Financial service companies will assess a high rate on the principal borrowed. Considering the APR for this loan, it would be somewhere in the range of 100% based on current financing regulations in Florida. In extreme cases, some Miami title loan companies charge rates as high as 200%, and this APR is locked in for the entire lending term. In this situation, the payback period is calculated in days rather than weeks. An online lender that provides $100 requires a payment of $115 on payday. Title loan companies may also have additional service charges based on late or nonpayment.


The following fees apply to title loans in Florida

-Loan Processing Fee equals 25% of the borrowed amount, but not less than $55 and not greater than $100.

-Loan Documentation fee equal to .5% of the borrowed amount, but not less than $3.50 and not greater than $10.

The interest rate or APR for a title loan online in Florida typically ranges from 18% to 24% and can go much higher in certain situations where the original loan amount is rolled over or if you extend the loan payments. The typical secured loan in Florida must be paid back over a period reflected in your lending contract.


What are the fees for a title loan with Florida Title Loans


Interest Rates And APR For A Florida Title Loan

For example, if you take out a $1,000 Florida title loan, you must pay back the original principal plus fees and interest, which equals 25 percent or $125.00 in processing fees. The total amount due would be $1,125 for a typical title pawn or 24 hour title loan.

If you get a $5,000 title loan, you’ll end up paying back around $1,250 in the first month. This includes the principal amount plus additional fees and interest charges, making your total repayment amount more than what you were initially given. If you do not repay your loan on time, your lender could report late payment charges to credit agencies, damaging your credit score.

Late payment fees in Florida are usually very high, so it’s best to try and avoid them by making regular payments instead of waiting until the month’s end when all outstanding debts are due at once.


Other Rates And Fees To Expect With A Title Loan In Florida

In some situations, you would see a Documentary Stamp Tax assessed by the lender. This is not always common; you can sometimes bundle this tax and other fees with your total amount borrowed. The tax is a state fee for a large purchase, such as a car or boat.

You will also see fees for document preparation and mileage reimbursement for those lenders who require you to drive to their office in person.