Saturday, October 26, 2013

Car Title Loan in the United States

Pink slip loan - car title loan
In the United States, a car title loan, also referred to an auto title loan, pink slip loan or simply called title loan, is a type of secured loan where the borrowers are able to use the auto title as equity. Borrowers who get title loans need to make it possible for a bank to set a lien on their auto title, in exchange for a loan amount. Once the loan is repaid, the lien will be taken off and the title will be returned to the owner. If the customer fails on the expenses then the bank is liable to repossess the vehicle and sell it to repay the borrowers’ outstanding debt.
Creditors usually do not check the credit history of consumers regard to these kind of loans and only consider the worth and condition of the car that's being used to protect them.
S.O.S. title loans can be acquired in 15 minutes or less on loan amounts as little as $1000. A lot of other companies is not going to loan under $3000 to someone without the credit score as they say these not really worthwhile and too risky. 
S.O.S. Title Loans do not consider the borrower's credit score.

1 comment:

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