What Are Pink Slip Loans And How To Get Approved
A pink slip loan, like many other secured loans, uses a car’s equity as collateral to get a loan. If you fall behind on a pink slip loan, your lender can repossess the vehicle and use that money to cover the initial loan amount. These lenders are not necessarily licensed on the Federal level and are regulated by the state where you receive your loan. Pink slip loans are great for those who need quick cash but have suspect credit scores. Some title loan companies offer up to 50 percent of the vehicle’s value when you use a pink slip as collateral for a loan!!
Difference Between Pink Slip Loans And Title Loans
When you apply with Highway Title Loans, we’ll match you with a local lender that offers $1,000 or more with a pink slip title loan. They first investigate the amount you must repay if you default on the loan. Next, they look at the collateral, or pink slip, as it is called, to determine the funding amount and repayment terms.
Compare the title lending practice to someone wanting cash for a pink slip. With a secured loan, you hand over the pink slip to a title lender or auto pawn company. A Pink slip loan has a fast and easy application process and it’s often easier to get approved than what you can expect to see from a traditional company offering title loans online with no credit check or inspection. Pink slip lenders will often work with you on the interest rates and payoff amounts first quoted to you. You should also be able to negotiate an early payoff that doesn’t include a prepayment penalty.
Benefits Of Getting Cash With Pink Slip Loans
A pink slip loan is your best bet when you need fast cash. A pink slip loan typically has lower interest rates than a payday loan, as your car’s equity gives the lender some security. You can receive your cash from a lender quickly with this type of loan as there are very minimal requirements. Some companies can hand you cash a few hours after you first apply!
Another benefit involves how much money you can borrow. Most unsecured loans have funding limits of around $1,000 because there’s no security backing up your loan. With a pink slip title loan, you put up your vehicle as collateral and that’s why we see loan amounts of $5,000 or more.
Apply For Pink Slip Loans Online
Pink slip loan companies offer fast and easy convenience, and it’s best to find a lender online or a service near you. Your total cash advance amount will be secured by the vehicle. It is an easy application to qualify for and you may be approved in hours. Some lenders can even support your loan within 12 hours of your application. Most of these title lending companies don’t even do standard credit checks. A title loan provider only asks you for your vehicle’s title, typically a car that is paid off or nearly paid off. Also, these loans can be processed relatively quickly in roughly 24 to 48 hours, depending upon your lender and the state you live in.
If you think this type of loan is right, start with an online company like Highway Title Loans, which offers pink slip loans online, or others that provide cash near you. We promise fast hassle free approval for anyone with a lien free vehicle and some form of income verification. So apply online or call 877-433-5454 to start today!