When you need cash right away in an emergency, a title cash loan, also called a pink slip loan can be the best and quickest option. Lenders will use your auto title as collateral, and issue a pink slip loan which can be used to get emergency funds.
When you need to pay for medical expenses, have a mortgage payment due, need cash for college tuition's, or have unexpected emergencies in the form of major home or car repairs, a pink slip loan can save the day.
Title cash loans are subprime debt instruments given usually to borrowers with bad credit who are precluded from getting loans at lower interest rates. For those with good credit, other sources of emergency financing are available. Pink slip loans can benefit borrowers with bad credit because loans with collateral tend to have lower interest rates and fees than unsecured short-term debts.
Getting Quick Funds
The advantage of pink slip loans is that they can be approved rapidly and processed quickly, often in as little as 48 hours. Processing can be done through a secure website online, or on the phone, and you can find out if you're eligible a few minutes after you submit your application.
Although your lender may conduct a credit check while processing your application, a low credit score is not a deal-breaker since the auto title is used as collateral to offset the risk. However your lender will require you to possess the requisite documents to prove ownership of the vehicle, in the form of a clear pink slip, as well as proof that the car is paid off or nearly paid off.
If you have all the documentation on hand, you could get your cash in just a few hours. A representative will contact you once your application is approved and get you a contract with the loan offer. It is advisable to take the time to read the contract, go through the fine print and the legal disclosures section to find out how much interest you will be paying and if there are additional fees you will incur.
Ask questions to determine how much you will be expected to pay and when. When in doubt, contact a legal expert for advice. Do not fall for the aggressive selling tactics of predatory lenders who will force you to abide by rigid terms and charge exorbitant interest rates. Choose a lender that offers competitive rates in the industry for title cash loans and flexible payment terms that ensure you don't end up losing your vehicle or have it repossessed.
How Do I Get My Cash?
Each lender may choose a different mechanism by which to deliver money for title cash loans. Some choose to issue a paper check and send it overnight or by regular mail. This delivery option is usually the lengthiest. One of the quickest ways to get the cash is an electronic direct deposit of funds into a checking account.
However, if you have bad credit and don't have access to a checking account, you can ask your lender to make accommodations for your pink slip loans payment and deliver cash via any other payment mode like MoneyGram. Lenders usually pay out title cash loans during normal business hours, Monday through Friday. Most lenders are closed for business on the weekends and cannot process a loan application until Monday.
In order to get the quickest possible approval and turnaround, you can submit your pink slip loan application online. Internet applications can usually be submitted throughout the weekend and approval could come through in minutes.