![]() ![]() It must specify how much you are borrowing (called the “amount financed”) and what the interest rate will be. Be sure to read and understand the agreement before you sign. Under the law, in order to receive a loan, you and the lender must sign a written agreement before you get your loan. Under Chapter 537, Florida Statutes, the Florida Title Loan Act requires title loan lenders to be licensed by the state Office of Financial Regulation. Two Florida laws regulate vehicle-secured finance loans. Consider carefully whether you're going to have that money in time to repay the title loan and avoid repossession of your vehicle. If you arrange to pay back your loan in, say, one month, you would have to pay back $1,000 plus (approximately) $25 in interest. That means, for instance, that if you borrow $1,000 you will be obliged to pay back $1,000 in principal and also up to an additional $300 in interest over the course of a year.
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