How to Get Emergency Cash in Clearwater, Florida
If you’re a resident of Florida and you find yourself strapped for cash, you may be asking yourself: how can I get emergency cash in Florida? You may be inclined to turn towards options like a payday loan, but the obvious answer isn’t necessarily the right one.
There are a number of ways you can get extra money using your car in Clearwater, Florida. Some of these options require you to give up your car completely, while others require you to work for the extra cash.
Fortunately, there’s a better way that doesn’t involve losing your vehicle or working additional hours. And you could save yourself money in the process!
Can I Make Extra Money by Selling or Renting My Car in Clearwater, Florida?
If you feel you could survive without your car, you could always sell it. There are many companies in Clearwater, Florida that offer cash for cars, and many will take your vehicle regardless of age, mileage, or condition.
The downside is that you probably won’t get a lot of money for it. Your vehicle will typically be resold or dismantled, depending upon how much it’s worth. The buyer will want to make a profit, which means you’ll probably get less than the auction value for your vehicle.
Selling one’s vehicle simply isn’t an option for many. If you can temporarily survive without your car and are able to pay back the money within a short period of time, an auto pawn loan might be an option. In this situation, the lender provides a loan based upon the value of your vehicle – but they’ll need to keep the car as collateral.
This, of course, allows the lender to sell your vehicle if you don’t repay the loan. Whether you pay or not, you lose the use of your vehicle while you still owe the lender money. In this case, you may find yourself relying on public transport or ridesharing.
Maybe you don’t want to give up your car, but don’t mind sharing it with someone else. For example, you might consider renting it out to someone else when you’re not using it. You list the dates and times when your car is available for hire and renters make bookings for those times.
They’ll drive your car for the agreed rental period and then return it when that rental period comes to an end. They pay a daily rental fee and you pocket the money. Vehicles typically have to be relatively new and with low mileage, but in theory, you could earn a couple hundred dollars a month this way.
How Much Extra Money Can I Make Driving for Uber in Clearwater, Florida?
The thought of someone else driving away in your car might make you a little nervous. In that situation, you might prefer to keep driving the vehicle but allow others to ride with you. With popular companies like Uber and Lyft, there’s certainly a lot of potential for some extra cash there.
If both you and your vehicle meet the requirements, this could be a good way to get extra money. But of course, this would mean working when you’d normally be relaxing. The amount you earn is not guaranteed either; for starters, you’re only paid for the time you spend driving a passenger to his or her destination.
Additionally, both Uber and Lyft will deduct fees from the fares the passenger pays, and you won’t be paid for driving to the pick-up point.
You’re also responsible for things like:
- Cleaning your vehicle, both inside and out. Who wants to pay to ride in a dirty car?
- The maintenance of your vehicle. You could be putting a lot of miles on your car and subjecting it to a lot of wear and tear!
All of this can add up quickly, especially if you’re doing a lot of driving.
Maybe you’re not a people person but still want to earn money driving your vehicle. That being the case, there are still options available to you.
Companies like DoorDash and Grubhub allow customers to order food from their favorite restaurants and have it delivered to their door. Make money picking up food instead of people.
On the plus side, since you’re not carrying passengers, the vehicle requirements are a lot less restrictive. For example, you could use an older car, a van, or even a motorcycle. Since the customer doesn’t need to see your car, it doesn’t really matter how you deliver.
Of course, there are still the same potential issues: your paycheck is uncertain and you’re responsible for tolls, gas, and the maintenance of your vehicle.
Can I Get Extra Money for Advertising Using My Car?
Want to get extra money but not have to worry about people or food? Can you really get paid just for driving around? Well, yes and no. You can earn money this way, but you need to have your car “wrapped” with advertising.
It sounds straightforward, but you should be aware of the following potential pitfalls:
- The advertising needs to be seen by as many people as possible, so you need to drive around 30 miles a day in a relatively built-up area. If you live in a rural area, you may be out of luck.
- You may have limited options in terms of the companies you advertise. You might, for example, think it’ll be cool to drive a car wrapped in Nike advertising, but if Nike doesn’t advertise that way, it won’t be an option.
- You may be required to keep your car wrapped for months, depending on the length of the advertising campaign.
- There are scam companies who may ask you to pay a small starting fee or require you to pay for the wrapping with a promise of reimbursement. A legitimate company will never ask you to pay anything upfront.
Loan Restrictions in Clearwater, Florida
A payday loan could quickly get you the money you need, but they can also come with limitations and a hefty price tag. Not to mention, borrowers are often required to repay the money within a very short timeframe. (See the Florida Office of Financial Regulation for more information.)
Before you make any decisions, make sure you’re dealing with a lender that is licensed in the state of Florida. It might be tempting to apply online, but if your lender is out-of-state, your legal options might be limited. You may need to go to a physical location where you can see their license (it should be clearly displayed) to ensure you’re dealing with a legitimate lender.
You should also know the state of Florida restricts a payday loan to $500 or less. On top of that, if you already have a payday loan, you probably won’t be able to get another. In Florida, a database is kept by the state of all active payday loans, and you will not be allowed to have more than one open loan at a time. This can be inconvenient if you find out your financial situation has changed, and you need more cash than you originally intended.
If you just paid off one loan and are looking for another, you’ll need to wait 24 hours before borrowing again. It’s illegal for a lender to advance you more money so soon after paying off your previous loan.
The length of the loan is also restricted. A payday loan can’t be for less than seven days and can’t last more than 31 days. This prevents the lender from rolling over the loan (and the charges) and protects you from paying more for the money you’ve borrowed.
Using Alternative Loans in Clearwater, Florida for Emergency Cash Can Be Expensive!
How much will a payday loan cost you when you need to get emergency cash? Florida state law restricts the finance charge (the cost of borrowing money) to 10% for the term of the loan. Lenders can also charge a verification fee, but this is restricted to $5 for each payday loan.
For example, if you need $500, your finance charge could be a maximum of $50 (10% of the $500 you’re borrowing) and your verification fee could be an additional $5. This brings your total payback to $555.
Let’s say this isn’t a problem. What are the next steps? If today’s the 1st of the month and you know you’re getting paid on the 15th (fourteen days from now), you’d write the lender a check dated the 15th for $555 ($500 borrowed, $50 finance charge, and $5 verification fee.) The lender would then keep the check and deposit it on the 15th – when, theoretically, your paycheck would be deposited.
While this is straightforward in principle, in practice there are several potential pitfalls:
- $500 may not get you far! If you need more money, you’ll need to look elsewhere since you won’t be able to get another payday loan until you’ve paid off this one!
- You can’t extend the loan term past 31 days. If you don’t pay off the loan when it’s due, you have a 60 day grace period—but options may be limited.
Other Emergency Cash Options in Clearwater, Florida
Unfortunately, borrowing from family and friends might not be an option. Maybe they don’t have money to spare, or maybe you feel uncomfortable asking for money. Whatever the reason, friends and family aren’t always an option to get emergency cash in Florida.
For many, the bank isn’t an option either. Banks typically only lend to borrowers with excellent credit and, ironically, they’re only willing to lend to those who don’t actually need the money! Those well-qualified borrowers may have savings or credit cards they could use instead – but not everyone has those options.
Banks often take too long too. Applying for a bank loan might only take a few minutes, but potential borrowers then have to wait weeks for a final decision. Most people can’t wait that long!
So what’s the solution for finding emergency cash in Florida?
Title Loans – No Hassle, Emergency Money in a Hurry
If you’re a responsible borrower who’s frustrated with the bank and need emergency cash in a hurry, a title loan can be a good option to consider. Fortunately, there’s now a less expensive, customer friendly title loan option available for residents in Florida.
Title loans may help you receive the fast cash you need without all the problems of a payday loan or the stumbling blocks of the bank1.
- Convenience: Need the convenience of an online inquiry without the hassle of driving to a store? You can apply for a title loan from the comfort of your home! Plus, you have the option of having the money deposited directly into your checking account or picking up the funds at your local MoneyGram in Florida1.
- A Low Payment Each Month—With a title loan, the monthly payment for the loan is low!
- Highly Competitive Interest Rates—The interest rates are highly competitive compared to similar kinds of title loans out there.
- Longer Repayment Terms: Need more than a month to pay back the loan? Title loans potentially give you years to repay the loan in full. Want to pay it off sooner? No problem! There are no prepayment penalties, so you can pay off the loan at any time additional fees or charges.
- Fast Process: Need money urgently? Title loans in Florida could give you a loan decision in minutes, and the emergency funding you need within 24 hours or less!1
Do I Need a Credit Check to Get a Car Title Loan in Clearwater, Florida?
With title loans, a credit check will be required. However, when getting a credit check with title loans, credit will not play a huge role with eligibility1.
Although your loan agent will consider your credit with a title loan, they will also look at a few other things:
- A borrower’s income
- The value of the vehicle
- A borrower’s ability to repay the loan
And so, those with less than good credit could still apply for a title loan1!
Along with a Credit Check, What Will I Need for a Title Loan in Clearwater, Florida?
In order to apply for a title loan in Florida, a borrower will need to have a working car that they own (although some exceptions may be made for those who have an existing title loan, or are financing their vehicle).
The vehicle must be registered to the state of Florida, and it must be in safe, working condition. Along with those requirements, there are going to be a few required documents for a title loan:
- A valid photo ID (state ID, driver’s license, or a passport)
- The vehicle’s title in your name
- Proof of income (pay stubs or bank statements)
- Proof of residence (mail or lease/mortgage info.)
- Photos of the car
- Other documents if clarification of information is requested.
Once a loan agent has all the information that they need, they will then begin the process of figuring out whether an applicant is eligible for a title loan!
What Does the Title Loan Process in Clearwater, Florida Look Like?
The process for a title loan in Florida is very simple. The entire process can be broken down into three easy steps:
- Step 1: Apply—Once you have all the required documents on hand, you can then take the first step by applying for a title loan either online or over the phone.
- Step 2: Talk to Your Loan Agent—Once you apply, a loan agent will talk to you about eligibility for the loan. Once approved, you’ll work together with your loan agent to come up with a loan amount, and repayment terms for the loan.
- Step 3: Get Funding—Once you are approved, you’ll have the opportunity to agree to the terms of the loan, sign the respective documents, and receive your funding1!
When someone is faced with a financial emergency, it often seems as though no one is willing to help. You deserve a chance, and a title loan might just be the emergency cash solution you need1.
Call or visit the website to learn more and apply for the money you need today1!