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BlogBlogPawn Shop Vs. A Car Title Loan

Pawn Shop Vs. A Car Title Loan

Pawn ShopIf you have fallen on hard financial times, as many across the country have, you may already have considered heading to the local pawn shop in an effort to get some much needed cash. The idea of pawning some jewelry or other valuable items is not a new one, and is very familiar to those who have had to scramble for cash in the past. What those same people may not realize is that there are a few other options. One of those is the car title loan.

 

Pawn shops actually work in a way similar to car title loans. Individuals take a valuable item to the shop where the item is appraised for its value. The pawn shop will lend the individual money based on the value of the item while the shop takes possession. The individual must repay what was borrowed, plus interest, within a certain amount of time. If the loan is not repaid, the pawn shop will take ownership of the item.

 

A car title loan is more similar to working with a pawn shop than it is to obtaining a conventional loan from a bank or credit union. Obtaining a car title loan from Florida’s Embassy Loans, for example, is relatively easy. For those looking for a source of quick cash, a car with a clear title is necessary. Potential borrowers can fill out an application online or at one of Embassy Loans’ many locations. Filling out the application takes just a few minutes and starts the loan process.

 

Once the application is complete, applicants must provide a few forms of documentation. They must prove their identity and residency. Most applicants will use their driver’s license and a utility bill. They must also produce the title to the vehicle that will be used as collateral for the loan.

 

The car must then be inspected. The inspection consists of making sure that the title matches the vehicle as well as determining a value. Once the value of the vehicle has been figured out, the loan can be finalized. Much like going to a pawn shop, there is no need for a background or credit check. The loan is secured by the vehicle. Should the borrower default, the lender retains possession.

 

Once the terms of the loan are finalized, all that is left is for the borrower to pick up his or her money. The entire process from application to receiving a check can take as little as an hour. Most car title loans are completed the same day that they are started.



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.