Anytime you need quick cash in an emergency situation, a title cash loan which is also known as a pink slip loan can be the quickest and best option. Lenders will make use of your auto title as collateral, and issue a pink slip loan which can be used to get emergency funds. When you have a mortgage payment due, need to pay for medical expenses, need cash for college tuition’s, or have unexpected emergencies in the form of major car or home repairs, a pink slip loan can save the day.
Title cash loans are a sub-prime debt instrument which is usually given to borrowers with bad credit who are excluded from getting loans at lower interest rates. For those with good credit, other sources of emergency financing are available. Pink slip loans can be of an advantage to borrowers with bad credit because loans with collateral tend to have lower interest rates than short-term unsecured debts.
Getting Quick Funds
The major advantage of pink slip loans is that they can be approved and processed quickly, often in as little as 48 hours. Processing can be done on the phone or through a secure website online. You can also find out if you are 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 because the auto title is used as collateral to offset the risk. But your lender will require you to own the necessary documents to prove ownership of the vehicle, in the form of a clear pink slip, as well as proof that the car is nearly paid off or paid off.
If you have all the documentation with you, you can get your cash within few hours. A customer representative will contact you once your application is approved and get you a contract with the loan offer. It’s ideal to take the time to read the contract and the legal disclosures section to find out how much interest you’ll be paying and if there are additional fees you’ll incur.
Make enquiries and ask questions to determine how much you’ll be expected to pay and when. If you have any doubt, contact a legal professional for advice. Don’t fall for the aggressive selling strategies of predatory lenders who will force you to abide by inflexible terms and charge high-interest rates. Choose a lender that offers flexible payment terms and competitive rates in the industry for title cash loans. This will ensure you don’t end up losing your vehicle.
How Do I Get My Cash?
Each lender may choose a different method to deliver money for title cash loans. Some choose to issue a paper check and send it by regular mail. This delivery option is usually the longest. One of the quickest ways to get the cash is an electronic direct deposit of funds into a checking account.
But, if you’ve 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 through other payment methods such as MoneyGram. Lenders usually pay out title cash loans during normal business hours. Most lenders are closed for business on the weekends and cannot process a loan application until Monday.
In order to get the fastest possible approval and turnaround, you can submit your pink slip loan application online. Internet applications can be submitted in the weekend and approval could come through in minutes.