Introduction
City loans are simply loans that are centralized to car or auto title loans as well as the pink slip loans. These loans are provided to the citizens from various States. The terms and conditions of use differ from State to the other and from provider to the next as well. These city loans programs are offered to meet everyone’s needs and their budget. They are also meant for people who lost their jobs and those with bad credit.
Step 1
City loans may also include other loan options though the auto loans are the most common options. To begin with, the car title loans offered under city loans are loans provided to car owners. These loans require one to provide their car titles as collateral for the loan. They are basically short term loans but are associated with relatively higher interest rates compared to other sources.
Step 2
As said earlier, this category of city loans does not require a person’s credit history. They are only aimed on the value and condition of their automobiles. The best thing that is very different from other loans is that these city loans can be acquired within 15 minutes or even shorter period. The amounts loaned also go to the lowest loan in history of up to $100.
Step 3
In most cases, city loans for car title offer up to 50% of the value of the borrowers’ vehicle. The interest rates start at around 3% on monthly basis. These loans extend their services to offering secured credit cards and revolving lines. These ways allows one to pay cash advances over time. This works in lowering the monthly payment of the borrower.
Step 4
The other category of city loans is the pink slip loans. This is much like the title loans and uses the loan-seeker’s vehicle ownership as collateral against the loan. The vehicle also remains under use of the borrower. The pink slip loans range from $500 to $25,000 and can cover higher credit as well.
Step 5
The basic condition to meet when acquiring any of these forms of city loans is loan seeker must own a vehicle. The best thing with these loans is that they can be applied via the internet as well. The online application for city loans enhances their availability and accessibility. A borrower can get the loan any time they want, day or night. This caters for emergencies that occur any time. The application process is very simple in addition to the processing time.
Step 6
City loans can be termed as very unique loans with simplified terms of use. It is very rare to find institutions lending less that $1,000 as loan. These loans are also offered with no credit. This is of greater benefit for any borrower as they don’t risk much in exchange. The other issue that makes these loans sound unique is that of even the unemployed people being able to acquire the loan. At the end, city loans are basically the best choice for car owners in fulfilling their minor money issues.
