When the U.S. economy took a dip into recession in the late 2000s, one of the effects was related to borrowing. Those looking to borrow to pay off debt found it much harder to qualify for a loan. Banks and other lending institutions would only approve those with the highest credit scores and the best payment histories. As a result, an alternative loan market began to arise – car title loans. Over the past decade, auto title loans have become more and more popular. Here’s why.
No credit checks. When a borrower goes to his bank for a personal loan, the bank examines how much risk is involved. To analyze this risk, lenders look at a person’s credit history. Those who pay their bills on time, have never had any repossessions or bankruptcies, and those who don’t carry large amounts of revolving debt have high credit scores. Unfortunately, many do not fit into this category and are considered high-risk. Thus, they usually do not qualify for personal loans, mortgages, even some car loans. When applying for a car title loan at Embassy Loans, borrowers are not subject to a credit check. The loan is secured by the borrower’s car title and is not dependent upon a person’s credit history.
Fast cash. Processing a car title loan at Embassy Loans can take as little as an hour. Interested parties fill out an application to start the process. There is some documentation required and once received the borrower’s vehicle must be assessed for value. The quicker a borrower is with returning all required information; the faster he or she can receive the money. Typically, processing a car title loan takes much less time than traditional loans.
Easy process. Embassy Loans has helped thousands of customers through the process of obtaining a car title loan. As stated, a borrower can receive their money within a day or two. Borrowers are not subject to credit checks, and much of the paperwork associated with traditional loans does not exist. The advantage of this is the process is easy and fast.
Emergency cash. There are numerous times when a household faces an unexpected expense. The car breaks down, or the rent needs paying, and there is not enough in the bank account. Car title loans offer a quick and easy option to access money in a time of need. A borrower can have the money they need in a day or two and take care of their financial emergency with little hassle.