Tag Archives: Payday loan

Pink Slip Loans Worse Than Payday Loans

A shop window advertising payday loans.

A shop window advertising payday loans. (Photo credit: Wikipedia)

Pink Slip Loans Worse Than Payday Loans

Pink slip loans are a financial last resort in the same vein as payday loans. They work in much the same fashion, offering a borrower a sum of money over a very short span of time at a high interest rate. Unlike payday loans, many pink slip loans do not require a fee. However, this is because they effectively lien the car against the loan. If the loan is not repaid, the car is taken.

This changes the dynamics of the loan significantly. In … Read the rest