Key takeaways about title loans in Tampa, Florida

What are title loans?

Title loans are secured loans where borrowers use their vehicle title as collateral. In exchange for a loan amount, the lender retains the title of the vehicle. If the borrower defaults on the loan, the lender can legally repossess the vehicle and sell it to cover the loan amount.

Are title loans legal in California?

Yes, title loans are legal in California, but they are subject to specific regulations and restrictions.

How much do title loans cost?

Let's say you needed $2,000. This is how you'd pay it back if you chose to pay over 12 months:

Title and Payday Loan information in the Comparison tabled is based on the following CFPB Reports (1)(2)

Apply for the Yendo Car-Secured Credit Card

Reconsider getting a title loan

5 reasons you shouldn't get a title loan

You might be looking for options for a quick loan. Here are 5 reasons to reconsider that option:

  1. High-Interest Rates: Title loans are known for their exorbitant interest rates, which can often lead to borrowers paying much more than they originally borrowed. [1]
  2. Predatory Lending Practices: Some title loan companies are known for their predatory practices, including misleading terms and hidden fees. [2]
  3. Debt Trap: Due to the high interest rates and short repayment periods, many people struggle to repay their loan in full. This can lead to a cycle of taking out more loans to pay off the original one, creating a debt trap that can be difficult to escape. [3]
  4. Negative Impact on Credit Score: While some lenders might not check your credit score before issuing a title loan, failing to pay it back could negatively affect your credit score. [4]
  5. Expensive Solution for Temporary Problem: While a title loan might seem like a good solution for immediate financial needs, the long-term costs can far outweigh the immediate benefits. Other options, such as personal loans, credit card cash advances, or even borrowing from friends or family, may be less expensive in the long run.

[1] https://www.yendo.com/compare-yendo

[2] https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-titlemax-to-pay-a-10-million-penalty-for-unlawful-title-loans-and-overcharging-military-families/

[3] https://www.responsiblelending.org/research-publication/debt-trap-drives-fee-drain-payday-and-car-title-lenders-drain-nearly-3-billion

[4] https://www.myfico.com/credit-education/whats-in-your-credit-score

Alternatives to Title Loans in Los Angeles

Considering the potential pitfalls associated with title loans, it's worth exploring alternatives:

  • Payday Alternative Loans (PALs): Some credit unions offer PALs, short-term loans with far lower interest rates than title loans. Membership of the credit union is generally a prerequisite to apply.
  • Personal Loans: Despite having a low credit score, some lenders offer personal loans to such individuals. The interest rates may be higher than conventional loans but are generally lower than those of title loans.
  • Credit Counseling: Numerous non-profit credit counseling agencies can provide guidance and resources to help individuals manage their debt and improve their financial health.
  • Peer-to-Peer Lending: This is an alternative where borrowers can seek loans from individual investors or peers online. The interest rates are generally lower, and the loan terms can be more flexible.

The Yendo Card

Yendo is the first credit card that's backed by the value of your car. The card can provide access to credit for those who might not be able to qualify for other credit cards. It's a real credit card, powered by Mastercard, that provides credit limits from $450 - $10,000, depending on your value of your car amongst other factors, that can provide people with access to ongoing funds. So, rather than having to re-apply for loans, for example, you can access funds up to your credit limit on an ongoing basis and, with responsible usage like on-time payments, build your credit too.

Features & benefits

  • Credit limit - access up to $10k in credit
  • App - the Yendo app let's you manage your account, wherever you are
  • Virtual card - access a portion of your credit limit prior to getting your physical card in the mail with the Yendo virtual card. You can continue to use your virtual card even after your physical card arrives as well
  • Cash advances - ability to do cash advances on your card
  • Credit building - with responsible usage, you can not only have access to ongoing credit, but also build your credit for potential future financial options

Reviews

“Gracias Yendo, por dare la oportunidad de restablecer mi crédito entre otras cosas, estoy encantada con lo fácil que es de usar y por la forma de asequrar mi portal, me da una paz saber que nadie que no este authorized va a poder usarlo, sin contar además del bajo interés a pagar... Sin duda alguna es digno de recomendar!!”

Marina R.

“My experience was excellent. Everyone was kind and helpful. All my questions were answered and the service was very quick. I highly recommend reaching out to Yendo.”

Sherry G.

Producer

“Yendo was a great choice. It was easy to apply and no matter your score you can be approved. Brian reached out over the phone and led me through the application and even made a trip to meet me to get all set up. They report to the credit bureaus. I’m looking forward for my Yendo account to up my score.”

Melissa T.

“You guys, this company is a solution to your debt problems. Instead of getting a car title loan with 300% interest, get a credit card secured by your car title! What a brilliant idea! Just download the
Yendo app and get started today.”

Kathleen B.

Producer

“Awesome monthly payments that are far more reasonable than a lot of title places' low rates, highly recommend Very impressed process was quick and easy definitely wouldn't go anywhere else.”

Wendy R.

"The application process was seamless! And fast! Got approved in minutes and had access to my card via Apple wallet. Card was sent in the mail right away."

Sam A.

“My experience was excellent. Everyone was kind and helpful. All my questions were answered and the service was very quick. I highly recommend reaching out to Yendo.”

Sherry G.

Producer

“Gracias Yendo, por dare la oportunidad de restablecer mi crédito entre otras cosas, estoy encantadacon lo fácil que es de usar y por la forma de asequrar mi portal, me da una paz saber que nadie que noeste authorized va a poder usarlo, sin contar además del bajo interés a pagar... Sin duda alguna esdigno de recomendar!!”

Marina

“Yendo was a great choice. It was easy to apply and no matter your score you can be approved. Brian reached out over the phone and lead me through the application and even made a trip to meet me to get all set up. They report to the credit bureaus. I’m looking forward for my Yendo account to up my score.”

Melissa T.

Reviews

Check our review page for more detailed reviews from our users.

“Gracias Yendo, por dare la oportunidad de restablecer mi crédito entre otras cosas, estoy encantada con lo fácil que es de usar y por la forma de asequrar mi portal, me da una paz saber que nadie que no este authorized va a poder usarlo, sin contar además del bajo interés a pagar... Sin duda alguna es digno de recomendar!!”

Marina R.

Submitted Review*

“My experience was excellent. Everyone was kind and helpful. All my questions were answered and the service was very quick. I highly recommend reaching out to Yendo.”

Sherry G.

Submitted Review*

“Yendo was a great choice. It was easy to apply and no matter your score you can be approved. Brian reached out over the phone and led me through the application and even made a trip to meet me to get all set up. They report to the credit bureaus. I’m looking forward for my Yendo account to up my score.”

Melissa T.

Submitted Review*

“You guys, this company is a solution to your debt problems. Instead of getting a car title loan with 300% interest, get a credit card secured by your car title! What a brilliant idea! Just download the Yendo app and get started today.”

Kathleen B.

Submitted Review*

“Awesome monthly payments that are far more reasonable than a lot of title places' low rates, highly recommend Very impressed process was quick and easy definitely wouldn't go anywhere else.”

Wendy R.

Submitted Review*

"The application process was seamless! And fast! Got approved in minutes and had access to my card via Apple wallet. Card was sent in the mail right away."

Sam A.

Submitted Review*

FAQs

Does Yendo build my credit?
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Yes, Yendo helps you build your credit. We report to Experian, Transunion and Equifax credit bureaus.

What will my credit line be?
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Yendo Credit Cards have credit limits ranging from $450 up to $10,000. Your credit line depends on the make, model, mileage, and condition of your vehicle in addition to your ability to repay.

How many days do I have to repay?
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You have 25 days after the end of your monthly statement to make a payment. You can make payments at anytime, and you will need to make a minimum payment of 5% of your statement balance or $50 (the greater of). We're here to help, so if you do need assistance making your minimum monthly payment, please give us a call.

Can I get approved even if I have bad credit or no credit?
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Yes, you can get approved regardless of your credit score! You can get approved as long as you meet Yendo’s other approval criteria. Our mission is to offer affordable credit access to everyone.

How soon can I get my credit card?
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Yendo customers can have access to their virtual credit card within 30 minutes of completing the approval process. The virtual card can be used online or with Apple, Google, or Samsung pay. A physical card will be mailed to you and typically arrives in 5-7 days.

If I miss a payment, do I lose my car?
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We will always work with you to try to establish a plan that works with your situation. However, as a lienholder, we can exercise our right to recover an outstanding balance, but this is our last option. Keep in mind that with Yendo, your minimum monthly payment can be more affordable compared to other alternatives like title loans.

If I sign up, when and how do I get my title back?
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You can get your title back at any time by paying off your balance and giving us a call to close your account. Once we verify that your balance is $0, Yendo will close your account and remove its lien from your title. We will then release the title to you within 10 days of payoff - please note that there may be some situations outside of Yendo's control, such as DMV processing timelines, that could extend this timeframe. Or you can keep your account open with a $0 balance and pay no interest, so you can have continued access to your credit card when or if you wish to use it.

What are my payment terms?
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While your official due date is 25 days after receipt of your previous monthly statement, you can pay off all or a portion of your balance in advance at any time. The best part? If you pay your statement balance on or before the due date every month, you’ll pay zero interest on purchases. In the event you don’t pay off your full balance, our minimum payment is 1% of your principal balance or $50, whichever is greater. Please note if you have interest or fees charged to your account, these will be added to your minimum payment due.

What is overlimit?
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If your balance exceeds your credit limit, your account is overlimit. You will need to make a payment that brings your balance below your credit limit and make at least a minimum payment to unblock your card.

Tampa, Florida - looking to access credit? Apply for Yendo & get up to $10k. No credit check for pre-approval.

No credit check for pre-approval

Access up to $10k in revolving credit

Build your credit

HOW IT WORKS

Your Yendo Credit Card is just 3 steps away.

Approval notification on Yendo app
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Get pre-approved

Complete our quick and easy pre-approval process online in minutes (don’t worry, we don't check your credit score for pre-approval).

Car driving on road
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Access your card

Once your car’s condition is verified and your title is mailed, you’ll instantly receive a digital credit card while we print and ship your physical credit card.

Yendo Credit Card
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Build your credit

Access money when you need it, withdraw cash, build your credit, and achieve a stronger financial future.

Reviews

“Gracias Yendo, por dare la oportunidad de restablecer mi crédito entre otras cosas, estoy encantada con lo fácil que es de usar y por la forma de asequrar mi portal, me da una paz saber que nadie que no este authorized va a poder usarlo, sin contar además del bajo interés a pagar... Sin duda alguna es digno de recomendar!!”

Marina R.

“My experience was excellent. Everyone was kind and helpful. All my questions were answered and the service was very quick. I highly recommend reaching out to Yendo.”

Sherry G.

Producer

“Yendo was a great choice. It was easy to apply and no matter your score you can be approved. Brian reached out over the phone and led me through the application and even made a trip to meet me to get all set up. They report to the credit bureaus. I’m looking forward for my Yendo account to up my score.”

Melissa T.

“You guys, this company is a solution to your debt problems. Instead of getting a car title loan with 300% interest, get a credit card secured by your car title! What a brilliant idea! Just download the
Yendo app and get started today.”

Kathleen B.

Producer

“Awesome monthly payments that are far more reasonable than a lot of title places' low rates, highly recommend Very impressed process was quick and easy definitely wouldn't go anywhere else.”

Wendy R.

"The application process was seamless! And fast! Got approved in minutes and had access to my card via Apple wallet. Card was sent in the mail right away."

Sam A.

“My experience was excellent. Everyone was kind and helpful. All my questions were answered and the service was very quick. I highly recommend reaching out to Yendo.”

Sherry G.

Producer

“Gracias Yendo, por dare la oportunidad de restablecer mi crédito entre otras cosas, estoy encantadacon lo fácil que es de usar y por la forma de asequrar mi portal, me da una paz saber que nadie que noeste authorized va a poder usarlo, sin contar además del bajo interés a pagar... Sin duda alguna esdigno de recomendar!!”

Marina

“Yendo was a great choice. It was easy to apply and no matter your score you can be approved. Brian reached out over the phone and lead me through the application and even made a trip to meet me to get all set up. They report to the credit bureaus. I’m looking forward for my Yendo account to up my score.”

Melissa T.

testimonials

What people are saying
about us.

“Gracias Yendo, por dare la oportunidad de restablecer mi crédito entre otras cosas, estoy encantada con lo fácil que es de usar y por la forma de asequrar mi portal, me da una paz saber que nadie que no este authorized va a poder usarlo, sin contar además del bajo interés a pagar... Sin duda alguna es digno de recomendar!!”

Marina R.

“My experience was excellent. Everyone was kind and helpful. All my questions were answered and the service was very quick. I highly recommend reaching out to Yendo.”

Sherry G.

“Yendo was a great choice. It was easy to apply and no matter your score you can be approved. Brian reached out over the phone and led me through the application and even made a trip to meet me to get all set up. They report to the credit bureaus. I’m looking forward for my Yendo account to up my score.”

Melissa T.

“You guys, this company is a solution to your debt problems. Instead of getting a car title loan with 300% interest, get a credit card secured by your car title! What a brilliant idea! Just download the Yendo app and get started today.”

Kathleen B.

Awesome monthly payments that are far more reasonable than a lot of title places' low rates, highly recommend Very impressed process was quick and easy definitely wouldn't go anywhere else.”

Wendy R.

"The application process was seamless! And fast! Got approved in minutes and had access to my card via Apple wallet. Card was sent in the mail right away."

Sam A.

FAQs

How soon can I get my credit card?
Plus sign

Most Yendo customers have access to their virtual credit card within 30 minutes. The virtual card can be used online or with Apple, Google, or Samsung pay. A physical card will be mailed to you and typically arrives in 5-7 days.

If I miss a payment, do I lose my car?
Plus sign

We will always work with you to try to establish a plan that works with your situation. However, as a lienholder, we can exercise our right to recover an outstanding balance, but this is our last option. Keep in mind that with Yendo, your minimum monthly payment can be more affordable compared to other alternatives like title loans.

If I sign up, when and how do I get my title back?
Plus sign

You can get your title back at any time by paying off your balance and giving us a call to close your account. Once we verify that your balance is $0, Yendo will close your account and remove its lien from your title. We will then release the title to you. Or you can keep your account open with a $0 balance and pay no interest, so you can have continued access to your credit card when or if you wish to use it.

What will my credit line be?
Plus sign

Yendo Credit Cards have credit limits ranging from $450 up to $10,000. Your credit limit depends on the make, model, mileage, and condition of your vehicle and your ability to repay.

What are my payment terms?
Plus sign

The Yendo Credit Card provides flexible payment terms. While your official due date is 25 days after receipt of your previous monthly statement, you can pay off all or a portion of your balance in advance at any time. The best part? If you pay your full balance on or before your due date, you pay zero interest. In the event you don’t wish to pay off your full balance, our minimum payment is 5% of your statement balance or $50, whichever is greater. Please note that penalties, such as late fees, may increase your minimum payment requirement.

more about

Title & Payday Loan Alternative Tampa | Yendo

Tampa, Florida: A Vibrant City with a Rich History and a Promising Future Introduction Tampa, Florida, is a city bursting with life, culture, and history. Located on the west coast of Florida, Tampa is part of the Tampa-St. Petersburg-Clearwater metropolitan area, which is the second largest in Florida. The city is known for its warm weather, stunning beaches, and vibrant nightlife, making it a popular destination for tourists and residents alike. This article will explore the history of Tampa, its cultural attractions, and the reasons why it continues to thrive as a premier city in the Sunshine State. A Brief History of Tampa Tampa's history dates back thousands of years, with evidence of indigenous people residing in the area as far back as 12,000 years ago. The first Europeans to explore the region were Spanish explorers in the early 1500s, but they did not establish any permanent settlements. It wasn't until the United States acquired Florida from Spain in 1821 that Tampa began to develop as a city. In the mid-1800s, Tampa experienced significant growth when it became a military outpost during the Seminole Wars. The city was incorporated in 1849, and its population continued to grow throughout the 19th century, thanks to the expansion of the railroad and the discovery of phosphate in the area. The phosphate industry, along with the booming cigar industry, played a crucial role in Tampa's economic growth. By the 20th century, Tampa had become a thriving city with a diverse population, including Cuban, Spanish, Italian, and African American residents. Today, Tampa continues to grow and evolve, with a strong economy based on tourism, healthcare, technology, and finance. The city has also made significant strides in urban development and sustainability, with an emphasis on creating a more walkable and environmentally-friendly community. Cultural Attractions Tampa's rich history and diverse population have contributed to a vibrant cultural scene in the city. Some of the must-visit attractions include: 1. Ybor City: This historic district was once the heart of Tampa's thriving cigar industry and is now a National Historic Landmark District. Ybor City is known for its unique architecture, brick streets, and wrought-iron balconies. Visitors can explore the area's history at the Ybor City Museum State Park or enjoy the lively nightlife scene at the many bars, clubs, and restaurants. 2. The Florida Aquarium: Located in downtown Tampa, the Florida Aquarium is a popular attraction for both tourists and locals. The aquarium features over 20,000 aquatic plants and animals, including sharks, sea turtles, and dolphins. The facility also focuses on conservation and research, offering educational programs and interactive exhibits for visitors of all ages. 3. Tampa Museum of Art: Established in 1979, the Tampa Museum of Art houses a diverse collection of modern and contemporary art, as well as Greek and Roman antiquities. The museum offers rotating exhibits, educational programs, and special events throughout the year. 4. Busch Gardens Tampa Bay: This popular amusement park is known for its thrilling roller coasters, live shows, and animal exhibits. Busch Gardens offers a variety of attractions for visitors of all ages, making it a perfect destination for families. 5. The Straz Center for the Performing Arts: As the largest performing arts center in the Southeastern United States, the Straz Center hosts a variety of performances, including Broadway shows, concerts, and dance productions. The center also offers educational programs and workshops for aspiring artists. The Future of Tampa Tampa continues to experience growth and development, with a focus on creating a sustainable and livable city. Projects such as the Tampa Riverwalk and the Water Street Tampa development have transformed the city's downtown area, making it more pedestrian-friendly and accessible. Additionally, the city is investing in public transportation and green spaces to improve the overall quality of life for residents and visitors alike. In recent years, Tampa has also become a hub for technology and innovation, attracting companies and entrepreneurs in fields such as healthcare, cybersecurity, and renewable energy. This growth in the tech sector has contributed to the city's economic diversification and created new job opportunities for residents.

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