What defines a risky loan? This is usually means loans taken by people who may have difficulty maintaining the repayment schedule, sometimes reflecting setbacks, such as unemployment, divorce and medical emergencies. This situation is unique and can be remedied with the right options.
Payday loans unlike collateral loans, often require credit checks or a payroll check to back the loan. Where a collateral loan say from pawn shop, only requires an article of value to secure it.
Why is the payday loan not for everyone? For many people, a lot. People borrow based on their paycheck. Sometimes a $250 loan can climb over $1,000 when not paid on time. Your most expensive credit card may have an interest rate of 28 percent or 36 percent maximum. Where the payday loan can reach up to 10 times that. For example: if a $100 payday loan costs you $15 for 10 days, that's an annual percentage rate of almost 400 percent.
With a pawn shop loan from Gems N' Loans, one can take something of value that you own like a watch, jewelry or musical instrument, to use as collateral in exchange for the cash you need, then pay it back in the future. Small or independent business owners often utilize pawn loans, or collateral backed loans, in order to make payroll. The only risk is losing the the article of value. The interest rates are also as low as 2%.
People with damaged or limited credit sometimes find themselves in a desperate search for a no credit loan. However, there are only two types of loans that require absolutely no credit check. For example, loans from family and friends and pawn shop loans. All other loans, including payday loans, require some type of credit check.
Payday lenders often boast that they offer no credit loans, but that is a half-truth at best. And the lax credit standards they do apply contribute to the high default rate of payday loans. Gems N' Loans in Oceanside are offering a no credit loan with a 90 day re-payment option. Getting fast cash from pawn shops the interest rates can be as low as 2%.
All my life I have been fascinated with money. I remember one day when I was about six years old my father told me, “Money doesn’t grow on trees”. After I thought about it I had to differ. All paper currency once was a tree. Maybe and exception for the Australian plastic bills.
Getting a cash loan in Oceanside isn't as far fetched. There has been a big discussion regarding the PayDay loan borrow option. Some find it convenient however, the interest rates can be astronomical and never ending. I always recommend a collateral loan when someone is in need, and does not want to be hassled with a credit check.
We don’t request credit checks and are a “no hassles business.” When you need cash, we are here for you. All transactions are confidential, and once you are a customer, we will treat you like family. If you are in a bind, or just want to cash in your unwanted merchandise, we are here for you. Save thousands of dollars on new, estate, vintage, and GIA certified diamond jewelry at any of our Gems N’ Loans locations.
