Title Loans Can Help Those With Little Or No Credit History
Students and those who have not developed much in the form of a credit history often run into problems when attempting to borrow money or make large purchases. It is no fault of their own, they simply haven’t had enough life experience to build a credit background. There are some things that can help, though, especially in times of emergency.
Car Title Loans as an Alternative
For a young person with little credit history, conventional borrowing can be very difficult. A car title loan can serve as a great alternative since it is secured using a vehicle as collateral. Students and young people who have cars or trucks with clear titles are able to utilize auto title loans to their advantage when they need quick access to funds.
Why Conventional Loans May Not Work
In a time of financial need, going to a bank or credit union can often prove fruitless. Traditional lenders usually require a stable job, a verifiable income, and a strong credit rating, things a young borrower may not yet have. In addition, the application and approval process for a conventional loan can take several weeks, only to end in denial for those with little or no credit history.
How the Title Loan Process Works
With a vehicle title loan, the process is much simpler and faster. At Embassy Loans of Florida, the process begins with completing a short loan application.
You’ll need to:
- Provide a valid photo ID
- Present the vehicle title
- Show proof of residency (such as a utility bill)
Once your identity and residency are verified, Embassy Loans will inspect your vehicle. The inspection ensures the title matches the car and helps determine its loan value. After this quick assessment, your loan is processed, typically within 20 minutes to an hour. In many cases, borrowers can apply and receive funds on the same day.
Building Credit Through Repayment
The great thing about a car title loan is that even someone with little or no credit history can receive funds to get through a financial emergency. Repaying the loan on time not only resolves the immediate need but can also help establish a stronger credit background, making it easier to secure other forms of credit in the future.
A car title loan can help you access the money you need, quickly and securely. Apply online or contact Embassy Loans at 833-839-2274 to learn how we can help you get approved today.
