If you have ever experienced a severe financial emergency, you know that it is one of the most stressful events that you can ever go through in your lifetime. When job loss or a medical emergency falls into your lap, it can leave you wondering how in the world you are going to pay for it. The answer to urgent need for cash may be in the form of a car title loan.
Car title loans offer an alternative to conventional loans that are more difficult to obtain and, normally, take longer to process. The average consumer needing a few thousand dollars to help them through a financial hardship oftentimes has a difficult time with conventional borrowing. A loan from a bank or credit union will require that you have a job, have a good credit history, and have the ability to repay the loan. Even if you do meet the requirements, it may take several weeks for you to get your hands on your money.
Securing a car title loan is much easier. A title loan does require that you have a vehicle with a clear title. You will find that by working with a reputable lender such as Embassy Loans of Florida, you do not need to be employed, nor do you have to have a stellar credit history. Since the loan is secured by your vehicle as collateral, there is no need for lengthy background checks or credit history inquiries.
Because of the lack of employment verification, income verification, and credit checks, a vehicle title loan can be processed much faster. At Embassy Loans, the typical car title loan can be processed within an hour. Many times, borrowers can start the process and receive their money on the same day.
Borrowers begin the process by filling out an application. They will then be asked to prove their identity and prove their residence. Embassy Loans requires a form of photo identification and something such as a utility bill to complete the verification. Once that is complete, the vehicle is then matched to the title and appraised for value. When the value of the vehicle is confirmed, the loan can be completed and a borrower can receive his or her money.
In a time of great financial need and when your background dictates that a conventional loan is out of the question, the perfect alternative is a car title loan