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What You Should Know About Different Types Of Loans

Loan SignIn the course of one’s lifetime, a person can expect to borrow money at several times. It may be for a major purchase, such as a house or car, or it may be for something smaller like furniture for the home or even to make the monthly financial obligations. Here are several of the most typical loans that one may come across and what to expect from each.

A Mortgage

A mortgage loan is used to finance the purchase of a home. The average person does not have tens or hundreds of thousands of dollars on hand to make the purchase outright. As a result, people will go to financial institutions, banks and credit unions, to help them make the purchase. The typical mortgage loan is based on a 30-year repayment schedule with borrowers making a monthly payment of interest and principal. In the initial years of the loan, the interest payment is higher than the principal payment. Most 30-year loans do not get paid off as homes are either sold or homeowners refinance their loans.

A Car Loan

The same idea holds true when purchasing a car. A buyer does not have the $20,000 or $30,000 with which to make the purchase. A buyer will utilize a bank or credit union, which typically offers loans of two to five years. Car loans are shorter term loans and carry interest rates a little higher than a mortgage loan.

Student Loan

Student loans help college students meet the increasing costs of attending school. With tuition on the rise, a college student can utilize one of many different loan programs to help pay for school. A student loan is not required to be paid back until he or she finishes school. Typically, student loans are paid back on a 10-year schedule. Many will consolidate their student loans into other repayment options.

Auto Title Loans

While there are many loans for major purchases such as cars, homes, and an education, there are also shorter term, lower dollar amount loans available for those that need small amounts of money immediately. Embassy Loans, for example, offers auto title loans online. There are many people out there in today’s dismal economic conditions that may need to meet their monthly financial obligations and just do not have the means. For those that own a vehicle with a clear title there is an answer – vehicle title 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.