Blame it on these tough economic times with the ongoing recession, and ever rising inflation that have both led to an increase in folks seeking out a short-term loan to carry them over between checks. A demand that has led to the introduction of even more options for people in need of a fast cash advance. Both on and off-line venues. At the same time, while fast cash loans are more readily available now, each option comes with its own "pros and cons".
Take your local pawn broker is a fine example because he is still open, and in fact business for this particular loan venue has picked up. So if there isn't one open in your town then there for there's one in a city near you, and securing a loan from your local pawn broker does carry with it a few good benefits. For instance it's fast because there's no credit check. In fact you can be out the door with cash in hand in as little time as 10 minutes. However, there is one big downside though.
That downside is that in order to obtain a loan from your local pawn broker you're going to have to bring something of value with you to hand over for them to hold as collateral. Now it's also worth mentioning here that you won't be getting the full value of your collateral is your loan either. Rather they generally lend something in the area of 20% of the value. Then something else you don't want learn the hard way, is that if you're late on your loan payment you lose your collateral for good.
Don't forget about banks and other similar community-based lending venues like credit unions because they are still in the business of making loans. Now you're going to need to have good credit but if you qualify they will lend you. It's also worth mentioning here as well that they aren't known for processing loan applications quickly, so if your need is urgent you may be out of luck in this instance. This is where you'll find your best terms though.
Even so your local banker is going to require that you have some type of "real property" that you put up as collateral. In most cases that would be your home. Also understand that when you borrow against your home, and assume a secondary debt against it makes it easier for the lender who financed it to foreclose on it. Still another thing worth noting here is that banks and credit unions generally don't like to make loans less than $3000.
So this brings us to your third option for a fast cash advance, and that is to go online and apply at a payday lending site. Now the first big benefit here is that they don't do credit checks, so if you have no credit, and even bad credit it simply doesn't matter. Then secondly they require no collateral like a pawnshop does but there is just one glaring downside. That is that this is where you're going to encounter your worst loan terms.
Take your local pawn broker is a fine example because he is still open, and in fact business for this particular loan venue has picked up. So if there isn't one open in your town then there for there's one in a city near you, and securing a loan from your local pawn broker does carry with it a few good benefits. For instance it's fast because there's no credit check. In fact you can be out the door with cash in hand in as little time as 10 minutes. However, there is one big downside though.
That downside is that in order to obtain a loan from your local pawn broker you're going to have to bring something of value with you to hand over for them to hold as collateral. Now it's also worth mentioning here that you won't be getting the full value of your collateral is your loan either. Rather they generally lend something in the area of 20% of the value. Then something else you don't want learn the hard way, is that if you're late on your loan payment you lose your collateral for good.
Don't forget about banks and other similar community-based lending venues like credit unions because they are still in the business of making loans. Now you're going to need to have good credit but if you qualify they will lend you. It's also worth mentioning here as well that they aren't known for processing loan applications quickly, so if your need is urgent you may be out of luck in this instance. This is where you'll find your best terms though.
Even so your local banker is going to require that you have some type of "real property" that you put up as collateral. In most cases that would be your home. Also understand that when you borrow against your home, and assume a secondary debt against it makes it easier for the lender who financed it to foreclose on it. Still another thing worth noting here is that banks and credit unions generally don't like to make loans less than $3000.
So this brings us to your third option for a fast cash advance, and that is to go online and apply at a payday lending site. Now the first big benefit here is that they don't do credit checks, so if you have no credit, and even bad credit it simply doesn't matter. Then secondly they require no collateral like a pawnshop does but there is just one glaring downside. That is that this is where you're going to encounter your worst loan terms.
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