How does the payback of a title loan work?

The payback of your title loan with Lake Title is simple and easy! When you open your account with Lake Title, one of our friendly representatives will review and explain the exact terms and conditions of your pawn transaction with our branch. Generally, most title loans are meant to be paid back within the first 30 days, however if you are unable to repay the full amount by your due date; you do have the option to pay at least the minimum interest as disclosed in your pawn transaction agreement by your due date. Please keep in mind that only paying your accrued interest will not lower your principal balance or your accrued interest for the following 30 days, it will only covered the accrued interest for that 30 days and extend your transaction for another 30 days. The way to reduce your principle balance as well as your interest that is accrued for the following 30 days is to pay above your minimum payment. The due date for your transaction is based upon the date we approve your title loan request. Since you will come into the Lake Title branch to complete your application and receive your funds, your entire title loan request can be completed in 20 minutes or less, and you will leave with the funds you were needing.

Here at Lake Title, we also offer an awesome 30-Day Interest Free* program which could be an awesome thing for our first-time customers! The awesome thing about our 30-day interest free program is that we offer the promotion for the entire life of the loan, not just your first 30 days like some companies! If you are unable to pay it all back within the first 30 days, you can make your minimum finance charge and at the end of your next 30 days, you can still pay off without paying your interest charge for that month!

*30-Day Interest Free: Not all customers will qualify for the 30-Day Interest Free Promotion. In order to qualify for the 30-Day 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 Lake Title in order to receive the promotion. Promotion must be requested to a Lake Title representative prior to the completion of your Motor Vehicle Pawn Transaction in order to qualify. Promotion only valid (1) time per customer.

Have additional questions regarding title loan repayment or the 30-Day Interest Free promotion? Please reach out to one of our friendly representatives in the office at (352) 692-2274 and we will be happy to assist you!