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Title Loans Can Help Those With Little Or No Credit History

No CreditStudents and those who have not developed much in the form of a credit history often run into problems when attempting to borrow money or make large purchases. It is no fault of their own. They have not had enough life experience yet and have no form of credit background. There are some things that can help, though, especially in times of emergency.

For a young person with little credit history, conventional borrowing will be very difficult, but a car title loan can be an alternative. A title loan is secured by offering a vehicle as collateral. Students and young people who have cars or trucks with clear titles are able to utilize auto title loans to their advantage.

In a time of financial need, going to a bank or credit union can prove fruitless. A conventional loan will require that you have a job and the income necessary to repay the loan. You must also have a good credit rating and a solid credit history, something you may not have since you have not had the time to build it. Formal lending institutions will take several weeks to go through the process of determining whether or not you are a worthy loan candidate. Most often, you will be denied.

With a vehicle title loan, the process is much different. At Embassy Loans of Florida, for example, the process begins by completing the loan application. You will be required to show a form of photo identification and you must have the title to the vehicle. You will have to prove your residency. A utility bill normally does the trick. Once your identity and residency has been verified, you will have your vehicle inspected by Embassy Loans.

The inspection involves matching the vehicle to the title as well as assessing the value of the car or truck. The value of the vehicle will determine how much can be loaned to the borrower. Once this is complete, the loan can be processed and you can receive your money. Normally, a title loan can be processed in 20 mins to an hour. In many cases, a borrower can fill out the application and receive the money within the same day.

The great thing is that someone with little to no credit history can receive the money to help them through a financial emergency and then repay the auto title loan to help build a solid credit background. The repayment of the loan will help them to secure other forms of credit in the future.



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.