What is the interest rate for a title loan?
Title loans or title pawns accrue interest based upon the length of time that the account has an unpaid principal balance for the transaction. The term for a title loan is a 30-days. At the end of the 30-days, the borrower can pay the total title loan back or pay at least the minimum payment of the accrued interest to extend the transaction for an additional 30-day period. The finance fee for a standard pawn transaction is $25 per every $100 borrowed, for each 30-day period that the pawn is active. The total cost of borrowing is ultimately unique for every customer because it ultimately depends upon how long the borrower takes to repay the entire transaction. If the borrower is unable to repay the pawn transaction within the 30-day period, we always recommend paying more than your minimum payment with each payment, when you can to reduce the outstanding principal balance of the pawn transaction which will also reduce the amount of interest that you will pay for the following 30-day cycle and will assist with a quicker repayment of the pawn transaction and a lesser total cost of borrowing.
Did you know that we also have a 30-day interest free program at Jacksonville Title? This is a favorite option for our first-time customers! What is great about the 30-day interest free program at Jacksonville Title and you will not find from other title loan lenders is that the promotion is valid for the life of the loan so you do not have to pay off within the first 30-days to take advantage of the program, it is valid for the life of your loan and we will waive the last 30-days of interest when you pay off your title loan!
30-day Interest Free; Not all customers will qualify for 30-day Interest Free Promotion. In order to qualify for the 30-days Interest Free Promotion, you must meet the following criteria: 1) Have a lien free title to your vehicle that is valued at least $1,000; 2) Have verified, documented income of at least $1,000 a month after taxes; 3) Provide an acceptable proof of Residency such as a service bill or bank statement in your name. You must open an account with Jacksonville Title in order to receive the promotion. Promotion must be requested to a Jacksonville Title representative prior to the completion of your Motor Vehicle Pawn Transaction in order to qualify. Promotion only valid one (1) time, per customer.
Have questions? We have the answers! Call our friendly staff at (904) 880-2274 to get the answers to the questions you have! We look forward to assisting you!