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The Loan You Can Get After Filing Bankruptcy

After BankruptcyFiling for bankruptcy can be a very emotional time for an individual. Dealing with the frustration and even embarrassment of having to file can be rough on anyone. What can be even rougher is an individual’s financial situation after the bankruptcy is filed.

The bankruptcy will lower a person’s credit score by 200 points or more. A person who had what was once considered an excellent credit history all of a sudden becomes a credit risk. The bankruptcy will remain on a person’s credit report for up to 10 years. Potential creditors shy away from lending to those who have a bankruptcy showing in their credit history.

Individuals with a bankruptcy in their past will have a hard time attempting to take out a conventional loan. With more strict lending standards as a result of the credit crunch that started in 2008, borrowers must have an excellent credit history in order to borrow. So where does that leave someone with a recent bankruptcy?

Well, there is a great alternative for those who meet the criteria. Individuals who own a car outright and possess a clean title to the vehicle can use it as collateral for a car title loan. While not as popular or well known as conventional loans, an auto title loan offers alternatives to those with less than stellar credit histories.

An individual can start the title loan process by filling out an application. Embassy Loans of Florida, for example, is a consumer finance company that has helped tens of thousands of individuals with car title loans. Individuals fill out an application either online or in person at one of the company’s many convenient locations.

Once the application is done, the processing begins. An applicant’s identity must be verified as well as his or her residency. The title to the vehicle will be checked to make sure the VIN (vehicle identification number) matches. When that is complete, the vehicle is then appraised to see how much it is worth.

The appraisal of the vehicle is important since it will determine how much an individual can borrow. The loan documents can be finalized and signed, and the borrower can then pick up his or her money. Many title loan companies even offer direct deposit.

Since a car title loan is secured by a vehicle, there is no need for the lengthy credit and background checks associated with traditional loans. This makes it much easier for someone with a subpar credit history to obtain a loan.



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.