As a result of the recent economic downturn an unusually high number of people are finding themselves in economic straits. The abysmally high unemployment rates and the historically high foreclosure rates have destroyed countless people's credit scores. Even those with poor credit scores need access to credit for a wide variety of reasons. Whether it is unexpected medical bills, lawsuit, car repairs, Christmas time, etc. there are numerous reasons someone would need access to credit. Pink slip loans are available to a broad range of individuals with a wide variety of credit histories.

Title loans are relatively simple. Perspective loan candidates should use his or her car title as collateral to secure a loan. The application process is also fairly simple. Most title loan companies allow loan candidates to apply on their website or over the phone. The person seeking the loan only needs to provide some basic information and meet some simple standards to receive approval. It is imperative that the pink slip loans applicant have access to the intern and or a fax machine. They should also be at least 18 years of age. The loan applicants should also own the car they are putting up as collateral. If they don't own the car, some pink slip loans entities allow the applicant to be approved if most or nearly the entire car paid off. This car also needs to be fully insured. Most pink slip loans institutions prefer cars that are less than a decade old. Pink slip loans candidates should not be in the middle of bankruptcy, nor should they have 3 or more delinquent accounts. It also makes it difficult to be approved if the pink slip loans applicant has had something repossessed within the past 6 months. To verify the character of pink slip loans applicants, pink slip loan agents will often request the names and contact information of 8 references. The agent often will want 4 of the references to be family members the applicant has at least somewhat of a relationship with. The aforementioned information and criteria are relatively standard, but obviously is going to vary somewhat from pink slip loan institution to pink slip loan institution.

Once the pink slip loans applicant has provided all the necessary information, they are generally told whether or not they have been approved for a loan within one hour. If they were approved, the pink slip loans agent will setup a time with them where they can meet to sign the loan agreement. While the loan agreement is being signed, the pink slip loan agency often does a quick inspection of the car to ensure that all the information that was provided about the car's value is valid. After the loan agreement is signed and the car passes inspection the individual is generally able to receive their cash within 24 hours.

Within the pink slip loans industry though there are some companies to look out for. State law dictates what licensing is necessary to function as a pink slip loans office, and one would be wise to ensure that the pink slip loan office they go through is legally licensed to do so.

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