Los Angeles, CA -- (SBWIRE) -- 06/19/2012 -- Long term loan availability is in-built in our financial system. In contrary to that, there is little scope to avail a short term loan. This is definitely a major short fall in our financial system. At times, we face critical situations such as urgent hospitalization and unforeseen critical family needs for which we are not financially prepared. We get perplexed and desperately look for ways and means to arrange fund. In such situations, there are possibilities that you end up taking a wrong decision and get exploited. In the absence of any organized financial system, we fall prey to such incidents and become a victim of the circumstances. To protect ourselves from such a situation, we have to be more informative about the availability of short term loans from registered financial houses and banks .To deal with such cases pink slip loans were introduced.
As per the pink slip loans, the applicant’s car will become an instrument for obtaining Pink slip loan. Pink slip loan is a title cash loan where, car title is used as collateral. Banks and financial institutes issue Pink slips after assessing the actual value of the car. An individual above the age of 18 years is entitled for such a loan. A person with bad credit ratings is also entitled for Pink slip loan. However, the borrower will have to surrender the title of the car till the repayment of the loan amount. Pink slip loans are comparatively of high interest rate. To avail pink slip loan, one needs to have Bank account through which the transactions are made. Some relevant documents such as self identity proof, address proof, income proof and bank account details are to be submitted. Pink slip loans are simple, easy-to-apply and hassle free. A set of car keys are also to be handed over but one can continue using the car. This is the best aspect of the Pink slip loan. On submission of relevant documents, the loan is sanctioned within 24 hours; thereby helping one to come of the critical situation.
It is expected that one is careful enough to frame his back-up plan to repay the loan on schedule. In case of default, the borrower should be prepared to forgo the car as a way out to settle the loan issue. This is of course not an invited situation. Pink slip loans are primarily aimed to help out an individual not only to come out of immediate financial crisis but to save him from the possible exploitation by unethical money lenders. This really acts as a friend in case of crisis with very long term beneficial effects on society in general.
Visit http://www.tfciloan.com/ to know more about car title loans.