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What is a Florida Title Loan?

A Florida title loan is a title loan under the laws and regulation for the state of Florida. Title loans are given on the agreement that a borrower provide an asset for collateral, often an automobile, to be repossessed by the lender used to pay back the loan in case of a default. Title loans are not legal in every state, and the states for which they are legal each state has their own criteria for regulation. In Florida, for instance, there are limited interest rates depending on the size of the loans, and in the case of a repossession, lenders are required to alert the borrower 10 days before the sale.

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Rates (%)

Because title loans are small in amount and short term, interest rates tend to be very high (some states have no limit on what a lender can charge for interest). In Florida, maximum interest rates for title loans depend on the amount of the loan:

Amounts of $2000 – maximum interest rate of  30% per year

Amounts between 2000$ – $3000 – maximum interest rate of 24% per year

Amounts of more than $3000 – maximum interest rate of 18% per year

Credit Requirements

Because title loans are asset-based, lenders will use the value of the asset, and not the borrower’s credit score/history to evaluate eligibility.


Title loans in Florida are guided by the following legislation:

FL Stat § 537.004 (2017) – title loan lenders must be licensed

FL Stat § 537.008 (2017) – title loan payment periods will be 30 days.

FL Stat § 537.011 (2017) – interest rates must not exceed 30% per year on the first $2000 of the principal loan, 24% on the part of the principal between $2000-$3000, and 18% on the part exceeding $3000.

FL Stat § 537.012 (2017) – after a default, lenders must take possession of the vehicle at least 10 days before the time of sale.

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