Payday loans are easy to obtain, as long as you have a job. You basically offer your next paycheck as collateral for a loan today, and you can arrange a payday loan often within 15 to 30 minutes. Payday lenders will try and hook you on a monthly payment plan. These plans may sound great but, in the end, you will end up paying more interest than if you pay off the loan as fast as possible.
If you own a vehicle, you may have access to a much better alternative. Car title loans are short-term, secured loans that allow individuals to borrow more at lower interest rates. Embassy Loans is a leading consumer finance company that has helped tens of thousands of customers obtain access to the cash they need.
Those who own a vehicle that is paid off or nearly paid off can use the equity to pay their mortgage, pay for a medical emergency, or pay for a home repair. The title loan process is very simple. First, an application must be filled out, and this can be done easily either in person or online. Applicants will have to submit some documentation to prove that they are who they say they are. Borrowers must also have the title to the vehicle, and the vehicle identification numbers (VIN) must match.
Once verification of the documents is complete, Embassy Loans will use current blue book values to assess the vehicle for its value. Borrowers can usually borrow up to 50 percent of the vehicle’s value, meaning that in many cases individuals can borrow several thousand dollars. Once the terms of the loan are drawn up, the loan agreement is signed, and a borrower gets access to the money. Embassy Loans often completes car title loans in as little as an hour.
Car title loans at Embassy Loans offer low rates and the ability to customize loan terms. A car title loan is an excellent alternative to the payday loan.