Florida law allows a title lender to charge you interest on your loan of up of 30% per year for the first $2,000 you borrow; 24% a year for any additional money you borrow between $2,000 and $3,000; and 18% a year on any money you borrow over $3,000. See Florida Statutes, Chapters 516 and 537. That means, for instance, that if you borrow $1,000 you will be obliged to pay back $1,000 in principal and also up to an additional $300 in interest over the course of a year. If you arrange to pay back your loan in, say, one month, you would have to pay back $1,000 and $25. Consider carefully whether you're going to have that money in time to repay

Two Florida laws regulate title loan lenders. Under Chapter 537, you and the lender must sign a written agreement before you get your loan. Be sure to read and understand the agreement before you sign. It must say how much you are borrowing (called the "amount financed") and what the interest rate will be. It must also give you the address and phone number of the Florida Department of Financial Services (formerly the Florida Department of Banking and Finance), the state agency that regulates title loans.

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