Cash Advances and Payday Loans in Tampa, FL
Cash advances and payday loans are short-term loan options for consumers in need of fast funding. Often, people turn to these loans in times of financial emergency or when facing unexpected expenses.
Both types of loans may be a good choice for those who need to fund an emergency expense. Payday loans are designed to be repaid within two weeks of taking the loan, or upon receipt of the borrower’s next paycheck.
Payday loans are a legal form of cash advance in Tampa, Florida. However, the government has issued strict rules and regulations for lenders and borrowers. For more information about lending practices in Florida, consumers can access the Florida Office of Financial Regulation.
Benefits of Taking Out a Payday Loan in Tampa
Payday loans have many enticing benefits. Some of these advantages include:
- Expedited access to cash. The loan is often transferred to the borrower shortly after approval. The direct lender may deliver the loan as soon as the next business day.
- A straightforward application. Many lenders now use their online platforms to initiate the loan request process. Completing the application form is easy as long as the borrower meets all the requirements.
- The borrower’s credit score is not that important. A credit check will likely occur. However, a bad credit score may not disqualify an applicant. Other factors, such as income, can play a much more essential role in a lender’s decision to approve or deny a loan request.
- Payday loans are an alternative method to traditional lenders. Most traditional loan requirements are foregone, as is the lengthy paperwork that comes with them.
How to Get a Cash Advance and Payday Loan in Tampa
Tampa, FL offers both storefronts and online lenders. Online platforms present an added convenience when applying for a cash advance. Online lenders’ applications are fairly simple. Potential borrowers may be asked to provide the following information when requesting a loan online:
- Personal information, including name, address, phone number, and email address
- Bank account number for the account where the loan will be deposited
- Employment information such as monthly income and the name of employer or company
All of these documents may need to be present to ensure a secure transaction. Requirements may vary by lender.
Cash Advance and Payday Loan Requirements
To apply for a loan in Tampa, Florida, the lender may require that the borrower:
- Be at least 18 years old
- Possess a social security number
- Be a legal resident of Tampa, Florida, with proof of residency
- Make at least $1,000 per month.
- Have a current phone number and email address
Costs and Regulations of Cash Advance and Payday Loans in City Tampa, FL
The State of Florida has strict laws and limitations on cash advances. The State allows payday loans reaching up to $500, excluding fees. Borrowers can only apply for one loan at a time, and there must be at least a 24-hour period between each loan. Finance charges reach up to 10%. The annual percentage rate can reach 304%. The minimum loan period is anywhere from seven to 31 days. Rollovers are illegal, and lenders cannot seek criminal charges against their borrowers.
To learn more about your state rules regarding short-term loans in Tampa, Florida, visit the state’s website.
Installment Loans in Tampa
Installment loans come in the form of car loans, college loans, and mortgage loans. While installment loans can be used for short-term financial needs, they are usually larger sums of debt to pay back, which is why they are spread across monthly installments. Though sometimes more expensive than payday loans, this form of repayment has some advantages over other forms of lending; the main one being that borrowers with bad credit scores can still get approved. An additional advantage is that borrowers don’t have to pay back the loan in one lump sum. Instead, borrowers can repay the loan in small amounts over a longer period of time.
Some lenders in Florida even allow their borrowers to extend their repayment terms to reach one year.
Requesting Title Loans in Tampa
Title loans are short-term loans given to borrowers who want to put their vehicle up as collateral. The vehicle presented as collateral can be a car, a truck, or even a motorcycle. This form of short-term cash advance comes with similar regulations as other cash advances, with the additional provision of signing the vehicle title over to the lender. The lender will examine the vehicle and estimate its value before suggesting a loan amount.
The requirements for title loans in Tampa may differ a bit from that of a payday loan. Borrowers may need to present the following:
- Government-issued ID
- Proof of residency in Tampa, Florida
- Employer reference and income source
- Photos of the vehicle being used as collateral
- Lien-free car title
If your vehicle is not lien-free, it is best to pay off any lingering debt on the asset before applying for another loan. However, some title loan companies will lend according to the equity you have in your car.
Best Tampa, FL Cash Advance and Payday Loan Companies
Due to the sheer number of lenders based in Tampa, FL, borrowers should perform thorough research before settling on a lender. Two of the most trusted lenders based in Tampa are Advance America and Check ‘n’ Go.
Advance America presents many storefront locations in Tampa, along with a resourceful website where borrowers can learn more about their loan options. They offer payday loans and installment loans to their customers, both online and at the store.
Similar to Advance America, Check ‘n’ Go offers both storefront and online options for their customers. Aside from payday loans, they also provide check cashing services.