Thinking about pawning your stuff to raise money? Wait, don’t accept pennies on the dollar for your property. Instead, consider a fast cash advance. Get a quote for a loan online and get a decision in minutes. It does not cost you anything to apply, so why not check out all of your options before you rush off to the pawn shop.
Why Cash Advances Over Pawn Shops
- You can borrow more money.
You can borrow up to $700 with a cash advance. With a payday loan, you must secure your loan with property. For a loan of that size, you would need to give the pawn shop something worth $2000 – $3000. Do you have anything like this that you can risk losing?
- You can keep your things.
Think about the item you would be willing to pawn. How much would it cost you to replace it if you lost it? Can you live without it until you pay back the loan? Do you trust the pawn shop to handle your item with care and not accidentally sell it?
- You can apply online.
No need to drag your property from pawn shop to pawn shop to compare rates. You can get a quote for a loan online now. The quote has zero obligation until you accept it. Even then, Seattle law allows you 24 hours to change your mind.
Still not sure that a payday loan is a better option than a Seattle pawn shop? Keep reading and learn about this type of loans so that you can make the right decision.
Is A Payday Loan Better Than A Pawn Loan?
Perhaps, it at least deserves some consideration. This type of loan might be right for you if you just need a hundred dollars or up to seven hundred dollars to get you by. If you need just a little cash and can pay the loan back in two weeks or so, a payday loan could be an option. If you need more time to pay off the loan or know that you can not pay it back, it might not be the choice for you. Get your quote and then evaluate the terms of the loan before you decide.
If a payday loan is not for you however, a pawn shop loan is also probably not the best option. They will have similar loan lengths and also come with the downside of having to put up property for security. You can only borrow a portion of the value of the property so the loan amount is very limited.
What is the payday loan process like?
You will begin by filling out a quick online application. The forms take just a minute to complete and you will get your decision soon. If you accept the loan, you can have your money as soon as the next business day in many cases. Proceeds will be deposited right to your bank account. A pawn shop might be able to get you money the same day but there is no guarantee they will want your stuff and if they do, they will value it low.
Will I get approved?
Most people will be approved if they simply have a source of income and a checking account. With those two things, you are typically good to go, even if you have poor credit. Will you get approved? There is no way to tell until you apply. The good thing about our quote system is that we use a ping model. Your application is sent to multiple lenders until one is found that wants to work with you. It improves your odds of getting approved and saves you time.
Convinced yet? If nothing else, why not apply for a loan online and see the terms before you rush off to a Seattle pawn shop. You might be glad that you did.
More On Pawnshop Loans
Just like every other loan type, pawn shops are regulated highly by the state. You can see about all of the regulations at this website, but here are some of the key things that you might be interested in and that might apply to you.
- A pawnshop loan should be for a period of ninety days ad the pawn shop can not sell your item before that time has expired.
- It is illegal for a pawnbroker to receive property from anyone under the age of 18, anyone who is intoxicated or under the influence of a substance or anyone that has been convicted of robbery, burglary or theft in the last ten years.
- A pawnbroker must have a fixed place of business to operate in the state.
- Not only can a pawnbroker charge interest on a loan, but they can also charge a fee for the preparation of a loan document and a monthly storage fee. These fees are regulated by the state. Here is an example at the current rates when this article was written.
For a $100 loan, the pawn shop can charge 4% interest for each 30 day period, they can charge a 13% loan document fee and a $5 storage fee per month. So for one month, a $100 loan would take $122 to repay. That is an effective APR of 267.66%