(833) 839-2274  157 N State Road 7, Plantation, FL 33317

BlogBlogWhen Your Unemployment Runs Out

When Your Unemployment Runs Out

KeepingCoolIf you have exhausted your unemployment benefits and have still not been able to secure a job, there are some alternatives to help you while you continue to look for work. In some states, you may be able to apply for extended unemployment compensation. These benefits may buy you a few extra weeks. There are a number of government and social agencies that can provide assistance as well. One of the easiest things you can do to access some extra money while you are unemployed is to take out a car title loan.

 

If you own a vehicle that is paid off, you may qualify. Most lenders, like Embassy Loans of Florida, will require that a vehicle be 15 years old or newer. In some cases the car or truck can be older, but the newer the vehicle, the more likely your loan will be approved. There are also cases where a vehicle can still be used as a collateral even if there are still payments remaining on it.

 

The process begins with the filling out of an application. Embassy Loans, like many title loan companies, lets applicants fill out their application online. Once the application is complete, applicants must provide a few forms of documentation. They must verify their identity, residency, and prove that they own the vehicle by providing its original title.

 

After the lender verifies a borrower’s documentation, the vehicle is then assessed for its value. Most lenders use the typical blue book values. The vehicle must be in running condition with a limited amount of damage. If the borrower defaults on the loan, the lender will take possession of the car or truck and sell it. The lender needs to make sure that the vehicle has some resale value in case it must be resold.

 

Car title loans are not based upon credit. Borrowers with bad credit scores and bad credit history are still eligible for auto title loans. Since there is collateral, these loans are not based solely upon credit. For those who have had their credit damaged by a job loss, a car title loan is likely the only way money can be borrowed.

 

The processing for car title loans is usually an hour. Many applicants receive their money the same day that they filled out their application. Once they receive the check, borrowers can use the money for whatever they like. Borrowers need to follow the terms of the repayment plan or they face losing the vehicle by repossession.

 

 

 



Embassy Loans is a leading provider of auto title loans since 2005

Get In Touch

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.

© 2024 · Embassy Loans · Site built by DMA

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.