America’s economy has been quite shaky since 2008. Floridians especially have taken financial hits during this period and this negatively affected their credit. Spans of unemployment and even bankruptcies have been more common than anyone expected. According to titlelo.com, Florida’s seasonal hurricanes are one of the major factors that adversely affect the state’s economic future as well.
The credit history of Floridians has experienced a steady decrease over those ten years. Financial conditions have not been stable, although the past year has seen major improvements for those working or looking for work. Despite the poor economy, Florida’s residents found many ways to maintain their standard of living.
One of the avenues for short to medium term help is the use of car title loans. Title loans, not only in Florida but in elsewhere in the world have gained popularity. More companies are now opening up in Florida, looking for borrowers who need to meet financial obligations.
One interesting question remains – why are more Floridians turning to car title loans for help, when lawmakers are trying to ban them with reformed title loan laws?
Poor credit is not an issue
Poor credit is less of a concern for Floridians who have collateral, such as a vehicle, which can be relied upon. Title loans have been used to help people with poor credit history ride out the recent financial troubles. Loss of jobs without much of a recovery over the previous eight years resulted in damage to many people’s credit. Politicians may have title loans on their hitlist, but they have been used to help many people, regardless of their credit history.
It is fast and simple
The process through which title loans are granted is very simple and fast. It is an easier process for both borrowers and lenders. For example, InstaLoan claims to give its borrowers cash in 30 minutes, a timeframe that is nearly impossible for traditional banks to mimic. The requirements for auto title loans are quite simple. In most states, all that is needed is the title to a vehicle, identification, and possibly proof of income.
The normal time span in which borrower receives this type of loan is an hour. Most loans are completed there and then. There is very little paperwork, which includes no background and credit checks. It is a straightforward process that grants borrowers access to funds quickly.
Ideal for emergencies
Although the economy is improving for most people, people still encounter emergencies that most are not prepared for. Title loans are one of the most reliable solutions to such financial emergencies. Since the process is much faster than conventional loans, borrowers do not need to worry about the time they will receive the money. Emergencies can be tackled with maximum effectiveness and in a short space of time.
Given the situation of Florida, and most of America, title loans are useful in many ways. Of course, there are few drawbacks but in an urgent situation, the title loan can be an effective solution.
Thankfully, there are a number of providers in Florida, which leaves only the selection of the best one. Potential borrowers should carry out proper research and look for the best title loan providers. The good news is that lenders must comply with state regulations to be authorized to lend.