With the recent economic crisis continuing to have vice grips individual's access to cash; pink slip loans have become a more viable option than ever. Many individuals are also turning to pink slip loans because their credit record has been tarnished by the unemployment and foreclosures associated with the financial crisis. Many people have heard of pink slip loans, but they wonder how they work.

People interested in obtaining pink slip loans, find that applying is quite simple. Most loan companies allow people to apply on their website using the internet or by phone. Pink slip loans candidates need only to provide some basic information and meet some basic requirements to be approved. One thing a title loan applicant needs to have is access to a fax machine or the internet. They also need to provide verifiable proof that they have income in excess of $1800, or close to it depending on the title loan agency. A potential title loan recipient must be at least 18 years old. The car the individual is going to use as collateral on the loan must also be completely paid off. Some institutions will allow a person to use a car that is nearly paid off. A loan agent may also ask a pink slip loans applicant to provide a copy of a bill to verify their permanent address. This bill is often a home phone, cell phone, or utility bill. Though a great credit score is not that important in obtaining a pink slip loan, a pink slip loans candidate can't have their financial situation be in complete ruin. Most pink slip loans entities won't approve anyone who is in the midst of bankruptcy. They also don't approve pink slip loans for individuals who have 3 or more delinquent accounts. Pink slip loans agencies also don't generally approve persons who have experienced repossession within the past 6 months. Pink slip loan agents may also ask for 8 references. It is common for the pink slip loan agency to ask that at least 4 of these references be family members. Depending on the pink slip loan center and individual, more information may be requested or criteria met, but this is mostly all of it.

After a pink slip loan applicant has provided all of the aforementioned information, a pink slip loan agent will need only about an hour to let the person know whether or not they have been approved. Once a pink slip loan applicant has been approved, a time is setup where the pink slip loan applicant can come in and sign a loan agreement. At the time of the signing of the pink slip loan agreement, an inspection is done of the vehicle. If the inspection and signing go as planned, the pink slip loan applicant is generally able to receive his or her cash within 24 hours. 24 hours is incredible turnaround for an individual to close and receive funds. Be sure to invest some time in researching a good lender.

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