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Best Types of Loans to Get in a Pinch

At some point you, like many others, will be faced with some sort of financial emeFinancial Pinchrgency. There may be an unexpected medical bill or an unexpected plumbing repair that needs to be paid but was unaccounted for in the monthly budget. When a situation like this arises, there are a few alternatives that one can use to help. Borrowing money is one such option.

 

Conventional Bank Loan

 

You can always visit your local bank or credit union and apply for a personal loan. You will be asked to fill out an application and then you will need to provide several pieces of paperwork so that the lender can determine whether or not you will be a good candidate for a loan. The bank will examine your past credit history to see if you pay your bills on time. The bank will also check to see if you have a job and how long you have been employed. Applicants who pay their bills on time, have a higher credit score, and have gainful employment make better candidates for bank loans. The entire process from applying to the time you receive your money may take a few weeks.

 

Car Title Loan

 

A car title loan differs from a conventional loan in that a vehicle is used as collateral. If you own a vehicle with a clear title that is paid for (or almost completely paid for), you could qualify for a title loan. Lenders, like Florida’s Embassy Loans, require applicants to provide a form of photo identification and proof of their residency. The title to the vehicle will be examined and matched to the vehicle that will serve as collateral. Embassy Loans will inspect the vehicle and determine its value. Once that is complete, the loan can be finalized, the terms given, and a borrower can receive his or her money. The entire process from filling out an application to receiving the money can take as little as a few hours. Most title loans processed by Embassy Loans are completed within an hour.

 

Payday Loan

 

A payday loan is similar to a car title loan in that it is quick. A borrower fills out an application, verifies his or her identity, and proves that they have a job. The lender will examine the paperwork, verify that the applicant does indeed have a job, and complete the loan process. A payday loan can often be completed in less than a few hours.



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.