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One way to get cash is to take a car title loan. This secured financing uses the car title as collateral, allowing consumers to bypass credit requirements imposed by banks. Tarzana, California, company Instant Pink Slip Loans has just announced a new kind of title loan.

It uses Manheim Marker Report (MMR) pricing to provide title loans representing a maximum 120 percent of a car’s value.

Individuals can apply for a loan 24 hours a day over the telephone or online. The loan contract and check are delivered by a notary public to a location stipulated by the borrower.

Company President Gregory Plotkin says using MMR values is a change from the standard practice of using Kelley Blue Book pricing. MMR calculations are based on the prior 13 months of sales transactions and include more than ten million transactions.

Using MMR allows Instant Pink Slip Loans to provide consumers with more money for the collateral vehicle. The company deals with customers in Arizona, California, New Mexico, and South Carolina.

The minimum loan amount in California is $2,510 and in the other states, it is $1,500. Mr. Plotkin reports that interest rates are competitive.

Customers can receive loans with terms between 24 and 48 months, without any prepayment penalty. Loan approval is often granted in just 60 seconds and secured bad credit loans are available for people who have credit issues.

This presents an alternative for consumers whose loan applications have been rejected by banks.

Before they take out cash advances from their credit cards or get expensive payday loans, consumers may want to consider an auto title loan. If a person holds the title to a vehicle and completes an online or telephone application with the appropriate lenders, an approval may come in just seconds.

The cash and contract will be delivered to the doorstep, making for a convenient process.