Tuesday, February 19, 2019

Getting an Advance in America During Shutdowns

Only recently, people are asking "what are the best ways to borrow money during the federal shutdown." Situations that cause a two or more week government shutdown, can leave hundreds of thousands of federal workers that are furloughed or working without pay.

While payday loans are seen as options, these short-term loans are generally for $500 or less, carrying interest rates that can easily run into the triple digits. No to mention, the vicious cycle of a revolving door loan to payback the first initial amount borrowed.

Depending on the laws of your state of residence, payday loans are typically due two weeks later and require being paid off in one payment, along with a finance charge, including the service fees and interest.

Cash loans that require expedience are better sought at the convenience of a pawn shop or collateral lender. Companies like Gems N' Loans offer interest rates as lows as 2% and are currently offering 0% for the first month to governmental employees during this crisis. This type of collateral loan only requires the borrower to stake an time of value in exchange for the intended borrowed amount.

No comments:

Post a Comment