Finding a fast cash loan in times of need is not only challenging but risky, depending upon the institution that issues it. Payday centers are passionate about serving consumers who seek alternatives to conventional banks to quickly and safely fulfill their financial needs. However, what is automatically apparent are the extremely high interests rates at some of these places.
According to MoneyCrashers.com, the fee for a payday loan can be anywhere from $10 to $30 per $100 borrowed, which works out to an annual interest rate of 261% to 782%.
Obtaining a loan from a pawn shop is much faster and easier than borrowing money from banks, family and friends. Banks and other financial institutions require credit checks. The money loaned against collateral is straight forward in that the borrower only faces the risk of losing the item of value, versus having their following paycheck garnished should they be unable to meet loans payment on time.
Learn about getting a no hassle loan from Gems N' Loans Escondido!