After the financial meltdown that occurred here in America around 2008, the after-effects are still causing many families financial distress. Some of the country’s biggest corporations, including many of the auto giants and banking firms, have laid off thousands of employees over the past several years. While the economy is attempting to rebound, layoffs are still prevalent today.
A layoff is something that an employee can just never predict either. One day you’re employed; the next day, you’re not. The result, of course, can be devastating on a family. The bills will continue to pour in, but the income will not. There are some alternatives to help someone who has been laid off.
One of the most underrated methods of coping with a layoff is the use of a car title loan. If you have a vehicle with a clear title or one that is almost entirely paid for, you can use it as collateral and borrow money. Consumer credit companies, like Florida’s Embassy Loans, have helped thousands of individuals and families cope with difficult financial times through the use of title loans.
The process is rather easy and works very well for those who may be worried about having bad credit. Since a vehicle is used as collateral, there is no reason for credit history checks. Borrowers must fill out an application and then prove their identity and residency. Once complete, applicants then take their vehicle to be inspected and evaluated. Embassy Loans has 21 different stations around the state of Florida where potential borrowers can go to have their cars inspected.
Embassy Loans will make sure that the title presented matches the vehicle being used as collateral. Then, they will estimate the vehicle’s value. The value of the car or truck will determine how much can be borrowed. Car title loans usually range from $500 to $5,000. Once the value of the vehicle is determined, the loan process is finalized and Embassy Loans will issue the borrower his or her money. The entire process, from beginning to end, is normally completed in an hour with many title loans finished the same day they are started.
A short-term loan, such as a car title loan, can help someone experiencing a layoff get through a rough financial time. A title loan can help pay the bills and bridge the gap between being let go and finding a new place of employment.