If you are like most people, you have probably faced a financial situation where you could really have used some extra cash. Whether it was a car that needed fixed or even a short job layoff, each of us has had a time where could have used an emergency source of money. If you face such a situation, there is a way that you can give yourself an almost instant loan. Here’s how.
Do You Own A Vehicle?
If you own a vehicle, you can actually use it as collateral to borrow money. You can take out a car title loan if you have paid off your vehicle (or have almost paid it off) and the title is free of any liens. Companies like Embassy Loans of Florida have helped numerous customers access funds using their vehicles as collateral.
Using Your Vehicle For A Loan
You can visit an Embassy Loans office or go to their website, www.embassyloans.com, to fill out an application for an auto title loan. The application takes just a few minutes and once it is finished, an applicant will be required to provide a few pieces of documentation. The applicant must prove his or her identity, residency, and present the title to the vehicle for verification. When finished, title loan companies like Embassy Loans will then assess the vehicle for its value.
No Credit Checks
Unlike traditional loans from a bank or credit union, a car title loan does not require an examination of the borrower’s credit. For borrowers with poor credit histories, an auto title loan is a great way, and sometimes the only way, to take out a loan. Since a vehicle is acting as collateral, there is no need for any type of credit or background check. Some title loan companies may check employment history.
Quick And Easy
Because there is no need to check a borrower’s credit history or other background, the processing of an auto title loan is much quicker than that of a traditional bank loan. The average car title loan is processed and a borrower has his or her money within an hour. It is not unusual that a person applies for a title loan and receives the disbursement of the funds on the same day. A car title loan can give you the cash you need quickly so that it feels almost like an instant loan.