Which Better Payday Loans or Pawn Shops? - Payday loans can be beneficial to you and a temporary finance-saving help to turn to when you are having a crisis. But on the other side it can turn into a horrible financial or debt-trap as many pawnbrokers have become to their customers. However, payday loans online are completely different from pawnbrokers, although the similarities are great.Pawnbrokers would usually ask for your property as collateral to guarantee your loan. Usually the amount of money you are applying to borrow is only a fraction of the property’s value. To easily understand this, you may bring in your car as collateral which is valued $3,000 but you only receive $1000 as a pawn loan. The pawn shop will charge you interest on the loans which is usually a short term loan that lasts for one month. By the end of the month you are expected to pay back the amount of money you borrowed plus the interest that the loan has accrued.(see HERE)
Should you fail to repay the loan and interest on time, the lender will sell your property in order to get the money back but then also earn profit as the value of the property is significantly greater than the money they lost by lending to you. Pawn shops would usually not send you any reminders to repay the loan and will just sell the property without notice when the loan term is up and no payment has been made.
Payday loans online, however, does not require you to have a collateral to be eligible for a loan. The application for a loan is easier as you can do it online from home. All you need to do is to prove that you earn money which is directly deposited into a bank account. A legitimate payday loans online company will then verify this information.(see HERE)
Once you are approved to get a loan, the money will be available to you within about 24 hours. You are usually given a little time to repay the money without having any interest accrued to the loan. Usually payday loans companies give you 2 weeks to repay it. If after 2 weeks you are still unable to pay, then the interest will begin accumulating.
Before deciding where to get your loan from this time, make sure you ask a lot of questions first . Payday loans are usually competitive with one another and it is best for you to consider a few companies first before making any decisions.
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