One of the most obvious problems with payday loans is their extremely high interest rates. Their fees can be anywhere from $10 to $30 per $100 borrowed, that which works out to an annual interest rate of 261% to 782% at times. The common misconception is that if you had a hard time raising say $300 in the first place, losing another $345 out of one paycheck leaves a big hole in the borrowers budget, forcing them to come back for another loan to cover the bills. Eventually, they can wind up entrapped in an ongoing cycle of debt.
Another alternative for cash loans would be to consult with a collateral lender like a pawn shop in Oceanside. Pawn customers pledge property as collateral, and in return are lent money. When customers pay back the loan, their merchandise is returned to them. Yes types of loans are made on everything from jewelry to electronics. If the customer elects not to redeem his or her collateral, there is no credit consequence to the borrower and the items are sold at a value price to retail consumers.
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