Cash Advance and Payday Loans in Tallahassee, FL
Cash advances, commonly known as short-term loan options, are most suitable for emergencies. Payday loans, a type of cash advance, let borrowers apply for fast and easy funds.
These loans are not meant for consumers trying to escape long-term debt. Cash advances are designed to be repaid within two weeks or when the borrower’s next paycheck arrives. Payday loans are a legal form of cash advance in Tallahassee, Florida. There are firm rules and regulations for direct lenders and borrowers to follow. Consumers in Florida can check whether a lender is licensed to operate in the state through the Florida Office of Financial Regulation.
Advantages of Taking Out Payday Loans in Tallahassee
The benefits of payday loans are aplenty and include:
- Quick access to cash. The loan process is fairly easy to complete, and lenders may offer money in as little as one business day.
- Easy application.
- Qualification may be determined by income as well as credit score. Unlike traditional loans, the borrower’s credit score may not be all that matters. Creditworthiness might be determined partly based on income.
Overall, a payday loan can be a solid alternative to the traditional lending system.
How to Get a Cash Advance and Payday Loan in Tallahassee
While storefronts in Tallahassee, FL, are a viable option when looking for lenders, the online request remains another option.
Online loan platforms keep it simple. When requesting a loan through the web, lenders will generally ask borrowers to present the following:
- Personal information for identification, such as name, address, phone number, email address, etc
- Bank account number
- Revenue or income source, including the employer’s name or company name
Some lenders may require additional documents.
Cash Advance and Payday Loan Requirements
Lenders in Tallahassee, Florida, like many lenders in other states, may require specific criteria to be fulfilled by the borrower. These criteria include:
- The borrower must be at least 18 years old
- A Social Security number
- Proof that the borrower is a legal resident of Tallahassee, Florida, and have proof of residency.
- An income source no less than $1,000 per month
- A current phone number and email address
Costs and Regulations of Cash Advances and Payday Loans in Tallahassee, FL
The law presents many strict limitations for lenders to abide by when issuing a cash advance and payday loan in Tallahassee, Florida. The State of Florida allows borrowers to apply for and receive payday loans up to $500 (excluding fees).
The law allows only one loan at a time, and there is a minimum of 24 hours “cooling-off” period between each loan. The finance charges can reach up to 10%, with an annual percentage rate of 304%. The minimum loan period is seven days but can extend up to a maximum of 31 days. Rollovers are strictly prohibited, and state law protects borrowers from criminal lawsuits for nonpayment.
Potential borrowers can learn more about the state rules and regulations for short-term loans in Tallahassee, Florida. The state legislature provides lending rules on its website.
Installment Loans in Tallahassee
As the name suggests, installment loans allow borrowers to pay back the borrowed amount upon scheduled repayments. These are another form of short-term loans. They can be suitable for borrowers suffering from a bad credit history. Instead of dealing with a short-term repayment method, borrowers can opt for more flexible debt repayment. Some lenders in Florida allow their borrowers to extend their repayment schedule for up to one year.
Requesting Title Loans in Tallahassee
Title loans, similar to most bank loan products, are cash advances taken out with the borrower’s vehicle as collateral; this can be a car, truck, or motorcycle.
The process of receiving a car title loan does not differ much from other forms of cash advances. The borrower must first fill out the online application form with the additional step of presenting the vehicle title. Then, the lender will investigate the vehicle’s worth and equity, as well as the borrower’s repayment capabilities.
The requirements for Tallahassee residents looking to receive a title loan may differ slightly from those for payday loans. Borrowers might be required to present the following:
- Current government-issued ID
- Proof of residency in Tallahassee, Florida
- Employer reference and revenue source
- Photos of the vehicle serving as collateral
- A lien-free car title
If your vehicle has a lien attached, meaning a lender or bank institution still holds the car title, then you must first remove the lien by paying back the owed amount.
Our Favorite Tallahassee, FL, Cash Advance and Payday Loan Companies
There are numerous storefront and online lenders in Tallahassee, FL, offering various loan options.
Fast Payday Loans, Inc., offers plenty of storefront locations in Tallahassee, along with a resourceful website for borrowers to learn about short-term loans. Borrowers can apply through their website, on the phone, or even in person at one of their many branches. They offer short-term cash advances anywhere between $100 to $1,000.
Another platform for a reliable cash advance is Advance America, which also has multiple branches in Tallahassee. Similar to Fast Payday Loans, Inc., their online application process is user-friendly. Customers can visit their website to read more about their terms and conditions. Customers of Advance America also have the option to apply for installment loans.
With so many options to choose from, it is best to conduct research before applying to a company.
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