Pink Slip Loans

pink-slip-loansPink Slip Loans are type of secured loans where the borrower can use their vehicle title as collateral. Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for cash. When the loan is repaid, the lien is removed and the car title is returned to its original owner. If the borrower defaults on their payments then the lender is liable to repossess the vehicle and sell it to repay the borrowers’ outstanding debt.

Payment schedules vary but at the very least the borrower has to pay the interest due at each due date. At the end of the term of the loan, the full outstanding amount may be due in a single payment. The amount a borrower can be loaned is dependent on the worth of their vehicle. We will evaluate the value of the car being used as collateral and offer a loan depending on the worth of the vehicle.

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