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Fix Your Credit Score with an Auto Title Loan

fix creditIf you have been unable to borrow money to buy a home or a car because of a poor credit score, you may want to start working on repairing your credit history. A low credit score can be detrimental in a lot of ways and even prevent you from getting a job. You should first understand how your credit score is determined. Then, you can work on fixing it.

How Is A Credit Score Calculated?

A person’s FICO score, or credit score, is developed using a rating system established by Fair Isaac & Company (FICO). The rating system takes into account a person’s payment history, the number of open lines of credit, and any negative factors like repossessions or bankruptcies. Using a complex formula, a person is given a score between 300 and 850. Higher numbers, of course, represent those who repay their debts and do so on time.

Revolving Debt

Many people have a few credit cards that will show up on their credit reports. If you have a few that have a limit of $5,000, for example, and you have used $4,500 of that limit; that can be detrimental to your credit. Most people in that situation cannot afford to pay the balance off and continue to carry that debt month after month. This can do some damage to a credit score.

Use A Car Title Loan

You can use a car title loan to help pay off some of these debts and improve your credit score. Using the above example, when you pay off the $4,500, your credit score benefits. The more debts you pay off, the higher your credit score. You can obtain an auto title loan at a company such as Embassy Loans. The process is very easy. Potential borrowers fill out an application, which takes a few minutes, to start the process. After verification of identity and residency, the vehicle being used as collateral is assessed for its value.

Once the vehicle’s value is determined, the loan terms are finalized and the borrower can pick up his or her money. The entire process is usually completed within an hour. As an added benefit, the borrower’s credit history plays no role in qualifying for the loan. The borrower can then take the proceeds and work on paying off debt.

Paying off the car title loan will also impact a person’s credit score. Repaying the loan reflects on a person’s ability to repay debts. Repaying the car title loan then has a positive impact on that person’s credit score.



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.