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What Is A Title Loan?

What is title loanThere are many different types of loans available to people who are in need of money, no matter the reason they need it. People borrow to buy houses, cars, furniture, and much more. Most people are familiar with conventional borrowing. You go to a bank or a credit union, fill out a bunch of paperwork, and cross your fingers that you will be approved. Conventional loans can take several weeks to approve.

Car title loans are different in some ways from other, more traditional loans. When you go to the bank for a loan, the loan is not secured by any collateral. It is secured by your signature and promise to repay the loan. An auto title loan is a type of secured loan where a person’s vehicle serves as collateral.

To obtain a car title loan, a potential borrower can visit a title loan company such as Florida’s Embassy Loans, which has helped thousands of people with car title loans over the past several years. An application must be filled out to start the process. Most applications take just a few minutes to complete.

Once the application is complete, Embassy Loans, like other title loan companies, must check some of the applicant’s documentation. First, a person’s identity must be verified as well as a person’s residency. The title to the vehicle must be examined and the VIN (vehicle identification number) on the title must match that on the car.

When those items are verified, the vehicle is then assessed for its value. This is important as it will establish the maximum that a person can borrow. The final loan terms are then drawn up and the loan documents are signed. The borrower is then eligible to receive the funds via a check or, as many title loan companies do today, by direct deposit.

Unlike an unsecured loan from a bank, a title loan is issued without the need for examining a borrower’s credit history. The loan is secured by the vehicle. If a borrower does not repay the loan, the title loan company can take possession of the vehicle and sell it to recoup its losses. A car title loan gives a person with poor credit an opportunity to borrow money in a time of need.

A title loan is also processed much quicker than a traditional loan. Most title loans are completed within an hour. Many borrowers receive their money the same day that they filled out their application. Title loans are a great source of emergency cash when someone needs it fast.



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.