In today’s credit market, individuals are finding it harder and harder to borrow money. Even with historically low interest rates, lenders are only willing to lend to those with the best credit histories and scores. What can you do when financial institutions continue to turn you down? Finding a secured loan is the best answer.
What Is A Secured Loan?
A secured loan is one in which the borrower offers something as collateral. In essence, the borrower is offering the collateral as a measure of good faith in exchange for obtaining a loan. A mortgage or a car title loan is a form of a secured loan.
Finding The Best Secured Loan
If you are a homeowner, you may be able to use your home to borrow money. You will have to have some equity to work with and have a fairly good credit history. If you have ever defaulted on a loan or have a poor credit history, you might find a home equity loan tough to obtain.
A car title loan may be a better option for those who have sketchy credit histories. To qualify, you must own a vehicle and possess its ownership documents (the title). Preferably, the vehicle is no older than 10 years and in good running condition. Regardless of your credit history, you can obtain a car title loan if you meet these requirements.
Car Title Loans At Embassy Loans
Embassy Loans, one of Florida’s leading consumer finance companies, has helped thousands of customers obtain auto title loans. The process is simple and fast. An interested borrower must first fill out an application. The application can be completed in person in one of the company’s many offices or, for convenience, applications can be filled out online. Either way, completing the application takes just a few minutes.
When the application is done, Embassy Loans will ask for a variety of documentation including a form of identification, proof of residency, and the title to the vehicle. Once verified, the vehicle will need to be inspected and assessed for its value. Most title loan companies use the common used vehicle blue book guides to determine how much a car or truck is worth. With a value established, the loan can be finalized.
Borrowers can receive access to their cash very quickly. Embassy Loans can process a car title loan in as little as an hour. There are no credit checks so those who have poor credit need not worry. Car title loans are a great form of secured loan and can provide you with much needed cash very quickly.