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LOS ANGELES – November 30, 2021 – (Newswire.com)
iQuanti: Pawn shops are a great option if you want quick cash and have poor credit, but it might not be the right option for you if you don’t have something of value that you want. are willing to risk losing. Fortunately, there are loan alternatives if you don’t want to go this route. Let’s dive deeper into what a pawnshop loan is and three fast cash loans you can consider as alternative options:
What is a pawnshop loan?
A pawnshop loan is a secured loan that uses something of value that you own as collateral, such as jewelry, artwork, or electronics. When the borrower applies for a loan, the pawnshop will assess the collateral and determine its value. They will then offer a loan amount worth a percentage of the item’s value.
The pawnshop will keep the collateral for a specified period while the borrower repays the loan plus interest. If you don’t repay the loan, the pawnshop will keep your item.
Alternatives to pawn shops
If you’d rather not go the pawnshop route or have nothing of value to contribute to a pawnshop, there are other alternatives. Here are three quick cash loans that come with easy application processes, instant or fast funding, and lenient credit score requirements:
- Securities lending: Like pawn shops, title loans can give you funds worth a percentage of the resale value of the borrowed item against, in this case, the title of your automobile, truck, or motorcycle. You don’t need a good credit score to get approved for this loan since you are using your car as collateral.
- Cash advances: Cash advances can give you extra cash to help cover your expenses until you get your next paycheck. These loans come with lenient credit score requirements, and lenders may consider factors in addition to your credit score, such as your income and work history, when deciding whether or not to approve you. . You have to repay the loan when you get your next paycheck, usually in two to four weeks.
- Personal lines of credit: Many online lenders offer personal lines of credit or flexible loans that allow you to borrow as much as you need up to your credit limit. The lender can perform a credit check, but many approve borrowers with bad and fair credit scores. You will only pay interest on the amount borrowed and can pay back the money gradually or all at once.
The bottom line
Title loans, cash advances, and lines of credit are all loan options when you need cash quickly. And luckily, you don’t need a good credit score to be approved. Do your research and compare the options to find a lender and loan that is right for your financial situation.
Note: The information provided in this article is provided for informational purposes only. Consult your financial advisor about your financial situation.
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3 Fast Cash Alternatives to Pawn Shop Loans
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