For many families or individuals, there may come a time when you need cash in a hurry. It may be to cover a mortgage or rent payment, or it may be to cover the cost of a medical bill or even college tuition. Whatever the reason may be, there is a way to access cash very quickly. A car title loan is a fast and easy way for people to get the money they need when time is of the essence.

What Is A Car Title Loan

Any person who owns a vehicle that has a clear title can qualify for a vehicle title loan. The vehicle needs to be paid for, or in some cases almost paid for, and not have any liens attached to it. The car or truck will be used as collateral for the loan. Normally, auto title loans are smaller than traditional bank loans and range anywhere from a few hundred dollars to a few thousand.

How To Obtain A Car Title Loan

People can visit a title loan company like Florida’s Embassy Loans to inquire about obtaining a car title loan. Most lenders, including Embassy Loans, will also offer potential borrowers the ability to fill out an application online. Once a person has applied, Embassy Loans will need some documentation to verify the person’s identity and residency. Applicants normally provide a driver’s license or other photo ID and something like a utility bill.

The applicant must present the title to the vehicle being used as collateral. Embassy Loans will make sure that the title matches the vehicle during its inspection. The car or truck will be assessed for value and the final loan documentation can be completed. Once the loan is finalized, a borrower can pick up his or her money. The entire process usually takes between 24 and 48 hours to complete. Many times, a loan is finalized and the money is in the hands of the borrower the same day that the application was started.

Quick And Easy

Unlike traditional bank loans, a car title loan does not require credit history reviews or employment background checks. Bank loans are unsecured and are offered based on a signature. Banks will take a great deal of time in examining whether or not a borrower is a good candidate to pay back the loan. With a car title loan, if the borrower doesn’t repay the loan, the lender takes possession of the car. By eliminating the need for credit and background checks, a car title loan is processed much faster and puts money in the hands of those who need it.