Pink Slip Loans: A Quick-Cash Alternative
Its recession time and like many others, you may have landed in the soup due to sudden layoffs. How do you manage your expenses in such a situation? There are things that can’t be postponed such as mortgage payments, medical expenses, etc. The obvious step is to procure a loan, more specifically a pink-slip loan, which comes totally hassle free with a single condition of keeping your car as security.You may not have time to ponder over countless financial support options available in the market when your monthly expenses are mounting by the day. Mortgage installments, medical bills, educational expenses-you cannot put them off for another day even if a pink slip is staring in your face. How do you handle such a situation? The need of the hour is quick cash and the only way to obtain it is opt for an easy loan. Pink slip loans have been framed to suit borrowers common to a similar situation, which is not very uncommon these days.Facts and advantagesPink slip loans provide emergency funds using your car title as collateral. Considered as subprime debt obligations, these funds are usually issued to borrowers who have a bad credit rating as market options available for them are comparatively less. The greatest advantage of pink slip loans is that the procurement process is extremely fast and hassle free. In fact, you can get it done in less than an hour. The borrower need not produce numerous income proofs, etc. The only requirement is the document proving you are the title owner of your car. An added advantage is that the interest rates are also not very high. Application processPink slip loans are usually processed through a secure website. You can apply online or even over the phone. The lender will conduct a primary credit check right away and you will be eligible for the loan in minutes. If you have the car title loan papers on hand, a representative will collect it and hand over the contract offering the loan. The cash transfer is through electronic deposit systems.The risks involvedThe only hitch here is that sometimes lenders are successful in entangling you in a cycle of debt with renewal schemes, gradually pushing you into a situation where you may have to give up your car. Thus, it is advisable to go through the contract closely before total submission of your car title papers.