Car Title Loans?

Two of my cousins are currently selling their cars and we were talking about pink slip loans. Do you know what it is? It is about the different collateral loans that even includes car title loans. My cousins were selling their cars cause they need to use the money for something else. One is actually getting married soon. The other one would need it for their business. So we were discussing how they can actually use the title of their cars to get money out of it. One of my cousins recommended that there are servicing companies like this which actually provides loans without surrendering your car. You can actually keep and drive your vehicle as long as it has a minimum wholesale value of $5000. I heard a company would only require the original notarized title of the car, the car registration, copy of driver's license, social security card and recent paycheck stubs. The car must have comprehensive insurance as well. They would also review your entire home bill including cellphone and utility bills.  It is actually a good option in case you really need cash for some immediate requirement or emergency.  Now, my cousins are actually exploring that option instead of just selling their cars.  It's a better option I think.