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What Kind Of Loan Should You Get?

Investment.At some point in your lifetime, you are going to need to borrow money. It may be to purchase a vehicle, a home, or even furniture. Whatever the purchase may be and whenever it may occur, you should be aware of the various loans that are available.

Car Loan

As the name suggests, you can borrow money to purchase a car or truck. You can obtain this type of loan from a bank, a credit union, and even from a car dealer. Car loans are secured by the car, of course, and typically are for terms of a few years.

Mortgage

A mortgage loan is used to purchase property. When you do not have the money to buy a residential or commercial property, you can arrange for a mortgage through a financial institution, usually a bank. The Mortgage loans have longer terms, normally between 15 and 30 years.

Home Equity Loan

If you own a home and have equity in it, you can access some of that equity with a loan. Oftentimes, homeowners will use a home equity loan to pay for home remodeling, college expenses for their kids, or other large purchases.

Personal Loan

You can always visit your bank or credit union and apply for a personal loan. Maybe you need a few thousand dollars to pay for expenses while you attend graduate school. If you are in good standing and have a good relationship with your lender, you may be granted this type of loan with just a signature. Personal loans are usually short-term loans (a year or less).

Payday Loan

A payday loan is one that can be obtained by anyone that has a job. If you need cash quickly, you can use your next paycheck as collateral. A payday loan can usually be granted within an hour. Payday loans are usually two-week loans and can rollover if not paid off.

Car Title Loan

For those who have poor credit but own a vehicle, there is the opportunity to take out a car title loan. Embassy Loans, a title loan company in Florida, processes thousands of car title loans each year. A person fills out an application to start the process. The title to the vehicle must be free of liens. The title is what secures the loan. There are no credit checks with an auto title loan which makes processing go pretty quickly. Embassy Loans usually processes a title loan in an hour which allows borrowers to get their money quickly.



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.