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Pros and Cons to Debt Consolidation

Debt ConsolidationIf you are like many Floridians, debt may have gotten out of control and you may think that debt consolidation is the way to go. The truth is, though there are certainly pros to debt consolidation, there are also cons. By understanding the pros and cons of debt consolidation, you can easily find out if this is for you.

Pro – You Can Include a Lot of Debt

One of the pros of using debt consolidation is that you can include a lot of debt that can be paid off together. Essentially you are grouping all of your debt together under one interest rate and making one payment.

Con – It Only Works if You Remain Debt Free

Debt consolidation can easily work, but only if you stay debt free. This is a big risk to take for many people, so it is advisable that you only do this if you can ensure you will not get further into debt.

Pro – You Can Save a Lot of Money

Another pro that you will find with debt consolidation is that you can save a lot of money. Because you will likely be paying a lower interest as well as lower monthly payments, you will be able to save more money each month.

Con – Your Credit Score Could Be Affected

You will also find, when choosing debt consolidation, that your credit score could be negatively affected by doing debt consolidation. This does, of course, depend on your current financial situation so it is definitely recommended that you do your research before deciding on this type of financial solution.

There are Other Ways

Though you may think that debt consolidation is the only way for you to get out of the financial mess you have found yourself in, there may also be other ways. For instance, you could try a car title loan from Embassy Loans to help. You can have access to a lot of money, in a matter of hours, that you can use to pay off your credit card debt. This may be the easiest way for most people to take control of their finances. For more information on this method, contact Embassy Loans.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.