Usually after Christmas, Americans take down the tree, clean up the sea of wrapping paper, and perhaps begin to glance at their the financial wreckage from another holiday season.
According to Market Watch, it has been said that Shoppers in the U.S. rack up an average of $1,054 of debt over he holidays, which is apparently an increase since last year, according to a survey from MagnifyMoney, a personal finance website. They found 44% of shoppers racked up more than $1,000 in holiday debt, and 5% accumulated more than $5,000 in debt.
Pawn shops offering cash loans in and Around San Clemente recommend taking a personal inventory of any items of value you may have, before hiking up your credit cards. The collateral loan business will loan cash or out right buy merchandise of value. So if you have some article such as laptops or unused jewelry, this could be a great way to be resourceful and avoid debt, by recycling items of value for new gifts for your loved ones.
Learn how to get a cash loan or exchange for cash here!
Payday Loan: Why It Is a Lifeline Today The payday lending perseverance has grown exponentially over the last 15 years. It is estimated that over 20 million Americans use payday loans every lunation. Over the past few ages, the payday lending industry has appear under increasing scrutiny by various regulatory bodies, and in exact the Consumer Financial Protection Bureau (CFPB).
Have you received a pre-approved offer in the mail this holiday season that looks like a check, made out to you and ready to cash? Before you rush to the bank, visions of presents dancing in your head, know that it’s not free cash. Rather, it’s more likely an expensive loan.
Such pre-screened mail offers, or “live checks,” are personal loans sent from banks or lenders to consumers who meet certain criteria, like a minimum credit score. Cashing the check enters you into a loan agreement that may last multiple years and have an annual interest rate above 25 percent.
Chris Jackson received a live check in the mail last November for $2,500 with a 28 percent interest rate. Jackson, a financial planner, was skeptical, but his family reacted differently.
“I asked my family what they would do with [the check], and of course they said they would cash it,” says Jackson, founder of Lionshare Partners, a financial planning firm in Los Angeles.
Collateral-based loans lend when something of value is used to back the loan, leaving this to be a safe option. You take in something you own, and if the pawnbroker is interested, he or she will offer you a loan based on it's value. The pawnbroker then keeps your item until you repay the loan. No credit checks are conducted and interest rates are as low as 2%. This appears to be the best loan option before payday.
Learn more about collateral lenders in the San Clemente area!
Once you submit an application online for a same day payday loan, you get an almost instant reply from lenders as soon as within same day of request. They try to make all things fast and easy.
When borrowers are unable to pay back a payday loan on time, they either renew the loan or take out a new one. While they keep making payments on their loans, the amount they owe never gets any smaller. A borrower who starts out with a $400 loan and a $60 interest payment and then keeps renewing the loan every two weeks for four months will end up paying about $480 in interest and will still owe the original $400.
It is possible to get cash loans right on the spot at any pawn shop in or near San Clemente. These types of collateral loans only require an item of value in exchange for the loan amount, which also depend on the value of your item.
The worst case scenario the borrower could lose their collateral if they default on the loan. Mean while their credit score is unaffected nor are there any fears of next paycheck garnishment.
Learn more here at Gems N' Loans Dana Point.
Pawn brokers in San Clemente serve in multiple capacities, as do loan officers, bankers, and even historians. However, a good pawn broker buys items for a reasonable price and sells them at a discount. The pawn industry is about making money, which means repeat business and reasonable deals.
Recently pawn shops have been inundated with bad press no thanks to Hollywood productions tying pawn shops to seedy neighborhoods and bad dealings. Fortunately, the reality of the pawn industry couldn’t be further from that.
Gem N' Loans offer a clean private environment where one in need may obtain a no hassle loan or a rare guitar. So whether you are jamming in a band or out the door to get some fast cash, a pawn broker will most likely be the least invasive loan option available. This means no robbing Peter to pay Paul.
All pawn shop merchandise is verified as not stolen and often have better deals online. you might find that iPad you always wanted and get to actually test it.
Learn more about the reality surrounding collateral lending here!
