If you live in Escondido, you probably have a myriad of payday lenders nearby to choose from. Even in rural areas, you can find businesses willing to lend you small amounts of money.
The primary drawback of a payday loan can be attributed to the borrowers inability to meet the repayment terms. Traditional loans operate on installment plans where you have to repay a percentage of the loan each month, while interest accrues according to an annual percentage rate. However, these types of loans have interest rates that average up to 300% when calculated as APR.
When it comes to securing some quick cash for emergency expenses, pawn shop cash advances have some real advantages over other borrowing options.
Pawn brokers like Gems N' Loans don’t care about credit scores, and even If the loan isn’t paid back, the pawn shop won’t send you to a debt collector who then reports your account to the credit bureaus. What they will end up doing is selling your collateral.