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How to Apply for Pink Slip Loans

Pink slip loans is an alternate name for title loans or auto title loans. They allow you to get short term loans on an urgent basis without having to fulfill strict criteria such as a good credit score, significant collateral and cumbersome documentation. If you think you are in need of getting a title loan, you will have to follow the following steps.

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How to Apply for Pink Slip Loans

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  1. How to Apply for Pink Slip Loans Pink slip loans is an alternate name for title loans or auto title loans. They allow you to get short term loans on an urgent basis without having to fulfill strict criteria such as a good credit score, significant collateral and cumbersome documentation. If you think you are in need of getting a title loan, you will have to follow the following steps. 1. Search Around Pink slip loans are lent by lenders with brick and mortar setups as well as those present online. If your need of a loan is really urgent, it would be wise to search for agencies on the internet. On the other hand, if you have the time, you can search for auto loan agencies online as well as in the contemporary market. Once you’ve found around five lending agencies that serve customers in your area and whose requirements you fulfill (although lenders of title loans are very lenient, some of them use employment status and a few other factors to judge applicants), proceed to the next step. 2. Get Quotes Once you have found the agencies that you are capable of applying to for a loan, find out the rates at which they are lending. To do so, regardless of the type of agency – online or brick and mortar – you will have to submit information that will be used to judge you as a borrower. 3. Find out about Hidden Costs Once you get the quotes, don’t rely on them only to make your final choice. Also enquire the amount of ‘fee’ that the agency will charge you prior to getting the loan and subsequent to paying it back. Remember, agencies often lure borrowers in with interest rates significantly lower than those of their competitors. They later cover this up by imposing fees of numerous sorts once the borrower demands his/her vehicle back. 4. Apply for Loan Once you have all the terms and conditions posed by the lenders in hand, you can make a choice based on what suits you best. Ask the agency the procedure for application and act accordingly. The maximum time by which you must receive a reply to an application for pink slip loan is two days.

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