Wednesday, November 21, 2018

Don't Turn Your Check Into Cash
Money does not grow on trees, nor will relief for annual fees or astronomical interest rates that could have you sacrificing control of your paycheck in the future.

According to the Washington Post and Pew, payday loans have become a lucrative business, earning $7.4 billion annually. Each year millions of Americans take out these types of loans when suffering tumultuous financial times.

These kind of cash loans in Oceanside are the very definition of "robbing Peter to pay Paul." Borrowing against a future paycheck or putting up the title to your car can cause a slippery slope.

Pawn shops like Gems N' Loans are willing to stake you the loan in exchange for collateral. This means interest rates as low as 2%, in exchange for something of value, adding the option to redeem it under the loans terms. However, in a worst case scenario, the borrower could end up losing the item, rather than have their pay check garnished.

English business magnate, investor, Richard Branson of the Virgin Group has even been quoted saying "material things are delightful, but they're not important."

Saturday, November 10, 2018

Payday Loans Oceanside Compared to Other Cash Loan Options

There are stereotypes that users of alternative financial services are from the lowest socioeconomic levels. But borrowers from pawn shops and payday lenders are often middle class young adults, struggling to make their way in the post-college real world without financial help from the Bank of Mom and Dad.

The most obvious problem with payday loans are their extremely high interest rates. The fee for a payday loans can be anywhere from $10 to $30 per $100 borrowed, which works out to an annual interest rate of 261% to 782% sometimes.

The Gems N' Loans model is based on collateral lending that is structured based on the value of the item you wish to pawn. The pawn can often simply be the sale of the item if the customer doesn't wish to retrieve the item at a later date and doesn't care. Or in most cases the item of values is used as security to back the loan.

So before you go get involved in a title to payday loan, consider you neighborhood pawn shop for the emergency funds.