Did you know that the car you own can help you get emergency cash quickly? Cash equity loans, which are also known as pink slip loans, can provide a source of emergency funds to people with bad credit as long as they can provide a clear auto title as collateral.
If you have a low credit rating, you know how difficult it is to get a traditional loan from a bank at a reasonable interest rate. Banks and traditional lenders are reluctant to lend to borrowers with a bad credit because it proves that the borrower is not able to make payments on time or manage their finances responsibly.
cash advance loans, no bank account loans, how to get a payday loan without a bank account,
What are Cash Equity Loans?
Cash equity loans are usually short-term loans that must be repaid within a period of 30 days to 24 months. Although they charge higher interest rates than conventional loans, the rates are much lower than unsecured loans that do not require collateral.
Using your car equity as collateral for a loan is one of the better options for subprime borrowers who need cash in an emergency, as long as you can verify you are the holder of your auto title. People with a history of bad credit find it easy to get a pink slip loan because they can secure it with their vehicle title.
All the borrower needs is a clear title on a vehicle that is paid off or nearly paid off to qualify. Some emergency situations that may require a person with bad credit, to need quick cash include:
* Emergency medical, dental or veterinary surgery:
Root canals, dental implants and certain emergency dentistry procedures can all cost thousands of dollars. Some medical or veterinary procedures may not be considered an emergency or covered by insurance, but may be considered a priority by the family who is willing to take any measures to relieve a loved one's pain or discomfort.
* Sudden auto repairs for your car:
A car is a necessity for most families. If a car needs a new transmission or a complete repair, getting it fixed needs to be a priority. Waiting until payday is not an options because delaying the repairs will leave you without a car to drive, which could consequently result in you losing your job.
* Urgent home maintenance repair:
Home and roof repairs are an emergency, especially if delaying repairs can cause further damage to the home. Which could end up costing thousands of dollars and if you don't have that cash on hand, an equity loan can get you a large sum of cash with in a few hours.
* Money needed for bail:
If a loved one is in jail, coming up with cash to bail them out can be difficult. A cash equity loan is ideal for this situation because it can be repaid in full, once the bail is returned by the court.
Pink slip loans are typically thought to carry high subprime interest rates and have strict repayment terms, additional lending fees and severe penalties for late or missed payments. They can also result in repossession of your vehicle should you default on the payments. This is why a lot of people do not recommend taking this option.
However, if you are in a desperate situation, a cash equity loan may be the only option to get the cash needed quickly for those with bad credit, low income or no steady job, by providing collateral, like an auto title. But you must follow a few precautions when selecting a reputed lender, reading the fine print in the agreement and making sure that the interest rates are competitive, you can avoid predatory lenders' debt trap loans.
Before you take a cash equity loan, always have a plan to that will allow you to repay the debt on schedule, or you could end up losing your car and lowering your credit score even further.
Loan In 60 Minutes, Up To $ 1500. Do Not Wait For The Cash Immediately. Instant Approval. Get Quick Loan Now!
Rating of payday loans lenders only
Get Online Application at online payday loans.
0 comments:
Post a Comment