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BlogBlogIt’s Tax Season – Use Your Refund Wisely

It’s Tax Season – Use Your Refund Wisely

Accountant holding large tax return refundWith the end of January comes the beginning of tax season as employers must mail out all of their tax documentation to their employees. By mid-February, you should have everything you need to begin filing your income tax return. If you are like most – it is estimated that eight out of every ten filers receive a refund – you will be receiving a check from Uncle Sam as he pays you back for the tax that you overpaid in 2014. But, what should you do with that money? Here are a few suggestions.

Start An Emergency Fund

It is recommended that a household have six months of savings in case of a financial emergency. If the breadwinner loses or changes jobs, an emergency fund allows the family to continue to pay its bills while in between employment. If the person is eligible to collect unemployment, the emergency fund can help offset the amount of unemployment compensation. A nice chunk of this emergency fund could be taken care of with your tax return.

Pay Off Debt

It is said that the average household has at least $15,000 worth of credit card debt. That does not include car payments or mortgages. If you have high interest credit cards, use your tax refund to pay them off. If you cannot pay them off, choose the cards with the highest interest rates to pay down the balance first.

Start Saving For Your Child’s Education

You can open a simple savings account or you can find out if your state has a special education savings plan. Either way, you can begin saving for the cost of sending your children to college. The average annual cost at a four-year school is well into the five figures. If you do not start saving soon, you and your children may have a hard time trying to find the funds to go to college in the future.

Pay Off Your Car Title Loan

The car title loan that you took out at the end of the year to help cover emergency expenses needs to be paid off. Companies like Embassy Loans of Florida help thousands of people each year by helping them access cash using their vehicles as collateral. When taking out a car title loan, you should always have a plan for paying it off. Your income tax refund will come in handy and help you pay off the balance of your 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.