Fast Cash and Payday Loans Alternatives That Are Less Risky

When looking to secure a cash loan in desperate times, the biggest downfalls come from payday loans and when the borrower falls into a cycle of repeatedly extending their loan, when not having their pay back amount in time. They end up being unable to repay their loan on the suggested payday, therefore, extending the loan for another pay period. This eventually has them spending borrowed money and in the meantime, the fees continue piling up. It's a terrible cycle that lends itself into debt indefinitely. Even if they only have the loan for a few weeks, they are likely to pay much more in interest with a payday loan than you would for a personal loan or even a credit card cash advance.

This doesn't mean they are out of luck and there aren't alternatives that may suit them. Finding a collateral lender can often be the solution. Pawns shops like Gems N' Loans have known to lend money in exchange for something of value to secure the loan. They simply hold on to your gold ring or Mac Book in exchange for cash against its value, until you can return to pay it back. This include low interest and options for extensions, making the borrowing process itself less risky. The fees may vary depending on the loan amount. However, the borrower has the option to pay the fee and then pay down on the principle on or before the due date, making it easier to pay back the loan.

All you need for the pawnbroker is your assets and a valid government issued ID, this means not credit checks or bank account levies. And not to mention you paycheck unscathed.

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