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Why Establishing Credit Is Important

Improved-CreditMany people may not realize it, but establishing credit is very important. A good credit rating can lead you on a path to home ownership. It can help when you are buying vehicles and when you are looking for new jobs. If you are young and do not have a credit history, it is important to establish it as soon as possible. Doing so will have a great impact on the rest of your life.

 

When establishing credit and borrowing money, lenders are looking for four key elements.

 

  1. Are you stable?Lenders want to see that you have a steady job with a dependable income. They also like to see that you have lived in the same place for a certain length of time. If you change jobs or move a lot, that may be a red flag when it comes to borrowing money.

 

  1. Do you have the ability to repay a loan? Lenders do not want to lend money to those individuals who have shown that they cannot pay their bills. This is why banks and other financial institutions will run a credit check before agreeing to loan someone money.

 

  1. Do you have any assets? You look more favorable as a loan candidate if you have plenty of assets. If you own a home, have a car, or have money saved in various bank accounts, this can help your standing when you are establishing credit.

 

  1. What is your credit score? Your credit score says a lot about your ability to repay. Those with lower credit scores have low ratings because they do not always pay their bills on time. They may have defaulted on loans in the past. The better your credit score, the more likely it is that you will be able to establish credit with a lender.

 

If you are one of the many who has had trouble in the past establishing credit, there are a few options. If you own a vehicle, you may be eligible for a car title loan. Embassy Loans has helped thousands of people gain access to much-needed cash by using their vehicles as collateral for a loan. There are no credit checks and processing the loan takes just a few days. A car title loan can also help someone with little to no credit history establish a good credit rating by repaying the loan on time.



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.