HOW TO GET A PINK SLIP LOAN
A pink slip serves as a proof of ownership to establish the fact that you own a car. Banks and credit unions used to be the go-to-place when people need emergency cash but that trend soon changed due to the enormous growth experienced in the banking industry and they became bigger and less suitable for individuals who need quick cash. Banks and credit unions became more interested in bottom dollar rather than providing services to personal institutions who may need loans.
Going by this trend, people started looking at alternative means of getting loans with less credit checks with little or no credit history. Unlike banks, these lenders make it much easier for individuals to access loans through several means such as car title loan, and pink slips. Hence, those who can’t get loans from banks due to the difficulty involves started exploring other means that were more easily accessible. One of these means of obtaining loan is through the use of a pink slip as collateral.
Today, the use of pink slip in obtaining loans is a top alternative. Pink slip loans are fast, convenient, and affordable. Most people go for this option as they know they stand a higher chance of being considered and it is fast.
What are Pink Slip Loans?
Pink slip loans are also regarded as car title loans. They are most suitable for people who own their car free, and clear. Owning a car free and clear means there is no money owed on the car and there is no liens or lien listed on the pink slip. The borrower must have the pink slip or car title handy and the car must be in the borrower’s name.
The pink slip serves as collateral when you apply for a loan. Hence, it is a form of secured loan; the borrower will be required to leave the pink slip with the lender until the entire loan is fully paid off. The borrower gets the cash loan in exchange for leaving the pink slip with the lenders as collateral and will still be able to drive the car during the period of repaying the loan.
How to Get Pink Slip Loans
The entire process of how to get a pink slip loan is fast and easy and is almost similar to the processes involved when you apply for other loan types. You apply for a pink slip loan by visiting the offices of your lender or applying online. After applying, you will be required to submit a few documents and if everything is in order, you will be approved to get a loan. It does not require credit checks because you are getting the loan based on the value of your car and not based on your credit history.
The amount you can get is determined by the worth of your car and the amount they think you can repay. The experts will carry out this evaluation to make sure you get an amount you are capable of paying back so that you don’t put yourself under unnecessary financial pressure.
Read more here about title loans — https://www.bankrate.com/glossary/t/title-loan/
