Best Title Loan Companies in
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Florida is widely considered one of the most attractive tourist spots in the US. It’s hard to find a more relaxing place than the warm, tropical climate of Florida, along with its abundance of theme parks and miles of gorgeous beaches.
Florida also happens to be the third-most populous state in the US, at nearly 22 million people. A large chunk of that comes from the popular Miami-Fort Lauderdale-West Palm Beach metro area, which 6.16 million people call home. This makes it the 8th most populous metro area in the country.
As with any metro area in the US, Miami-Fort Lauderdale-West Palm Beach has seen its fair share of inflation over the years. However, inflation has been a little more pronounced here than in other areas, with the Bureau of Labor Statistics reporting price increases of around 359% since 1977.
This means that while the Missouri Economic Research and Information Center gives Florida a cost of living index of 101 (the national average is 100), trends indicate that Florida is becoming a more expensive state to comfortably live in.
Unexpected expenses can come from just about anywhere in everyday life. Rent may be due soon, or you may have a sudden medical expense. Getting a title loan to help cover some emergency bills may be a great short-term option.
If you’re searching for title loans in Florida, this article is for you. We’ll go over all applicable title loan laws in the state of Florida, and list our top 10 companies for you to consider.
Are Title Loans Legal in Florida?
Yes, title loans are legal in Florida. The laws and responsibilities of title loan companies are outlined by Florida’s Office of Financial Regulation (FLOFR). In particular, title loan companies must be licensed by FLOFR, and only offer loans with the following interest rate limits:
- 30% maximum APR on the first $2,000.
- 24% maximum APR on the amount between $2,000 and $3,000.
- 18% maximum APR on any amount above $3,000.
It can be difficult to visualize how these laws can apply to your specific title loan. Later in the article, we will provide an example of how to calculate whether your title loan fits within Florida’s law.
How Do Title Loans Work in Florida?
The process of getting a title loan in Florida usually involves these five steps:
- Prepare your documents. Have your documents ready before visiting an office or filling out an online application. Key documents include your photo ID, car title, proof of income (paystub or bank statement), and car insurance information.
- Fill out an application, in person or online. Next, spend some time filling out the company’s application, which can be done either in-person or online. The application will ask for some of your personal information as well as your car’s overall condition.
- Receive and review your loan terms. Soon, a company representative should reach out to you with the results of your application. If everything was good, they will offer you a loan contract.
- Accept or decline the offer. Review the loan contract carefully. Pay special attention to the interest rate, making sure it’s within the boundaries of Florida state law. If you’re okay with the terms, accept the offer.
- Get your funds. After accepting the offer, you should get your funds on the same or next business day. Be sure to make your repayments on time.
Best Instant Title Loans in Florida
For the best instant title loans in Florida, we recommend going to Max Cash Title Loans or LoanMart first. These are online-based companies with a history of helping clients from all over the country get great rates on title loans. We’ll discuss each company in more detail below.
Max Cash Title Loans
Max Cash Title Loans has helped over 1 million clients secure competitive rates on their title loans. They also cover more states than just about any other title loan company in the country, including Florida of course!
Technically, Max Cash isn’t a title loan lender. Instead, they offer a platform where they match you with multiple potential lenders. Because there is an element of competition among lenders for your business, you tend to walk away with better rates on your title loans.
Max Cash’s wide network of partner lenders is sure to increase your chances of getting a loan. What’s even better is that since Max Cash charges their partner lenders instead of clients, you can use their services free of charge.
Here are all the reasons we like Max Cash:
- It’s Free
- Quick and Easy Online Application
- Biggest Network of Title Loan Lenders
- Transparent About Rates and Services
- Fair Evaluation of Car Value
- Ability To Compare Interest Rates and Loan Amounts
- Protects Your Personal Information
- Top-Tier Customer Service
- Bank Account Not Required
If you’re interested in learning more, consider reading our full Max Cash Title Loans review.
If you prefer working with a direct title loan lender, LoanMart is your best bet. Since 2002, they have been hard at work providing title loans to over 250,000 clients, many of them from the state of Florida.
While Max Cash is a platform of many lenders, LoanMart is a direct lender. This gives them the advantage of having a faster application process, so you could potentially get your funds much faster. However, you lose the flexibility and choice of having multiple loan proposals presented to you through Max Cash.
Another feature that makes LoanMart unique is their “Three Day Peace of Mind” guarantee. For any title loan contract that you sign with LoanMart, they’ll give you 72 hours free cancellation. This is an amazing feature that not many other title loan companies offer.
Here are some of LoanMart’s main pros:
- Three Day Peace of Mind Guarantee
- Excellent Customer Service Support
- Dedicated to Financial Education
- Protects Your Personal Information
- Competitive Rates
- Secure Funds Quickly
- Multiple Loan Options
Top 8 Local Florida Title Loan Companies
Although Max Cash and LoanMart are excellent companies to start your title loan search, we understand that some people prefer visiting a local title loan company in person. Our next 8 companies are still among the top title loan companies in the country, and many of them have physical offices in Florida.
Auto Loan Store
Auto Loan Store specializes in offering title loans in Fort Lauderdale, though they do serve the entire state of Florida. Among 36 Google reviews, they have an average rating of 4.4 out of 5.
With Auto Loan Store, you can choose between a storefront loan or a 100% online loan. According to their website, they have no prepayment penalties, as well as a 10-day grace period in case you can’t make a payment on time. They may be able to fund your loan in as little as 25 minutes, so don’t hesitate to contact them.
- Address: 3489 Davie Blvd, Fort Lauderdale, FL 33312
- Phone: (954) 785-3138
Embassy Loans is a local Florida title loan company headquartered in Cooper City. Since 2005, they have expanded to over 32 locations in the state, and have served tens of thousands of local Floridians.
On their website, they mention that all of their monthly interest rates range from 1.5% to 2.5%, which translates to 18% to 30% APR. This is perfectly within Florida law, so it’s good that Embassy Loans makes this transparent. Appointments are usually required to visit your local Embassy Loans, so be sure to call or fill out their application in advance.
- Address: 15205 Collier Blvd #106, Naples, FL 34119
- Phone: (702) 487-7400
- Email: firstname.lastname@example.org
EZ Cash Title Loans
EZ Cash Title Loans is a local title loan company based in Jacksonville. They offer clients title loans of up to $25,000, as well as refinancing services.
To get a loan at EZ Cash, you’ll need your ID, title, proof of residence (utility bill), income proof (paystub), proof of insurance, and images of your car. Once all your documents are in order, you can walk out with your loan in as little as one hour. EZ Cash accepts all cars, trucks, RVs, motorcycles, and SUVs, so you should be good as long as you have your car title.
- Address: 1364 Shearwater Dr, Jacksonville, FL 32218
- Phone: (904) 659-8310
- Email: email@example.com
InstaLoan can help Florida residents get a title loan in as little as 30 minutes. They are one of the best-rated title loan companies on Google, with a perfect 5 out of 5 rating among 756 reviews.
InstaLoan calls their title loans “1st Lien Loans,” which go for $500 to $2,500. All you need to get a 1st lien loan is your ID, vehicle title, proof of residency, and proof of income. InstaLoan also offers expanded customer service hours on Saturdays and flexible repayment options.
- Address: 2230 S Hwy 77, Lynn Haven, FL 32444
- Phone: (850) 265-0883
Lending Bear is a company that offers title loans, along with payday, installment, and general pawn loans. They are one of the highest-rated lending agencies in the state, with an average 4.9 out of 5 rating among 361 Google reviews.
Lending Bear offers loans of up to $10,000 to all Florida residents. They are properly licensed by the Office of Financial Regulation in Florida, and they display this license transparently on their website. In addition, they have a very good reputation in the southeast, having been accredited by the BBB since 2016 with an A+ rating.
- Address: 701 Reid St, Palatka, FL 32177
- Phone: (386) 328-8853
- Email: firstname.lastname@example.org
Loans of Florida, LLC
Loans of Florida has offered extremely competitive title loans in Winter Park and Orlando for over 33 years. They boast a perfect 5 out of 5 rating among their 86 Google reviews.
Loans of Florida offers up to $5,000 in title loans. One of their most competitive features is their low monthly rate, which is a minimum of 1.2% (this translates to 14.4% APR). Loans of Florida can help you secure a loan at this great rate in 30 minutes or less, which few of their competitors are able to match.
- Address: 1901 W. Fairbanks Ave, Winter Park, FL 32789
- Phone: (407) 695-6969
- Email: email@example.com
Titlelo is a national title loan lender based in Fort Lauderdale. They are extremely familiar with the laws and economic landscape of Florida, and have helped thousands of Floridians get fast, affordable title loans.
Titlelo offers title loans ranging from as little as $200 all the way up to $25,000. They are similar to Max Cash in that they will do the hard work of matching you with a suitable lender in Florida. They also have a Learning Center on their website, which contains some useful resources on how title loans work.
- Address: 3000 NE 30th Pl Ste 104, Fort Lauderdale, FL 33306
- Phone: (855) 341-4500
- Email: firstname.lastname@example.org
We Florida Financial
We Florida Financial is a local credit union that offers a variety of different loan types and banking options to Floridians. One of their services is car title loans.
If you already have a title loan with another company, We Florida Financial does offer title loan refinance services as well. Because We Florida Financial has a very low base rate of 1.79% APR, you could potentially save hundreds of dollars with them. In addition, they may frequently run promotions where you can get a cash bonus when you refinance your loan with them.
- Address: 634 NE 3rd Ave, Fort Lauderdale, FL 33304
- Phone: (954) 745-2400
- Email: email@example.com
What Do You Need For a Title Loan in Florida?
At the bare minimum, applying for a title loan in Florida will require you to have the following documents:
- Government-issued ID
- Car title
If you have lost your car title, it may still be possible to get a title loan. Companies can work with you to obtain a new title loan and use that for the application. However, if you’re still making payments on your vehicle, you may have very limited options for title loans.
Some companies may request proof of income as well as proof of residency, which can come in the form of a recent pay statement and utility bill respectively. Certain companies will want to see proof of car insurance as well.
Do I Need Good Credit to Get a Title Loan?
When you apply for a title loan, your credit score is entirely out of the picture. Title loans use your car title as collateral, and most lenders won’t even run your credit score.
This means that even if you have a bad credit score, you still have a high chance of getting a title loan. Payday loans are another popular alternative that usually involves no credit checks.
While title loans are great financial solutions for the short-term, it’s best to prioritize improving your credit score sooner rather than later. Having a higher score can give you greater flexibility if you find yourself in a similar situation in the future, since you’ll have more loan types and better interest rates to choose from.
We highly recommend checking out our ultimate review guide for Credit Saint if you have a low score. Credit Saint can immediately help you diagnose what’s dragging your score down, and come up with a plan to help remove negative errors and build positive credit in its place.
How Does The Interest Rate Work on Title Loans in Florida?
Interest rates on title loans are a little more complicated in Florida than in other states. To help you understand it better, we’ll run through an example. Let’s say you take out a 12-month title loan for $5,000. With the help of an APR calculator, here’s the maximum amount you’re allowed to be charged by a title loan company:
- The maximum APR on the first $2,000 is 30%. Over one year, this would account for $339.69 in interest.
- The maximum APR on the amount from $2,000 to $3,000 is 24%. In this example, this is the full $1,000. Over one year, this would account for $134.72 in interest.
- The maximum APR on the amount exceeding $3,000 is 18%. In this example, this is $2,000. Over one year, this would account for $200.32 in interest.
- Adding each portion of the interest together with the $5,000 principal, the total cost of this loan is $5,674.73. Your monthly payments would be $472.89.
When you receive your loan contract, take note of the total principal amount of the loan. We encourage you to then run through a similar calculation. If the total loan cost and monthly payments exceed your calculated value, then that loan contract violates Florida state law.
Conclusion and Next Steps
In this article, we gave general pointers on title loans in Florida and listed the top 10 companies in the area. If you find yourself in a financial bind, one of these companies can provide you with the cash you need.
In particular, Max Cash is a great option for anyone looking for a title loan in Florida. We highly encourage you to take advantage of their large platform of partner lenders to help you find a title loan today.
If you need cash fast, get in touch with
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About the Author
Chris Morgan has read hundreds of books and resources on finance, especially credit related materials. Because he did this, you don’t have to. As a school teacher for over 20 years, Chris enjoys taking complicated material and breaking it down into easy to understand chunks.