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How Do I Qualify For A Personal Loan?

What is title loanWhen you need cash, one of your options is a personal loan. A personal loan can be used to pay off more expensive credit card debt, debt consolidation, a vacation, business needs, a wedding, and much more. If you have a good credit score and good credit history, you can most likely qualify for a personal loan.

 

There are two types of personal loans those that are secured by some form of collateral and others that are unsecured. An unsecured personal loan is often referred to as a signature loan, since the lending institution basically agrees to loan you money based upon your signature on the loan agreement. Since unsecured loans are more risky, they tend to have higher interest rates.

 

Secured personal loans are backed by an asset used as a form of collateral. A financial institution will loan you more money and at a lower interest rate if there is collateral involved. If you fail to repay the loan, the lender can then take possession of your asset. The lender will sell the asset in an attempt to recoup its losses.

 

If you have a good relationship with your bank or credit union, begin by approaching them for a personal loan. Your financial institution, which knows you as a customer, will be more likely to approve you for an unsecured personal loan. They may also be more likely to offer you more money and lower rates on a secured personal loan.

 

Generally, to qualify for a personal loan you will need to have a steady source of income that is verifiable as well as a good credit history. If you do not have a credit score of at least 640, you will find it very difficult to get a personal loan even from your own bank or credit union.

 

If you do not have the credit history necessary to obtain a personal loan, consider an alternate type of secured loan – a car title loan. If you own a vehicle that is paid off, you may qualify for this type of loan. Most car title loan companies –  such as Embassy Loans of Florida – do not need to check an applicant’s credit history.

 

Car title loans do not require a lot of the paperwork that conventional loans do either making it possible to get your hands on much needed cash pretty quickly. At Embassy Loans, borrowers have access to their money within 24 Hours.

 

If you have good credit, you may qualify for a personal loan. If not, consider a car title loan in order to access cash.



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.