Florida Personal Loans

Florida is a southeastern state in the US that’s home to Disney World, countless beaches, the Everglades, and many more tourist attractions. Millions of people visit Florida every year to soak in the sun, the warmth, and enjoy outdoor activities. Tourism plays a huge role in Florida’s economy, along with the production of crops. Florida has the highest production of citrus fruit in the country including grapefruit, oranges, and tangerines. 

But while Florida may be a great tourist destination for millions of out-of-state visitors, many of the people that live in Florida are having a hard time making ends meet. Just like most US states, Florida has its fair share of people living below the poverty line. 

Below are the percentages of of people in Florida living in poverty:

  • 13.6% overall poverty rate
  • 19.3% of children 
  • 14.1% of working-age women
  • 11% of working-age men

In addition to those living in poverty, food insecurity also remains an issue. Food insecurity means you have a difficult time providing food for yourself or your family. In Florida, 11.2% of people experience food insecurity. For these people, a little extra cash could go a long way towards providing much needed financial assistance. 

Many people in Florida choose to take out personal loans when times get tough. And while this may be the right option in certain circumstances, it’s not always the safest thing you can do. Many lenders out there intentionally deceive borrowers in tough situations in order to scam them out of money. This is why it’s important to only take out a loan from a reputable lender. If you reside in Florida and you’re in need of quick cash, check out our handy guide to personal loans. 


Types of Personal Loans in Florida

Taking out a personal loan can sometimes be a confusing process to navigate. How do you know if the loan and lender are safe? What’s a good APR for a personal loan? What types of repayment options should I be aware of? These questions and many more can make potential borrowers nervous about diving into the process of taking out a loan. 

The first step in the process would be to make sure you know exactly what a personal loan is, and what kinds are available to you. A personal loan is any loan that an individual takes out to pay for personal expenses. This could be school costs for you children, much-needed repairs to your vehicle, or unexpected medical bills that are throwing off your monthly budget. 

There are several different types of personal loans in Florida. And the amount of options you have may seem intimidating. Breaking down your options into a few categories will definitely help to narrow your choices. And knowing how to evaluate loans and lenders will help you to make a smarter choice when it comes to getting quick cash. Doing your homework and researching your options is the most important part of this process.

Unfortunately, there are many predatory lenders out there that seek to take advantage of borrowers. They may use confusing or deceptive tactics to get borrowers to sign up for loans that they don’t fully understand. They may also charge massive interest rates and additional fees that make it difficult for the borrower to repay. This can lead to a cycle of debt that’s difficult to escape. 

Luckily, CreditNinja is here to offer some much-needed insight into a few of the most common personal loans available to Florida residents. 

Title Loans in Florida

A title loan is a common short-term loan extended to borrowers in need. Title loans are considered “secured” loans because in order to get one, you must offer up collateral. The collateral in this case would be the borrower’s vehicle. If the borrower isn’t able to repay the loan within the allotted time, the lender may seize the vehicle and sell it in order to recoup their loss. Some lenders will offer to rollover the loan if the borrower can’t repay it. This means extending the repayment period and adding more fees and interest charges. 

There are several reasons why taking out a title loan is risky. The first is that you risk losing your vehicle if you can’t repay the loan. This is made all the more difficult by the fact that title loans usually have very high interest rates, and short terms. In addition, the loan amount you receive will be based on the value of the vehicle, so you may end up having to repay a large sum of money. 

If you’re considering a title loan, make sure to do your homework and research the lender. And most importantly, make sure you can repay the loan on time so you don’t lose your vehicle. 

Payday Loans in Florida

A payday loan is a very common short-term, high-interest loan. On paper they may seem like a good idea, but you have to be careful and make sure you find a reliable lender. Many payday lenders are predatory, and attempt to trap borrowers in a cycle of debt. 

A payday loan is a fairly simple concept: you take out a set amount of money, and you pay it back plus interest and fees on your next payday. The problem is that the interest and fees can be quite high depending on which lender you use. This makes paying them back on time difficult. 

If a borrower can’t repay their loan on the due date, the lender may offer to rollover the loan into a new term. This works the same way as with title loans. The lender extends the loan term and gives you more time to repay the loan, but adds interest and fees on top of the amount you already owe. This can lead to several more rollovers if the borrower isn’t careful. 

This is why it’s so important to ask questions and research the lender you want to use. Always ask what the APR of the loan is, as that is the most accurate indicator of all the fees and interest associated with the loan. 

Personal Installment Loans in Florida

A personal installment loan is widely considered to be a safer option than that of payday and title loans. This is a set amount of money that the borrower pays back in monthly installments over a longer period of time. Generally, personal installment loans are paid back over the course of a few months, all the way up to a couple of years. Here are some of the key differences between personal installment loans, and other short-term personal loans:

  • Lower APRs
  • Longer repayment periods
  • No collateral required
  • More selective application process

This is why more borrowers are choosing personal installment loans over payday and title loans. But because these loans are typically “unsecured” you’ll likely need to have a decent credit score in order to get one. That being said, credit score isn’t the only thing that lenders consider when evaluating your application. 

Many lenders will also look at whether you have a steady income, and how much it is. They may also check your repayment history with past loans and accounts. This is why having a good history of repayment is important when getting loans. Paying loans back on time, and only using credit when it’s absolutely necessary will increase your credit score over time, and make you eligible for better loans in the long run. 

The cash you need at ninja speed.

How to Take Out A Personal Loan in Florida

Getting a personal loan today is much easier than it used to be, thanks to the internet. Many lenders have moved their applications online, allowing borrowers to complete the entire process without ever leaving their home. 

The first step is to find a reputable lender. This will involve researching a lot of different lenders, reading their online reviews, comparing terms, conditions, and APRs, and choosing the lender that appears to be the most reliable and helpful. 

Next you’ll want to review all the terms and conditions related to the loan that you’re considering. Read the fine print, ask questions, get the answers you need before you move forward. And never let a pushy salesperson force you into any loan or credit product that you’re uncomfortable or unfamiliar with. If you’ve done all of this and you know that you’ll be able to repay the loan you take out, then it may be time to sign for it. 

Even though many lenders are online, you may opt for a personal loan from a storefront lender. There are many loan options available in Florida, regardless of whether you live in a big city or a rural area. Here’s a list of the top ten cities in Florida based on population:

  • Jacksonville
  • Miami
  • Tampa
  • Orlando
  • St. Petersburg
  • Hialeah
  • Tallahassee
  • Ft. Lauderdale
  • Port St. Lucie
  • Cape Coral

You’ll likely find the most variety in terms of personal loans in large cities like these. But even if you live in a small town, there are plenty of options available online.

Why Choose CreditNinja?

CreditNinja is a fair and reputable lender that offers longer terms and affordable rates for subprime borrowers in need. Unlike predatory lenders, CreditNinja cares about your financial future. We offer a quick and easy application process, all online, which can be accessed twenty-four hours a day, seven days a week. Just fill out an application, find out if you’re approved, and have the money directly deposited into your checking account. 

We make sure that the borrowers applying for our loans are able to pay them back, by offering longer terms and no hidden fees. Just visit us online at CreditNinja.com and fill out an application today. You could be approved for up to $2,500, to get your financial life back on track.¹

  1. https://www.infoplease.com/encyclopedia/places/north-america/us/florida-state-united-states/economy
  2. https://www.infoplease.com/us/states/florida
  3. https://talkpoverty.org/state-year-report/florida-2019-report/

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.