Pink slip loans in case of emergency

Financial crisis is uncalled for but in case any such situation occurs in our lives, a pink slip loan can be of great help. A pink slip loan is basically a title cash loan which can prove to be the best option in case of emergency. In such loans, the car title is used as collateral. Banks or financial institutions issue a pink slip which is used in case of emergency to arrange funds.

The pink slip loan can be extremely useful when you require fund for medical emergency, college fees, mortgage payment or for any other crisis. Generally, the pink slip loans are ideal for people with bad credit history. The people with bad credit history can be benefited because pink slip loans are approved quickly without any hassle and are often processed within two working days. Moreover, these loans have low interest rates. Borrowers can also apply for loan via phone or web. Once you submit the application form, the processing starts.

Before applying for pink slip loan, your back-up plan should be ready, that is the preparation for returning the loan amount within the stipulated time. If the borrower is unable to pay back within a period of thirty days, the bank extends the repayment period for another month at higher interest rate. In case the borrower is unable to pay back even after the roll over period, then the bank may take away the car and sell it off to cover the loan amount.

In case of emergency, your car can prove to be very useful. The borrower needs to submit the title of the car and a set of car keys. However, you need to be more than 18 years of age, employed and should have a valid bank account in your name. As the lender conducts a credit check while processing your application, keep all the relevant documents ready to validate ownership of the car. The borrower needs to submit relevant papers that clearly state whether the car amount has been paid or not. Since the auto title is used as collateral, so the loan amount gets sanctioned easily. If you have submitted all the important papers, then the loan might get approved within a few hours. The best approach would be to submit the pink slip application via web. This is a quick process and usually gets approved in a couple of hours. The online application process is very simple. You need to provide some basic information. Generally the websites are secured; see if the lock sign is there in the address bar.