While not as well-known as other lending instruments, car title loans are gaining in popularity. Companies like Florida’s Embassy Loans are seeing more and more borrowers complete the process and receive cash to help them meet their financial obligations. Here’s why this type of loan has become so popular.
It Is Fast
From the time a potential borrower applies for a car title loan until the time he or she receives the funds is normally within an hour. Many are completed within the same day. There is not a lot of paperwork necessary, since there are no background checks or credit checks necessary. It is a very streamlined process that can be completed quickly. Borrowers must have a vehicle with a clear title.
Poor Credit Is Not A Problem
Since a vehicle title loan is secured by a car or truck, there is no need for lengthy credit checks or background checks. Traditional bank loans are unsecured. Banks must go through a lengthy process of assessing whether or not a potential borrower is good candidate for a loan based on his or her ability to repay the loan. That assessment process will include a credit history check. The recent financial troubles in our country have hurt many people’s credit, many to the point where a traditional bank loan is impossible. With a car title loan, a person’s credit history is a non-factor.
It Is Simple
The title loan process is very easy for both borrower and lender. At Embassy Loans, employees have years of experience in the process and have turned the company into Florida’s leading provider of such loans. Borrowers fill out their application and then provide documentation. That documentation will consist of the title to the vehicle, a form of photo identification, and something to verify residency.
Embassy Loans will verify a borrower’s identity and his or her residency. They will then inspect the vehicle to make sure that it matches the title. The vehicle will then be appraised for its value. The resulting value will determine the amount that can be borrowed. Once the value has been assessed, the loan process can be completed and borrowers can pick up their money.
Use For Emergencies
If you have a serious financial emergency, a car title loan may be your ticket out of a jam. With a car or truck with a clear title, you can borrow much needed cash very quickly. That cash can be used to meet your financial obligations and get you back on track.