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."

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