BlogBlogTop Reasons Why Car Title Loans Are So Popular

Top Reasons Why Car Title Loans Are So Popular

When the U.S. economy took a dip into recession in the late 2000s, one of the effects was related to borrowing. Those looking to borrow to pay off debt found it much harder to qualify for a loan. Banks and other lending institutions would only approve those with the highest credit scores and the best payment histories. As a result, an alternative loan market began to arise – car title loans. Over the past decade, auto title loans have become more and more popular. Here’s why.

No credit checks. When a borrower goes to his bank for a personal loan, the bank examines how much risk is involved. To analyze this risk, lenders look at a person’s credit history. Those who pay their bills on time, have never had any repossessions or bankruptcies, and those who don’t carry large amounts of revolving debt have high credit scores. Unfortunately, many do not fit into this category and are considered high-risk. Thus, they usually do not qualify for personal loans, mortgages, even some car loans. When applying for a car title loan at Embassy Loans, borrowers are not subject to a credit check. The loan is secured by the borrower’s car title and is not dependent upon a person’s credit history.

Fast cash. Processing a car title loan at Embassy Loans can take as little as an hour. Interested parties fill out an application to start the process. There is some documentation required and once received the borrower’s vehicle must be assessed for value. The quicker a borrower is with returning all required information; the faster he or she can receive the money. Typically, processing a car title loan takes much less time than traditional loans.

Easy process. Embassy Loans has helped thousands of customers through the process of obtaining a car title loan. As stated, a borrower can receive their money within a day or two. Borrowers are not subject to credit checks, and much of the paperwork associated with traditional loans does not exist. The advantage of this is the process is easy and fast.

Emergency cash. There are numerous times when a household faces an unexpected expense. The car breaks down, or the rent needs paying, and there is not enough in the bank account. Car title loans offer a quick and easy option to access money in a time of need. A borrower can have the money they need in a day or two and take care of their financial emergency with little hassle.



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.