If you are looking for an alternative funding option in Tampa, Florida, then you should look into Personal Loan, Title Loan and Pawnshop Loan.
Can I Get Funding in Florida Completely Online?
A huge number of lenders want to make the financing process as comfortable as possible, which is why they offer online financing even for bad credit.
Recently, more and more people need additional funding in order to cope with personal needs. Most often, people apply for financing in order to pay for car repairs, renting an apartment or house, utility bills, making an urgent purchase, paying for medical treatment, and so on. So what are the financing options for Tampa, Florida residents? Keep reading to find out the details.
Why Are Tampa, FL Residents Looking For Alternatives To Payday Loans?
You probably know that a Payday Loan is one of the most popular type of financing that helps borrowers get money quickly to meet any emergency needs. That is why many borrowers apply for Payday Loans from time to time to cover unexpected expenses. Most often, lenders offer from $100 to $1,000, which is often enough in a difficult life situation. Online Payday Loan in Florida on Compacom is a lifesaver for many in the state, but why are people looking for alternatives?
First of all, it is important to note that Payday Loans are often extremely expensive and interest rates can be as high as 600%. This is mainly due to the fact that it is borrowers with bad or poor credit who apply for financing, so lenders want to offset the risks with high interest rates. But most often, borrowers fall into debt holes that are difficult to get out of because of high interest rates.
Another reason why people look for alternatives to Payday Loans is that for some people $1,000 is not enough to meet their needs. Also, Payday Loans have very short repayment periods (most often 14 to 21 days), so there is not enough time for borrowers to cover expenses.
Which Alternative Options Do I Have If I Live In Florida?
According to Florida Lending Laws and Regulations, you have the following financing options:
1. Personal Loans
If you need money to meet your personal needs in Tampa, Florida, then a Personal Loan is a great option for you. Most often, personal lenders offer $1,000 to $100,000 for any need, with repayment terms ranging from 12 to 60 months or longer. This loan offer is much more advantageous than Payday Loan, as interest rates range from 5.95% to 35.99% on average.
2. Title Loans
Another quick option to help you get financing in Florida is the Title Loan. Since this loan is secured, you will need to provide an asset as collateral. In most cases, your car will serve as collateral for the loan. Compacom Title Loans have better interest rates because the lender has the car’s title as collateral and therefore has some confidence that the loan will be paid on time. What’s more, you don’t need to have a good or excellent credit history to get approved. Most Title Lenders offer between 25% and 50% of the value of your car. What’s more, you can now get financing online without having to visit the lender’s physical location and go through a vehicle inspection.
3. Pawnshop Loans
The Pawnshop Loan is another type of secured loan that helps Florida residents get fast cash to meet their needs. To receive financing, the borrower must come to pawsnshop and provide something of value as collateral for the Loan. Most often, the borrower will also receive from 20% to 60% of the cost. Repayment terms usually range from 15 to 30 days.
Is It Easy To Get An Alternative Loan In Tampa Florida?
At the moment, you can easily get financing online if you meet the basic eligibility criteria of your chosen lender. Although they may vary, as a rule the main ones remain the same:
- Be a Florida citizen or official resident
- Be at least 18 years of age or older
- Have a regular monthly source of income
- Have an active bank account to deposit
- Provide government-issued ID
- Provide a social security number
- Provide contact details such as phone and e-mail.