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How To Find Bad Credit Loans

After BankruptcyThere are many people whose credit was destroyed as a result of the financial crisis of the late 2000s. Bad credit history and a bad credit score can plague a person in a number of ways. Potential employers are now using credit checks to examine the credit history of potential employees. Bad credit normally means that a person will not be able to qualify for a loan. However, there are a few types of bad credit loans for those with a less than stellar credit background.

 

Payday Loans

 

If you have a steady job, you can use your next paycheck as collateral for obtaining a loan. Payday loans are short-term loans that are for relatively small amounts of money – usually a few hundred dollars. They are particularly useful in emergency situations such as an unexpected car repair. The borrower may not have the money at the time of the repair, but will as soon as the next paycheck arrives. As long as the borrower can prove a steady source of income, a payday loan is normally approved within an hour or two.

 

Loans At A Pawn Shop

 

If you have some items that may be worth something, you can always take them to a pawn shop. The pawnbroker will examine your items and offer to loan you a certain amount of money. Items such as jewelry, electronics, guns, and others can usually give you several hundreds, if not thousands, of dollars. Pawn loans are typically short term and if not repaid, the pawnbroker can sell the items to recover any losses. When you pawn an item, the pawnbroker keeps it until the loan has been repaid.

 

Car Title Loans

 

If you own a vehicle that is paid off or nearly paid off, you can secure a car title loan. At Embassy Loans of Florida, a potential borrower fills out an application and presents documentation of identity and residency. The borrower must possess a clear title to the vehicle being used as collateral. Embassy Loans, like other title loan companies, will examine the vehicle and determine its value. They will loan up to 50 percent of the vehicle’s value. The loan is not based upon credit, so no credit checks are necessary. Unlike a pawn loan, the borrower gets to continue to use the vehicle while the loan is being repaid. If the borrower defaults, the lender can take possession of the vehicle. The lender will then sell the vehicle to recover any losses.



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.