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How To Borrow Money Without A Bank Account

hand with moneyWhen looking to borrow money, an individual can take out a personal loan if the individual has a bank account. Having a bank account allows a person to make credit and debit card purchases, make use of online banking, qualify for mortgage and other loans, and possibly earn interest on his or her money. Most personal loans are unsecured meaning the lender does not require the borrower to put up any collateral. The lender will require that the borrower has a bank account.

So what is a person to do when they need to borrow money but do not have a bank account? There are a few options available for those without a bank account. The first, of course, is borrowing from friends and family. The problem with borrowing from friends and family is what can happen to the relationships with those people if a person cannot repay the loan.

Another option is to head to a pawn shop. If you have some items that have some value, you can visit a pawn shop. The pawnbroker will appraise your items and allow you to borrow money based on the value of the items that you pawn. If you wish to get the items back, you will repay the pawn shop plus interest, of course.

It is possible to obtain a credit card without a bank account. A person can borrow, essentially taking a cash advance, from the credit card company. The interest rates from a credit card company are usually pretty high.

A great option for borrowing without a bank account is a car title loan. Any person that owns a vehicle that is completely paid for and has no liens on the title can qualify for a car title loan. The loan is based upon the value of a vehicle that is used as collateral.

Since the vehicle secures the loan, there is no need for many of the things associated with traditional loans. A credit check is unnecessary. A title loan company, like Embassy Loans of Florida, is not as concerned with a borrower’s employment or bank account information as it is with the value of the borrower’s vehicle.

Once the value of the car is determined, the loan can be finalized. The process of obtaining an auto title loan usually within minutes. The car title loan is a great option for someone who does not have a bank account and who needs to access cash in a hurry.



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.