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Payday Loans vs. Pawnbroker Loans

        There are different ways to come up with cash rapidly in a difficult situation. The two most popular quick fixes are getting a cash advance payday loan and using a pawnshop. Since neither requires a credit check, these two methods are readily available to most people.


       Cash Advance Loan


       In order to receive a quick payday loan, the applicant must show proof of employment and earn a set minimum income each month, depending on the lender. The person must also produce some sort of legal identification and have a bank account. The transaction can be done at either a local payday cash loan storefront or through an online service.
        The online cash advance is more convenient for those who are short on time or have limited transportation. The whole transaction is completed from the applicant’s computer and money is usually transferred within 24 hours. Money is lent based on income, not on credit or collateral.
       Local payday stores require an application visit and, if the loan is approved, the borrower needs to come back to sign additional paperwork. They may pick up the money or have it deposited into a bank account. Whether online or in person, the loan must be paid back on the borrower’s payday to avoid additional fees.


       Visit a Pawnshop


       A pawnshop loan is also a quick fix, but the borrower must have something of value to put up as collateral in order to receive the loan. Most pawnshop loans are good for four months before the lender releases the merchandise the borrower brought in as collateral. If the loan is not repaid in full at this time, the merchandise is forfeited and put up for sale at the shop. The pawnshop loan normally does not require a credit check or proof of employment, but the amount lent on the collateral item is usually conservative to protect the pawnshop in case the money is not repaid.


       Convenience


        While neither a pawnshop nor a cash advance payday loan requires a credit check, both are made at a higher interest rate than a standard loan because it is easier for the borrower to be approved to receive the money. If it is paid off as planned, this is a reasonable and convenient option.
        Payday loans have a distinct advantage, however. If the borrower is unable to pay back the required amount by the next payday, they can simply pay back the interest and receive an extension. This is helpful for someone who knows that the money is coming to them but simply has not arrived yet. Regular bills, such as rent, utilities and credit cards can be paid without damaging credit and the money can be paid off through the payday loan as soon as it becomes available.


 
 
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