The knowledgeable team at California Title Loans is here to help you get the best terms and financing rates for pink slip loans in California. These kinds of loans work by using your car’s pink slip as collateral to secure funding. Loan amounts and credit requirements can vary, but pink slip loans can be a great option if you’re in need of quick cash. Here’s what you need to know about getting a pink slip loan in California.
How To Qualify For A Same Day Pink Slip Loan
To qualify for a same day pink slip loan in California, you’ll need to have a clear pink slip or paid off title for your vehicle. The amount you can borrow will solely depend on the value of your car, but pink slip loans typically range from $1,000 to $5,000. One of the best things about these secured loans is that you can get money quickly after applying.
For those who get started online, you may be able to pick up cash that same day. It can be even quicker if you apply with a direct lender in California and meet with them face to face as most can give you the cash in person right when you’re approved and sign the loan docs. Whichever way you choose to apply it should take the same amount of time to underwrite and process your application and you still need to complete a quick vehicle inspection before the loan is finalized and approved.
Pink Slip Loans For Bad Credit
One of the main reasons why people get denied for bank and credit union loans is because of their credit score. But did you know you can be approved for a bad credit pink slip loan with little to no emphasis on your credit history. The reason for this is because the loan is secured by your car’s pink slip and nothing else.
Compare the security used for a car title loan versus the lack of collateral for personal loans and you’ll see why title loan companies have little concern for your credit report. Therefore, if you default on the loan, the lender will simply repossess your vehicle and sell it to recoup their losses. This makes pink slip loans one of the best financing options for people with bad credit in California. But of course you still need to worry about rebuilding your credit as well as what may happen if you fall behind or default on the loan payments.
Advantages Of Loans For A Pink Slip
We’ve already touched on the main advantage with pink slip loans in California and that’s the fact that you don’t need good credit to get approved. Other helpful aspects include:
– Quick and easy application process. Fill out an online application in less than 15 minutes or apply in person for a loan on your pink slip and see how fast you can get approved.
– Get funding as soon as the same day you apply. You no longer need to wait days or weeks for your personal loan to be underwritten. A pink slip loan in California can be processed and approved within a matter of hours!
– Loan amounts based on your car’s value. This means you can borrow an amount up to 70% of the declared value of your car in California!
– No prepayment penalties. Take the initiative and pay off your pink slip title loan quickly and before it comes due to avoid additional interest charges.
– Competitive interest rates. There’s no doubt that car pink slip loans have high interest rates. But compare the APR to a payday loan or even a credit card cash advance to see how competitive the terms and rates are.
What Are Some Risks Or Downfalls Of Pink Slip Loans
Pink slip car title loans in California aren’t perfect and there are some potential risks to be aware of. These include:
– Your car could be repossessed if you default on the loan. This is the biggest risk with a pink slip loan as your vehicle secures the financing. But as long as you make your payments on time and in full, you shouldn’t have anything to worry about.
– You may end up paying more in interest and fees than you originally borrowed. This is true of any kind of financing, but it’s important to remember that pink slip loans typically come with high interest rates. Therefore, if you don’t pay off the loan quickly, you could end up paying a lot in interest charges and you won’t get the vehicle’s title back until the loan is completely paid off.
Fast Cash With Pink Slip Loans In CA
Pink slip loans can be a great financing option for those who need money fast and have bad credit. You have the choice of applying directly online here on this website, in person anywhere in California or you can call us directly at 855-339-1001. Keep in mind that these secured loans do come with risks, so make sure you understand the terms before signing on the dotted line. And if you have any questions, the team at California Title Loans is always happy to help. Visit us online or give us a call today!