Although cash advance loans have been around for several decades now, there are still some old school options for those people looking for quick cash. Credit cards aren't always fast enough. Friends and family won't always open their wallets. Cash advances may end up costing much more. For many, supplementing a paycheck or taking care of an unforeseen financial obligation can be met with a visit to the local pawn shop.
Pawning something for quick cash may be a better option than a cash advance if you know you are not in the position to make cash advance payments. If you get in a bind and aren't able to pay back your pawn shop loan, the broker will keep the item you brought in and will sell it to recoup his costs. It may be difficult for you to accept that you won't get your possession back but at least you won't have to worry about how you are going to make payments on a loan.
The pawn broker will determine what value your item holds and then assess a dollar amount to it. You will then receive a percentage of that amount in the form of a loan. Keep in mind, you will be charged an interest rate which may be steep but it mostly likely won't compare to the high cash advance lender interest rates.
Once you and the pawn broker have come to an agreement on how much you will receive, you will get a receipt with all of the details regarding your item and the amount you are borrowing. You will also be informed of how much you need to repay at the end of the loan term as well as how long you have to pay the pawn shop back (usually 30 days). If you need more time to repay you can always call the broker and renew your loan for another 30 days. If you don't repay, the pawn broker will keep your collateral and put it up for sale to make back the money they loaned you. You can also sell your item outright so you can get your cash and have peace of mind knowing that you don't have to repay anyone.
Cash advances are different in that you don't have to have any type of collateral to borrow. There is no driving to a store or finding an item of value in your house. You can simply apply online and have the cash in your bank account the following morning.
The toughest part about cash advance loan online or in-store is paying them back. Often times borrowers need the cash so badly that they don't think about how they will pay it back. Some only think about paying back what they borrowed and don't consider how much they will be charged for interest and fees. Be aware that the average interest rate for a payday advance is anywhere form 300%-500%. If you borrow $ 200, you will need to pay back the lender about $240. If you aren't able to pay back the loan in full with your next paycheck, you will be charged interest and more fees. This can cause a vicious cycle of cash advance debt.
If you are in need of fast cash, consider finding something in your house of value that you won't miss should you take it to the pawn shop for a loan and not be able to pay the broker back. Think twice if you are considering taking something of sentimental value. If you can't repay your loan and the broker sells the item, it may be emotionally devastating for you.
Pawning something for quick cash may be a better option than a cash advance if you know you are not in the position to make cash advance payments. If you get in a bind and aren't able to pay back your pawn shop loan, the broker will keep the item you brought in and will sell it to recoup his costs. It may be difficult for you to accept that you won't get your possession back but at least you won't have to worry about how you are going to make payments on a loan.
The pawn broker will determine what value your item holds and then assess a dollar amount to it. You will then receive a percentage of that amount in the form of a loan. Keep in mind, you will be charged an interest rate which may be steep but it mostly likely won't compare to the high cash advance lender interest rates.
Once you and the pawn broker have come to an agreement on how much you will receive, you will get a receipt with all of the details regarding your item and the amount you are borrowing. You will also be informed of how much you need to repay at the end of the loan term as well as how long you have to pay the pawn shop back (usually 30 days). If you need more time to repay you can always call the broker and renew your loan for another 30 days. If you don't repay, the pawn broker will keep your collateral and put it up for sale to make back the money they loaned you. You can also sell your item outright so you can get your cash and have peace of mind knowing that you don't have to repay anyone.
Cash advances are different in that you don't have to have any type of collateral to borrow. There is no driving to a store or finding an item of value in your house. You can simply apply online and have the cash in your bank account the following morning.
The toughest part about cash advance loan online or in-store is paying them back. Often times borrowers need the cash so badly that they don't think about how they will pay it back. Some only think about paying back what they borrowed and don't consider how much they will be charged for interest and fees. Be aware that the average interest rate for a payday advance is anywhere form 300%-500%. If you borrow $ 200, you will need to pay back the lender about $240. If you aren't able to pay back the loan in full with your next paycheck, you will be charged interest and more fees. This can cause a vicious cycle of cash advance debt.
If you are in need of fast cash, consider finding something in your house of value that you won't miss should you take it to the pawn shop for a loan and not be able to pay the broker back. Think twice if you are considering taking something of sentimental value. If you can't repay your loan and the broker sells the item, it may be emotionally devastating for you.
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