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If you are like more than half of Americans, you might be struggling with debt or bills. When that time comes, one of the solutions available is an alternative loan such as a title loan. As a loan designed to streamline the approval and funding process, this can be an ideal resource for those from all financial backgrounds.
One of the best options available is a ChoiceCash Title Loan in Miami, Florida. For residents of Miami that need fast funding, there’s no easier place to look!1
How Can I Use my Title to Get Cash in Miami?
If you have a paid off vehicle in your name, you have an excellent financial resource available to you through a title loan. They work in a very simple way, where you will borrow off of the equity in your car. To do so, a borrower will use their title as collateral for the loan.
Generally, title loans are single or multiple installment loans. As a type of secured lending, a title loan can be a great financial resource to those with less than perfect credit that would not qualify for traditional loans. Due to their competitive rates and collateral, borrowers from all different types of financial backgrounds can be approved.1
What is a Lien on a Title in Miami, Florida?
For Miami residents looking for a loan, there may be many unanswered questions about the title loan process. Understanding how title loans work is much easier than it seems! A lien is simply the legal right to an asset, which is your collateral. During the loan process, your title will be subjected to a few things:
- The lender you choose will now become the lienholder of the vehicle.
- The lien exists on your title until the loan has been paid in full.
- Once the loan has been paid off, the title becomes lien free.
What are the Benefits of a Title Loan?
There are many forms of alternative funding available, and it’s important you choose one that works for your financial situation. However, since title loans are secured loans, they can be the ultimate resource for a lot of borrowers. Some of the benefits that come from choosing a secured loan like a ChoiceCash Title Loan are:
- Get Your Money Faster
- Keep Driving Your Car While You Pay It Off
- Competitive Interest Rates
- Flexible Loan Terms
- Bad Credit Is OK
How Will a Title Loan Affect My Credit?
A concern that usually arises from borrowers looking for a loan is about the status of their credit after taking out a loan. Your credit can often decrease a few points, but this is also true for almost any loan you acquire. Your score is based off two main things, which are your credit utilization and timeliness of repayment. Often, lowering your credit usage by paying off your loan on time can reflect positively on your score throughout the duration of your loan.
What are the Requirements for a Title Loan?
Since title loans are streamlined for convenience, approval is quite flexible and easy.1 Often, borrowers in Miami that choose ChoiceCash Title Loans for funding can get their cash in one business day!1 While the process is flexible and fast, there are still some initial requirements for borrowers in Miami, Florida:
- Must be 18 Years of Age
- Must Have a Title in Their Name
- Vehicle Must Have Equity
With these initial requirements met, the loan approval process can be quite fast!1
How Can I Get Started on my Loan in Miami, Florida?
If you’re a borrower that has met the initial requirements in Miami, Florida, there is an easy way to get started on your loan. Loans like ChoiceCash Title Loans have made the process simple with just three steps to follow:
- Fill Out a Prequalification Form: This can take just minutes of your time to do online or over the phone. A loan agent will review your form and help you to the next step!
- Submit the Right Documents: Once you’ve completed the initial form, there’s just a few documents to turn in to get your eligibility decision. Borrowers in Miami, Florida can submit these documents online for their convenience:
- Recent Photos of the Vehicle
- Government or State Issued ID
- Proof of Income and Residence
- Four References are Sometimes Required
- Title to the Vehicle
- Get Qualified and Get Your Cash1: Once a loan agent reviews your inquiry, the last step is to choose how to receive your cash if approved for a loan! Residents in Miami, Florida that are qualified through ChoiceCash Title Loans can choose between a few different options:
- Check in the Mail
- Any Local MoneyGram in Miami
- Direct Deposit to your Account
Why Wait to Get Your Money?
If you’re a resident of Miami that needs cash, why wait if you can get it in one business day?1
Get started on your loan today by:
- Call a Loan Representative Directly Toll-Free at 1(855)277-4847
- Fill out a loan inquiry form online and get a quote.