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BlogBlogWhy Are Car Title Loans So Popular?

Why Are Car Title Loans So Popular?

PopularWhile not as well-known as traditional bank loans, car title loans are becoming more and more popular for people who have a need for access to quick cash. A car title loan from a lender like Florida’s own Embassy Loans can provide a borrower with the money he or she needs within an hour. Here are the four reasons why these loans are so popular.

 

Quick Processing

 

As stated, a borrower can have the money he needs within a day or two. Traditional bank loans take weeks, sometimes months, to process. Banks will thoroughly examine an applicant’s credit history, employment history, and more. A title loan lender like Embassy Loans will verify an applicant’s identity and residency and will examine the title to the vehicle. Once they assess the value of the vehicle, the final loan documents are drawn up. This process can be completed within a few hours.

 

In Case Of Emergency

 

Faced with a financial emergency, many people find themselves without the funds to handle the situation. It could be a medical emergency or an unexpected plumbing issue in the home that needs fixed fast. Whatever the case may be, a car title loan can give someone the funds necessary to take care of their emergency and do so quickly.

 

No Credit Check

 

For many people, trying to obtain a conventional loan is difficult because of their credit history. Without a solid credit score and a history of paying bills on time, many banks and credit unions will turn down a lot of potential borrowers. With a car title loan, a vehicle, instead of a signature, is being used as collateral so there is no need for a credit check.

 

Help During Difficult Economic Times

 

When the housing bubble burst in 2008 propelling the nation into a long period of recession, many people found themselves unemployed. With a national unemployment rate hovering around 10 percent, people found bridging the gap between jobs difficult. One of the ways that many people were able to stay in the homes was through the use of a title loan. The loan helped them cover the costs associated with mortgages, rents, and other necessary bills while finding new employment.

 

Car title loans are available to those who possess a clear title to a vehicle that has been paid for in its entirety. In some cases, a title loan company will offer loans to those whose vehicles are almost paid off. Title loans are a quick and easy way to get access to much needed cash.



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.