules for getting a title loan online, Miami, Florida residents could get a car title loan fast and completely online.1
With loan options like title loans serviced by LoanMart, getting a car title loan online has never been easier!1 Potential borrowers could even apply right from the comfort of their own couch.
Have more specific questions? Call 844-925-1340 to speak with a qualified loan representative now!
How to Get Started on a Title Loan in Miami, Florida
If you’ve found yourself ready to apply for a title loan serviced by LoanMart, qualifying is a lot simpler than you might think.1
To initially get qualified for a title loan, you’ll need to meet the following requirements:
- Have a Steady Income
- Own a Vehicle in Your Name
- Be 18 Years of Age or Older
First Step – Fill out a Loan Inquiry
The initial step to qualify for a title loan is to fill out an inquiry online1. This can take just minutes to do, as the process is fairly simple. The questionnaire will ask for basic information about your financial situation, your residence, and your vehicle. The online form can be completed entirely online from the comfort of your home in about 5 minutes!
Second Step – Turn in the Right Documents
After you’ve submitted the initial loan inquiry form, there are a few additional documents that can better help a loan agent determine your eligibility.
The exact documents needed can vary by state, as the laws can change the requirements:
- A Valid Photo ID – You could present your passport, driver’s license, military ID, or other valid identification.
- Proof of Income – Options include either a bank statement, recent pay stub,
- Proof of Residency – This can be a recent utility bill, cellphone bill, mortgage contract, or credit card statement.
- Qualifying Title to Your Vehicle – The title must be in your name and the car must qualify.
- Photos of the Vehicle – This will need to include the front, back, and sides of the vehicle.
These documents can be conveniently submitted via fax or email to a loan agent as well! Simply scan the paperwork and send the files to an agent. Or you could take pictures of your documents with your smartphone to quickly get an approval decision in Miami, Florida.
Third Step – Get Loan Approval1
Once your documents have been submitted, a loan agent can inform you of your eligibility status. One of the benefits of choosing a title loan serviced by LoanMart is that you can choose how you would like to receive your money!
You could decide on a few different ways to get your emergency title loan money:
- Get a Check in the Mail
- Receive Direct Deposit
- Go to any Local MoneyGram Location in Miami, Florida
Choosing title loans serviced by LoanMart in Miami, Florida can mean getting your funding in as little as one business day!1
If you need fast cash in Miami now, call 844-925-1340 to learn more!