What is a Title Loan and How Does it Work in Lakeland, Florida?

A title loan in Lakeland is a personal loan using a paid-off or almost paid-off vehicle as collateral. The loan amount is primarily based on the value of your car or truck, and your ability to pay back the loan.1 Upon funding, the title lender places a lien on the Florida-issued title. Once the loan is paid back, the lender removes the lien.

Car title loans in Lakeland are designed for speed and convenience. The loan process is usually very quick and easy.1 Thatā€™s why title loans are frequently used to cover urgent and unexpected expenses that borrowers are otherwise not able to pay for.

Frequently Asked Questions about Title Loans in Lakeland

  • How fast can I get my money in Lakeland? – Upon final approval, you may get your money as soon as the same day or the next business day.3
  • Do I have to pay back my loan immediately with a Lakeland car title loan? – No! Title Loans serviced by LoanMart in Lakeland, FL come with convenient and extended repayment terms. There’s no need to worry about having to pay back your loan within 30 or 60 days as all title loans serviced by LoanMart are installment loans.
  • Is good credit required to qualify? No, you are not required to have good credit to qualify for a vehicle-secured loan in Lakeland.1 Since your car or truck is used as loan collateral, your credit history is less important compared to other loan options.
  • Does a title loan go on my credit? Whether or not an auto title loan in Lakeland goes on your credit report depends on the lender and loan servicer for your loan. Vehicle title loans serviced by LoanMart are reported to a major credit bureau. Therefore, making payments on time could positively impact your credit score, while missed payments or defaulting on your loan can decrease your score.

Benefits of a Lakeland Auto Title Loan

There are a number of potential benefits if you get approved for a title loan serviced by LoanMart in Lakeland, or a nearby city like Tampa or Jupiter:

Get Money in Your Pocket Quickly in Lakeland!1

Often times, title loan funds are available within just one business day after approval – sometimes even the same day you apply!3Ā You can get the money you need very quickly with a title loan serviced by LoanMart!1

Extended Time to Pay Back the Funds in Lakeland

TitleĀ loans serviced by LoanMart are installment loans, which means they have extended payment terms for Lakeland residents! There’s no need to stress about having to fully repay your loan within just 30 or 60 days like some other title loan options.

Also, you can pay back your Lakeland auto titleĀ loan serviced by LoanMart early if you want, without any fees or penalties.5

Competitive Interest Rates for Residents of Lakeland

Title loan interest rates can be competitive, especially when compared to other bad credit options like payday loans. Since borrowers agree to using their car or truck to secure the title loan, they can usually expect lower interest rates compared to payday loans.

A Simple Process for Residents of Lakeland

In order to apply for a title loan serviced by LoanMart, Lakeland residents just have to follow this simple 3-step process1:

  • Fill Out an Application – Get the process started by filling out an online application or by making a call.1
  • Talk to a Loan Agent – Once approved, youā€™ll have to submit some documents to verify your application information.1 Among these documents are a state ID or driverā€™s license, evidence of your address in Lakeland (utility bill, phone bill, etc.), proof of income (bank account statements, W-2, pension statements etc.), and a vehicle title in your name. You can send these documents by email, text message, or you can conveniently upload them online.
  • Get the Funds – Upon final approval, select how you want to receive your funds, sign the title loan agreement and send in your title.1 And thatā€™s all!

How You Can Pay Back Your Car Title Loan near Lakeland, FL

Florida residents residing in Lakeland or nearby cities like Kissimmee, Spring Hill or Melbourne can pay back their car title loan serviced by LoanMart using several convenient ways. These include paying electronically using their bank account or payment card, or making cash payments at participating money transfer providers including MoneyGram.

For your convenience, below is a map with a list of MoneyGram locations nearby in Lakeland: