People who do not have a job cannot get a loan, right? Actually, if they have a vehicle with a clear title, there is some hope. Those who have lost a job for whatever reason may collect unemployment compensation, but those benefits are only a fraction of what they used to bring home. It gets very tough to pay the bills. A loan may help an unemployed person get back on track or fight off a foreclosure or an eviction. Most people probably did not realize that there are, in fact, loans for those who are unemployed – car title loans.
If someone owns a vehicle with a clear title, they have the ability to obtain a car title loan. The car or truck is used as collateral in exchange for the money. Title loan companies such as Embassy Loans of Florida can process a vehicle title loan very quickly.
To begin the process, a person needs to fill out an application. This can be done online or in person at one of the many locations that Embassy Loans has in Florida. When the application is finished, the team of professionals at the company can begin to process the loan. Applicants must bring in a form of photo identification and something that proves their residency. They will also present the title to the vehicle.
The vehicle will then need to be inspected. Embassy Loans has over 30 different inspection stations around the state of Florida. Applicants must take their vehicle to one of them where the car or truck will be matched to the title. After Embassy Loans makes sure that the title matches the vehicle, the value of the automobile must be determined. With a value established, the terms of the loan can be completed.
The terms of the loan will be drawn up including the loan amount, payment amount, and loan length. Once the loan is finalized, the borrower can pick up the much-needed cash. Car title loans are easy to obtain and are the perfect solution for borrowers who need smaller amounts of cash. They are also great for those borrowers who do not have a job or have a bad credit history. Because the loan is secured by collateral, the vehicle, there is no need for the background and credit checks involved with the more formal loans from a traditional financial institution like a bank or credit union.