(833) 839-2274  157 N State Road 7, Plantation, FL 33317

BlogBlogBorrowing Money with Bad Credit

Borrowing Money with Bad Credit

Borrowing MoneyBorrowing money from a financial institution is hard enough when the borrower has good credit. Borrowers with bad credit have limited options, but there are some alternatives to a conventional bank loan. Having good credit can open some doors for borrowers, but having bad credit does not mean that the door is closed.

 

With traditional types of loans, borrowers are asked to provide mounds of paperwork so that the lender can decide whether or not the borrower is a good candidate to repay the loan. A bank will examine a potential borrower’s past including employment history and credit history. Lenders examine an applicant’s credit report taking note of the score as well as the history of payments. Those who pay their bills on time consistently have higher credit scores and are considered better candidates for loans.

 

Borrowers who have had trouble paying their bills on time end up with lower credit scores. As a result of a lower credit score, they often have a tough time borrowing money. This is where car title loans can help. A vehicle title loan can be used by borrowers with bad credit. This type of loan differs from a conventional loan because a car or truck is used as collateral. As a result, there is a lot less paperwork.

 

Since a vehicle is securing the loan, a title loan lender, like Florida’s Embassy Loans for example, does not need to examine much of a borrower’s past employment or credit history. There is no need for a credit check or an employment verification. If the borrower defaults on the loan, the lender takes possession of the vehicle.

 

Car title loans are easy to process and Embassy Loans usually completes a title loan within an hour. Once an application is completed, Embassy Loans verifies a person’s identity and residency. They will match the title to the vehicle and then inspect it to determine its value. With a value calculated, Embassy Loans can finalize the terms of repayment and issue the money to the borrower. Many of the loans completed by the company are actually done in less than a day.

 

For people with a bad credit history, the door to borrowing is not always closed. Anyone with a vehicle that has a clear title that is paid for, or almost paid for, can qualify for a title loan. Payouts are quick and borrowers do not have to worry about whether or not they will be approved.



Embassy Loans is a leading provider of auto title loans since 2005

Get In Touch

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.

© 2024 · Embassy Loans · Site built by DMA

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.