I giggle to myself when my friends compliment the success I am enjoying with my décor company. I do it silently and smile, because, if I were to narrate all it took me to get there, they would pity me. I bet you are as curious as they would be to know something. Well, I once secured a juicy tender but it happened that I did not have the cash for the supplies. I was saved by something I had never used or heard of until that day: a pink slip loan.
I am sure your next curiosity burns as to what are pink slip loans. I will explain it all.
Now, when the grim reality struck me that I could not service the tender I had just won, I panicked. I really hope a career girl is reading this because it might help you keep the faith at your darkest hour! I tried calling the banks, but they said it would take long to assess my credit history before giving me the loan. I called an old friend and he told me about these loans that I could receive within a day and all they needed was my car title (otherwise known as a pink slip).
In short, a pink slip loan is a loan in which your car plays the role of the collateral. Once you find pink slip loaners, you present the car title then they give you the cash. Of course, it has to be less than the estimated value of the car. To this day, I prefer these people as they offer many advantages over other credit institutions.
First, they do not require you to undergo a credit check! This means you could be bankrupt, but, as long as you have a car with a clean title, they will consider you. Second, my fellow ladies, if you have a poor financial standing, or you have no bank records whatsoever, worry not. They do not need that, either! This makes them a perfect option when you are starting a business or when an emergency, like mine, strikes! Finally, as long as your pink slip is clean, you get the money on the spot. No waiting, no approvals.
However, I will not pamper you with glitter and ignore the little risk in these loans. They have downsides, too. One of them is that these people need their money back in a very short time. The most I ever heard of was 3 months! Second, though this is determined by you, you might lose your car if you default. I, therefore, urge you only use these loans when you are sure that you can repay as agreed.
There you have it; everything there is to pink slip loans. In my case, I am not worried by the few downsides because I assess myself before going for one. If the short period is good enough for you, then you have nothing to worry about. I just hope my bank doesn't read this. Otherwise, they might be tempted into getting these loans themselves!
Cheers, ladies!
Abbi Gabasa is the Managing Editor of MsCareerGirl.com and owner of UpraisedLiving.com. Having the background of a Marketing and Public Relations Manager with years of professional experience in various industries has given her an insightful perspective on careers, lifestyles, relationships, and attitudes which she humorously applies in helping people through her writing. Abbi is a training life coach, and an advocate of children's charities, women empowerment, optimistic thinking, and slow Sundays. A self-confessed Jane of all trades, she hopes to help girls all over the world find their calling and pursue their passions.