What are Pink Slip Loans?
Pink slip loans or pink slip lines of credit are one of the best and most efficient ways for anyone to get the money that they need in the form of a short term loan or line of credit. The loans or lines of credit allow you to get cash and keep driving your car.
The process is actually quite simple and very ingenious. Anyone that needs a little extra money can apply on the website to begin the process. You will need to provide all of your pertinent information, as well as the information about your vehicle. The loan or credit company will then review your application and decide how much money to lend you. In most cases, customers will receive a loan or line of credit that is about 50 percent of the total value of the vehicle. So, a car valued at $10,000 will be able to fetch a $5,000 loan or line of credit. This is not always the case, but it is a good rule of thumb to go by.
Pink Slip Title Loans as they are referred to are really simple to get, and the best thing about them is that you still get to continue driving your vehicle. The loan or credit company will offer you a loan and a set payment schedule or a line of credit. As long as you meet the expectations that are included in the agreement, the company will not take your auto. This is basically similar to a secured loan or line of credit from a banking institution, but the process is streamlined and easier to qualify for. These types of loans are the perfect answer for anyone that has bad credit and needs some emergency funding.
These Pink Slip Loans are popular because compared to pay day loans, they are much cheaper. The interest rates are lower than you can get at a pay day lender or other forms of unsecured loans. No matter how bad your credit score is, you should be able to get at least one of the many types of Pink Slip Title Loans available in the market today . As long as you own your car, you are eligible for one of these loans. It really is simply an alternative way of financing for people with lower credit scores.
Other loans will require you to not drive your vehicle if you are using it as collateral to help you get the loan, but this is different. If you have your pink slip, a cash loan can be applied for and approved in no time at all, and the money can be directly wired into your checking account upon approval. This really is one of the fastest, easiest, most reliable and least expensive ways to get a cash loan.