For the average citizen, financial crisis and hard times are a part of life. Barring a few exceptions, most individuals may face a cash crunch at some point of time. This, in most cases would be a passing phenomenon, which needs to be overcome temporarily with a small loan or advance. A large number of people generally drop in at a pawn shop to seek a loan against pledged property. While it may appear convenient for many, because of the speed with which money is disbursed, it actually comes with its own share of drawbacks which can be easily overcome with a better alternative.
The Option Of Keeping Your Property Safe & Intact
There is a certain amount of risk involved when you pledge your property at any of the pawn shops Seattle. Seattle residents need to understand that the loan amount sought, will typically be around 25 to 30% of the value of the property pledged. This effectively means that in the event of any unfortunate error on the part of the pawn shop or a break in, you may end up losing the object which could be of sentimental value in addition to its monetary value. When you avail a payday loan, you will not be exposing any of your properties to risk.
How A Payday Loan Differs From Pawning Objects?
A payday loan is a simple and convenient loan which can be availed at very short notice to tide over financial crisis. In other words, you can avail a loan of up to $700 from any of the associate lenders or agencies of the featured site. This amount needs to be repaired in a period of two weeks with reasonable interest. This is a lot more convenient than pledging your property for a loan amount. When you pawn any articles you may actually end up paying almost $22 every month for every $100 that you avail by pledging.
Simple & Uncomplicated Procedure For Availing A Payday Loan
Availing a payday loan is quite simple and uncomplicated. All that you have to do is enter in basic details on the featured website and subject to approval of the payday loan you may receive the loan amount in your bank account. Depending upon the speed of processing, you may actually receive this amount as early as what business day from the time of completing formalities. After you have entered in your details, the same will be transmitted to different lenders and agencies and the one who response first will process your request and make the payout.
Repayment Period & Eligibility Conditions
The maximum loan amount that can be availed through a payday loan is $700, and this amount needs to be repaired within a period of two weeks. To be eligible for this loan you need to have a checking account and also prove that you are in a position to earn and repay the amount. One of the advantages of this payday loan is that, individuals with a bad loan history may also receive the benefit of the payday loan subject to approval by any of the associate lenders and agencies. However this is more suitable for individuals who have the capability to repay the amount within two weeks.
Probability Of Approval
The probability of approval his higher because of the fact that your request will be transmitted to many different private lenders and agencies that may be willing to take a risk. With a good credit history you will find it easier to avail the loan in the shortest possible time. However if you do not have a good credit history, you may still be in a position to receive assistance depending on the policy of the lenders. Generally, the approval hinges on your ability to repay, in addition to other basic criteria.
A payday loan is a lot better than pawning your personal objects out of desperation. Beyond a particular point, the interest rates and the processing fee of the pawn shop, in addition to the storage fee may swell fast. This made in make it difficult for you to repay the loan, and you may sometimes end up losing the object altogether due to non repayment of availed loan.
