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Types of Alternative Loans Available

Alternative LoansThere are a number of different types of loans available from a multitude of different lenders. The most common loans are those used to purchase a home, a mortgage, car loans, and to pay for student tuition. Individuals can visit a bank or credit union to take out a mortgage, a loan to buy a car, a student loan, or even a personal loan. These are the more typical types of loans that most people are familiar with. With recent changes in the banking industry, these types of loans are also more difficult to obtain. There are several alternatives, though.

Payday Loans

One alternative loan is the payday loan, also known as a cash advance. Individuals can visit payday lenders, fill out an application, and receive their money usually within an hour. Borrowers must have a job and will need to bring proof of identity, residency, and income. The borrower writes a check for the loan amount, usually a few hundred dollars, plus loan fees. The loan term is normally very short, just a few weeks, and if the borrower does not repay the lender will cash the check.

Pawnbroker Loans

Those looking for an alternative to borrowing from a bank can also visit a pawnbroker. If an individual possesses some items that are valuable, he or she can take them to a pawn shop and get a loan using the items as collateral. If the borrower does not repay the loan, the pawnbroker can sell the items and recover any losses.

Car Title Loans

Companies like Embassy Loans of Florida, one of the state’s largest consumer finance firms, have helped thousands of people with car title loans. Individuals who own a vehicle that is paid for and has a clear title can use that vehicle as collateral for a loan. Those who meet the qualifications can apply either in person or online. Applicants will have to prove their identity and residency as well as produce the title to the vehicle. Title loan companies like Embassy Loans will appraise the vehicle and write up the final loan agreement. The entire process is usually completed within an hour and many borrowers receive their money the same day they fill out their application.

Loans From Friends Or Family

A loan from a family member or a friend is also an alternative to borrowing from a financial institution. Doing business with family or friends can be difficult though. What if the relative or friend is offended by being asked for a loan? What if the borrower fails to repay? These types of things must be considered as they can damage a family or a friendship.



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.