Today’s volatile economy has left many people struggling to make ends meet. With households strapped for cash and having trouble meeting monthly financial obligations, there are many who could use some help. Financial problems also take their toll on people’s credit histories making it even tougher to borrow money. Secured personal loans, a car title loan for example, offer a solution.
The Lending Industry Has Changed
The traditional bank or credit union will make it difficult for many to borrow. They will require things such as a credit check or a background check and many just will not have the credit history that makes them a potential borrower. More lenders are becoming available online now. These lenders do not have the overhead expenses of having a building, paying staff, etc, and as a result, are a little more lenient when it comes to borrowing.
Quicker Sources Of Cash
When someone is need of a quick source of cash, the last thing they want to do is go through a month-long process of credit checks and income documentation in order to secure their $1,500 loan. Many financial institutions will not even lend an amount that small. What people need are sources, such Embassy Loans, where the process of securing a loan is much faster so that cash can be in a borrower’s hands very quickly.
An Example Of An Secured Loan
A secured loan is one that is secured by collateral, in this example, a car. A car title loan offers up a vehicle as collateral in exchange for a certain amount of money. These types of loans are normally for smaller amounts of money and are processed very quickly. With a car or truck as collateral, there is no need for lengthy background checks nor is there a need for any income documentation. A person can secure a vehicle title loan without having a job.
How Does A Car Title Loan Work?
Someone seeking a form of emergency cash can secure a title loan within an hour. At Embassy Loans, for example, a potential borrower needs to bring in a clear vehicle title, a form of photo identification, and the vehicle itself. An application is filled out and the staff at Embassy Loans will begin processing the loan. Without all of the difficulties of more traditional loans, an auto title loan is approved within a day or two and a borrower receives his or her cash.