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The Advantages Of Having A Personal Bank Account

Personal bankIf you are like most people, you probably have a personal bank account. If you do not, you should understand that there are certain advantages to having one. Hoarding money at home, whether in a safe or in the proverbial mattress, may not be the best way to hold on to your money. Here is a look at some of the benefits to owning your very own personal bank account.

Keep Your Money Safe

One of the biggest advantages to placing your money in a bank is safety. Keeping money in your house can easily be stolen or lost forever as the result of a disaster such as a fire. Any personal bank account in an FDIC (Federal Depository Insurance Corporation) member bank is insured up to $250,000. In the event that your bank suffers a disaster – robbery, fire, or bankruptcy for example – your deposits are protected.

Your Money Is Still Accessible

If you are worried about not having money physically, what you deposit into your bank account is always readily available. Most financial institutions will permit you to carry a debit card. You can use it to withdraw money from your account at an ATM (automated teller machine). You also have the ability to write checks, which is essentially the same as cash.

Earn While You Save

Many financial institutions offer different forms of deposit accounts that will actually reward you for storing your money. Banks may pay you interest on your deposits. Depending on the type of account, interest rates will vary. Simple savings accounts pay very little interest, while accounts like money market funds normally pay higher rates.

Establish Financial History

In the event that you would like to purchase a car or home someday, having a bank account is good for your financial history. Having a personal bank account can help you in borrowing from your bank. There are some loans, like car title loans, that you may obtain without having a bank account. Embassy Loans of Florida has helped thousands of customers borrow money. Borrowers don’t necessarily have to have a bank account, but many do.

Automatic Bill Pay

With your own personal bank account, you can easily pay many of your bills automatically. You can set up automatic payments to your electric company, mortgage company, and more. The money is automatically withdrawn and sent to the party to which it is owed. This saves you from having to remember to write out a check and mail it.



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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.