Vehicle title loans, like those offered in Florida by Embassy Loans, are a genuinely fast source of emergency funds. When a major financial problem exists, a person can obtain a title loan in a matter of an hour maximum. This type of loan differs from the more traditional bank or financial institution loans since they are secured by a piece of collateral – a vehicle. This allows the lender to avoid some of the more typical practices in the loan process.
With a traditional loan, borrowers would visit a bank or credit union and fill out an application to begin the process. The lender would then examine, very carefully, the borrower’s credit and job history. The loan may require a co-signer or other conditions as determined by the lender. The process is slow, tedious and, often, loans are not approved if there are any questionable issues.
With car title loans, the lender will examine the borrower’s vehicle and determine if it is worth at least the amount that a person is looking to borrow. This process is pretty quick as online calculators are available to help a lender determine a car’s value. Lenders will need a piece of photo identification, the vehicle’s title, and will ask you to fill out an application.
Once the car’s value is determined, the lender can begin to work out the terms of the loan. No credit check is necessary nor is a background check because the loan is secured with the vehicle. Since these procedures are eliminated, the loan can be processed rather quickly and borrowers can receive their funds as soon as the loan is completed, normally within 24 hours. For those with less than great credit history and in need of cash in a hurry, vehicle title loans are the perfect answer to your problems.