Borrowing money without a credit check is possible. If you are like the many people who suffer from a poor credit history, there are options available for borrowing money. Two of the more common loans that do not require a credit check are the payday loan and the car title loan.
Title loan companies like Embassy Loans of Florida are not particularly concerned with an individual’s credit score. They are not really concerned with a person’s income either. If an individual has a vehicle that is paid off and has no liens on its title, that car or truck can be used as collateral to secure a loan. The amount that can be borrowed is determined by what the vehicle is worth. Car title loans are very popular because they are easy to obtain.
The process starts by filling out an application. Applications take just a few minutes to complete. Embassy Loans will verify a person’s identity and the title of the vehicle. The car or truck is assessed for value and then the final terms of the loan are drawn up. Applicants can borrow larger amounts of money (several thousand) with a car title loan.
Once the loan documents are signed, a borrower can pick up his or her money. Typically, an auto title loan at Embassy Loans is completed in an hour. Many borrowers are able to acquire their cash the same day that they fill out their application. Since the loan is secured by a vehicle, there is no need for a credit check.
A payday loan is very similar to a vehicle title loan. It is also a short-term loan that is independent of a person’s credit history. As long as you have a job and can prove it, a payday loan company will allow you to borrow using your next paycheck as collateral. A payday lender will verify a person’s identity and source of income. They will also take a look at an applicant’s basic expenses.
Payday loans are usually for smaller amounts of money. The typical payday loan averages around $500. Once approved, the borrower will write a post-dated check that will re-pay the loan. The post-dated check usually coincides with the borrower’s next payday. Like an auto title loan, there is no need to check a person’s credit for a payday loan. The loan is secured by the borrower’s paycheck.
Both payday loans and auto title loans give borrowers with poor credit histories an opportunity to borrow money when necessary.