When you need to borrow money, there are a few options available to you. Many people immediately think of the traditional bank loan as the best possible solution in these situations. When borrowing from a financial institution such as a bank or credit union, qualifying for the loan is based on several items including explanations. A bank will ask you what you intend to use the money for, whether the loan is for an emergency or for a new addition to your home. The financial institution will also dig deep into your financial background, examining your credit history and other details about your life and your finances. That can be a lot of hassle, and can take a lot of time.
Another option for borrowing money that many people may not be aware of is to take out an auto title loan. Qualifying for a car title loan is much different than a traditional loan. You will not be asked why the money is needed. A title loan company, such as Embassy Loans of Florida for example, is not interested in what the money is for; rather they are interested in helping the borrower obtain the money they need.
The process for acquiring a vehicle title loan is much more streamlined, since the loan is secured with a vehicle. Borrowers must have a clear title or a vehicle that is almost entirely paid off to qualify. Someone interested in a title loan must fill out an application – Embassy Loans makes their application available online or in one of their conveniently located offices – and then verify their identity and residency.
Once a borrower’s identity and residency have been checked, Embassy Loans will inspect the borrower’s vehicle. They will check to make sure that the title matches the vehicle and then will assess the vehicle’s value. The amount that can be borrowed is dependent upon the value of the vehicle. Once the value is determined, the terms of the loan can be finalized.
There is no need for a credit check or an employment verification. This saves Embassy Loans loads of time in processing and paperwork. Since the loan is secured by the vehicle, no background checks are needed. As long as a borrower has a vehicle with a clear title, he or she can qualify for an auto title loan.
When the terms of the loan have been finalized, a borrower receives the money. In most cases, a car title loan can be processed, from beginning to end, in an hour. Many borrowers start the process and receive their money the same day.