When the bills are piling up each and every month, it is often difficult to find the necessary funds to meet all of your financial obligations. When you need cash fast, one of the easiest ways to obtain it is through an auto title loan. Embassy Loans, a licensed consumer finance company, has been providing car title loans for almost a decade. There are other sources of emergency funds, but a title loan may be the key to your making ends meet.
If you are wondering how title loans work, the process is rather simple. As with any loan, an application is required. Borrowers looking to obtain this type of loan will, of course, need a vehicle with a clear title. They will offer the car or truck as collateral and lenders, such as Embassy, provide the borrower with their money. Title loans are usually processed within a day or two.
Speed, of course, is the big advantage to doing an auto title loan. The process can be complete and you can receive your cash within 48 hours. Compared to some other sources of emergency funds, that is pretty quick. When time is of the essence, borrowers cannot be waiting around for days or weeks to take care of their finances.
Another advantage of a title loan is that all that is really necessary is a car. As long as a potential borrower has a vehicle with a clean title, he or she can most likely receive a title loan. Other unsecured loans, which do not offer any collateral, are often harder to obtain.
If a borrower has serious credit issues, that is not a problem. While most financial institutions will not lend to someone with poor credit, if a person has a vehicle he or she can most likely qualify for a title loan. Again, the car or truck is offered as collateral making a credit score a non-factor. Since credit is not a factor, there is no credit check. There is also no background check as there is with other types of loans.
Those using a title loan also get the benefit of keeping the car even while the loan is not paid off. The lender will hold the title, and a set of keys, but a borrower can take care of his or her financial troubles and continue to drive their vehicle. As a result of these benefits, auto title loans are becoming more popular among those looking for emergency cash.