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Single Moms And Borrowing Money

Budget-in-LineIt is no secret that single moms often struggle financially. Many are hardworking, dedicated employees and moms who live from one paycheck to the next and hope that nothing comes up in between. The problem is that something always does come up. It could be a medical bill, a car repair, or a number of things, but there is usually something that pops up from time to time to destroy the monthly budget. Here is a how single moms can borrow money in periods of financial emergency.

 

Car Title Loans

 

There are many single mothers out there who worked long and hard to buy a vehicle to make sure they can get to their place of employment and run their kids around to various activities. Many probably do not know that they can use their vehicle to borrow money. If the car or truck is paid off or nearly paid off, they can use the vehicle’s title as collateral and borrow. Companies like Embassy Loans of Florida have helped thousands of customers access money using their vehicles.

 

How To Obtain A Car Title Loan

 

The first step in obtaining a car title loan is filling out an application. Most companies, like Embassy Loans, will let you fill out an application online. Borrowers must prove their identity and residency as well as provide the title to the vehicle. The title loan company will verify all borrower documentation and then establish how much a vehicle is worth. Most title loan companies will use a blue book value. Generally, borrowers can receive up to 50 percent of the blue book value.

 

After a value is determined, the final terms of the loan can be drawn up. The documents are signed and then borrowers can receive their cash, most often by direct electronic deposit. The entire process can take as little as a few hours and usually never takes more than two days. Obtaining a car title loan is quick and easy.

 

No Credit Worries

 

Unlike more traditional loans, a car title loan is not based upon credit. Most title loan companies do not need to run a credit history check and really don’t care what a single mother’s credit score might be. A car title loan is secured by a car title. If the borrower fails to repay, the lender can take possession of the vehicle. The lender will usually sell the vehicle in an effort to recover its losses. The bottom line, though, is that single moms do not have to worry about their credit history in order to borrow money.

 



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.