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BlogBlogUnderstanding Your Options for Short Term Loans

Understanding Your Options for Short Term Loans

How-toWhen it comes to loans, most people’s knowledge is limited to the lengthier types of loans, such as bank loans or mortgages. However, a long-term loan isn’t always the best solution for a person’s needs. Short term loans, which are typically for a smaller amount of money and in many cases, have many benefits over longer term loans. Among the benefits are the fact that because they are paid off sooner, they cause less financial burden for the individual taking out the loan. In some instances, short-term loans also come with fewer restrictions and are readily available for those who need them.

 

Loans from Friends or Family

 

One of the simplest ways to get a loan is to negotiate a deal with friends or family members. The biggest benefit, of course, is that you are working with somebody that you know, and you have the flexibility to negotiate repayment on your own terms. The downside is that many people do not like to make financial arrangements with people that they have a personal relationship with.

 

Credit Cards

 

While most people don’t think of them that way, credit cards are in fact a form of loan. Those who already have credit cards may use them to take care of their needs in an emergency situation – for example, if they need to make tuition payment or if their car is in need of repairs. There are a few downsides, of course. Those who do not have a credit card already have no assurance that they will be approved for a card, and even if they are approved may not receive a card in enough time to get the money they need. Using a credit card to pay for an expense can also impact your ability to use the card later on down the line, especially if you have a strict credit limit.

 

Personal Loans

 

Short-term loans are available through banks and other lenders as personal loans. However, they may come with a few downsides. For one thing, the minimum amount that an individual may take out may be higher than they need. For another, banks typically won’t lend to you if you have bad credit or no credit. While this can be an option for some individuals, for most it is not the ideal situation when they are in need of quick money to pay for an expense.

 

Car Title Loans

 

Car title loans, such as those available through Embassy Loans of Florida, are becoming an increasingly popular solution for those in need of quick money. Perhaps the biggest reason for this is because car title loans don’t require you to have good credit. All you need is to own your own vehicle – typically one that is fewer than ten years old. You can receive up to half the car’s value from the lender and will be able to retain the use of your car as you repay the loan.

 

The important thing to realize is that there are solutions available when you are in need of a loan, but do not want to be paying for that loan for the long term. Always be sure to do your research and assess your options to find the solution that’s right for you.



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.