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How To Borrow Money With Bad Credit

hand with moneyHaving a bad credit history can doom a person for a long time. An individual who is trying to buy a home or a car will have a hard time borrowing money with poor credit. There are a few alternatives, though, for people who have bad credit and need to borrow money.

Talk With Your Bank

If you have a checking account and a job, you can visit your bank or credit union. While banks have tightened their lending regulations, they still look at each individual application and evaluate them one at a time. Just because you have bad credit doesn’t mean that you will not be approved. You can always try. The worst your bank can say is no.

Consider A Payday Loan

There are numerous payday, or cash advance, lenders out there. They do not care about a person’s credit history. If an applicant has a job, then he or she can be approved for a loan. Payday loans are secured based upon employment and the individual’s next paycheck. These short-term loans are great when money is tight and you only need a few hundred dollars.

Try A Car Title Loan

If you own a car that has a clear title, you can apply for an auto title loan. Title loan companies, such as Embassy Loans of Florida, will lend to those who own their cars outright. Borrowers must verify their identity and residence as well as produce the title to the vehicle. The vehicle is assessed for value and then used as collateral to complete the loan. Credit checks are not necessary since these loans are secured by a vehicle.

Are You A Veteran?

If you have served in the nation’s military, there are emergency funds available to you. Check with your commanding officer if still active or with a local veteran’s administrator if retired. There are several sources of funds available as well as loans from companies that offer payday loans and other short term loans. If you are a veteran and inquire with these types of companies, be sure to tell them that about your military service. These companies are required to tell you about other options they may have.

While having bad credit can be detrimental to an individual’s finances, it doesn’t have to be the end of the world. When looking to borrow money for whatever reason, remember that there are alternatives that will not drive you deeper into a bad financial hole.



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.