Residents of Melbourne, FL, enjoy a beach-town feel with an economy anchored by aerospace, defense and tech. However, the cost of living is rising there, which could make it difficult to handle a sudden financial emergency. That’s why a Melbourne title loan serviced by LoanMart may provide a convenient access to the funds you need in a pinch. What’s more, the application and approval processes are straightforward, without the stringent credit requirements traditional bank loans demand.1
What is a Title Loan and How Do They Work in Melbourne?
A title loan is a short-term loan, secured by the title to a car or truck in your name. When your application is approved, you’ll review and sign your loan agreement and deliver your vehicle’s title.1 The lender will then disburse your cash and place a lien on your vehicle’s title. You’ll retain use of your automobile, as long as your account is current. Once you pay off your loan, the lender will remove the lien. It’s that easy. However, you should be certain you can make payments before you apply for an auto equity loan. Defaulting can result in your vehicle being sold to cover your loan balance.
Who Uses Title Loans in Melbourne and Why?
The typical title loan borrower living in Melbourne or other Florida cities such as Palm Bay, Panama City or Jacksonville lacks the credit for a traditional bank loan. Some have even had challenges such as debt charge-offs or past bankruptcies. Less-than-perfect credit is not necessarily a barrier to getting a LoanMart-serviced title loan.1
Why? Car collateral borrowing focuses on your vehicle’s value and your ability to make on-time payments.1 Another key benefit of title loans is that you can use the proceeds for any personal or household expense as you see fit. Borrowers typically use them for needs like urgent bills, unplanned travel, sudden repairs or even basic living expenses such as groceries.
What Makes Title Loans Different from Other Loan Types in Melbourne?
Relative to traditional bank loans, qualifying for auto equity loans serviced by LoanMart is easier. Even consumers with subpar credit may be eligible for a LoanMart-serviced auto title loan.1 While banks do typically offer lower interest rates, Florida car title loans are usually funded sooner. Interest rates on car title loans vary, based on factors such as credit risk assessment, state lending regulations, loan terms and the amounts borrowed. That being said, title loan rates for LoanMart-serviced loans are competitive when compared to payday loans and other subprime lending options.
Will a Title Loan in Melbourne Impact My Credit?
Although your income and your vehicle’s value matter more than your credit history, a car equity loan serviced by LoanMart does require a credit check. This could result in a temporary drop in your credit score. However, making your payments on time could help improve your credit score. If your borrowing history is limited, a responsibly managed car collateral loan may help build your credit too.
Can I Qualify for a Title Loan in Melbourne?
To qualify for a LoanMart-serviced vehicle title loan in Melbourne, you must live in Florida and be at least 18 years old. You also need a steady income, which can come from alternative sources such as Social Security, disability benefits, alimony or retirement funds. Your car’s title must be in your name and the vehicle must have sufficient value to cover the loan. That value is based on its make, model, mileage, age and overall condition.
How Much Can I Borrow with a Title Loan in Melbourne, and How Fast is the Process?
You may be able to borrow as much as half your car’s equity, up to a $15,000 cap in Florida for LoanMart-serviced loans. Within that range, you can borrow as much or as little as you wish. You can be approved for a loan serviced by LoanMart in under an hour, and could have your cash in just one day – sometimes even sooner.1 3 Speed is a hallmark of car title loans.
What is the Process for Getting a Title Loan in Melbourne And How Much Paperwork is Involved?
With the proper documentation in hand, it can take just five minutes to apply online for an auto equity loan serviced by LoanMart.3 That documentation includes a government-issued photo identification, proof of your Melbourne address, such as a utility bill or current lease agreement, and pay stubs or other proof of income. Sharp, current photos of your vehicle’s exterior, interior, vehicle identification number (VIN) and odometer reading are also needed. In some cases, you may also be asked to supply a DMV form granting permission to place a lien against your title.
The application process is simple:
- Complete the short online application, or call 855-422-7412 to apply by phone1
- Submit the required documents
- Review and sign your loan agreement
- Deliver the car’s title
How Can I Receive My Funds in Melbourne, and How Do I Make Payments?
You can obtain the proceeds from a LoanMart-serviced loan in multiple ways, some of which do not require a bank account.
Your options are:
- Cash pickup at authorized locations
- Wire transfer
- ACH bank deposit
- Check
The flexible, convenient loan payment options include:
- MoneyGram
- Telephone
- Automatic payment from a debit card or bank account
- Cash payment at participating money transfer locations
In Summary
Melbourne title loan borrowers can enjoy fast, reliable access to the cash they need through a vehicle title loan serviced by LoanMart. You will also get outstanding customer service and support along with transparent terms. Apply today to see how a loan serviced by LoanMart can benefit you!
Addresses shown display closest MoneyGram locations. Map displays all MoneyGram locations in general vicinity.
Locations Near Melbourne, Florida
LoanMart is proud to help people all over the United States, including Melbourne, Florida and beyond! Look through the different LoanMart service areas and see which one is closest to your neighborhood:
Featured Locations Near Melbourne, Florida
Nearby States by Florida That Offer A Title Loan Serviced by LoanMart
LoanMart is proud to help people all over the United States, including Melbourne, Florida and beyond! Look through the different LoanMart service areas and see which one is closest to your neighborhood:
