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BlogBlogA Rise In The Popularity Of Car Title Loans

A Rise In The Popularity Of Car Title Loans

PopularEver since the credit crunch that came about as the result of the financial crisis that began in 2008, borrowing money has been difficult in the U.S. Banks and financial institutions are not as lax as they once were in handing out loans. Restrictions are tighter making it difficult for the typical household to borrow. This is one of the big reasons for the rise in the popularity of the car title loan.

A car title loan is a short-term loan based upon the value of, you guessed it, a vehicle. The vehicle is used as collateral for the loan. The lender evaluates the value of the car or truck and issues a loan in return for the vehicle’s title. Should the borrower fail to repay the loan, the lender can take possession of the vehicle.

Car title loans are somewhat different than a traditional loan offered by a bank or credit union. A conventional loan requires that borrowers meet a certain list of qualifications and undergo a thorough credit history check. Lenders will examine the financial history of a borrower to determine whether or not the person is a good candidate to repay the loan. Evaluating a person’s credit history takes time, and the typical bank loan may take several weeks in order to process.

Title loan companies, like Embassy Loans of Florida, do not have to take the time to scrutinize a borrower’s past financial history. Since the loan is secured by a vehicle, there is little need for a credit check. A title loan is the perfect alternative for those who may have had their credit history damaged by the recent financial crisis or for those with little credit history. Since companies like Embassy Loans do not need to spend the time with credit checks, car title loans are processed much faster than traditional loans.

The typical car title loan is normally processed in its entirety within an hour. Many are completed the same day that the application is started. Applicants fill out an application either in person or online to begin the process. An applicant must prove his or her identity and residency to the title loan company. The applicant must have a clear title to a car that he or she owns. Once the lender assesses the car’s value, the loan can be finalized. Oftentimes, this entire process can be completed in just a few hours. The speed and ease of process is another reason why car title loans are becoming more popular.



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.