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What Are My Personal Loan Options?

Borrowing MoneyIf you are in a situation where you need to borrow money, there are a few personal loan options available. Understanding your options can help you to select that which is best for you and your situation. These personal loans can save you during a difficult financial time. Whether it is an unexpected bill or a job layoff, when you need cash consider which of the following options would be best for you.

 

Payday Loans

If you have a job, you can take a payday cash advance against your next paycheck. When you need a few hundred dollars very quickly, a payday loan may work. If you have a rent payment that is due and cannot cover it until your next paycheck, a payday loan is an option. You can often get your money in minutes with a payday loan.

 

Credit Card Cash Advance

If you own a credit card or cards, you can use them to take out cash advances. You will be limited by your credit limit and will incur large cash advance fees. Plus, you will be subject to the high interest rates associated with credit cards as you repay the money. Still, when you need a few hundred dollars and need instant access, you can use a credit card to get it.

 

Home Equity Loans

If you are a homeowner, you can use the equity in your home (assuming you have it) to borrow money. Interest rates are much lower and depending upon the amount of equity that you have, you can access larger sums of money. The problem is that you will have to go through the typical traditional loan process and access to your money may take a few weeks.

 

Car Title Loans

If you own a vehicle, preferably one that is paid off, you can use it as collateral to obtain a loan. In exchange for the car’s title, a lender like Embassy Loans will allow you to borrow against its value. Typically, you will be able to borrow up to 50 percent of the value and access to the money is quick. If you submit your documentation quickly, you can have access to your money in a day or two. Since car title loans are secured by a vehicle’s title, there is no need for the credit and background checks that hold up traditional forms of borrowing. Most car title loans are for a few hundred to a few thousand dollars.

 

There are advantages and disadvantages to each form of borrowing listed above. Take the time to examine each and make sure that what you choose fits your situation.



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.