Quick I Need A Loan
Have you ever found yourself short of cash due to unexpected circumstances? Well there are loans that are quick and easy to tide you over until payday. Short terms loans can work if you know you will be able to repay these types of loans within the specified time. The time frame can be anywhere from 1 week to a month.
If you are late with repayments on these sorts of loans you can end up paying just as much as the original loan itself.
Payday loans are an example of legally licensed money lenders that are doing a brisk trade in today's tough times. These loans attract a high interest rate or service charge for advancing you small amounts of cash against a pre-dated pay check or arrangements made with your work place pay master.
These types of businesses which usually trade in cash are being compared to the old school way of lending, the loan shark. This new shark is generally a licensed lender who is protected by money lending laws in many instances.
Pawnbrokers are another legal money lender and a way to access small amounts of cash instantly. Pawn brokers have been in existence for thousands of years. Even during biblical times.
The way pawnbrokers operate is if you have portable personal items of value such as a musical instrument, jewellery, watches even household white goods, any of these goods can be pawned. To pawn an item you will have to provide proof of your identification and address and the goods must have a re-sale value.
The broker will then assess have much they will be prepared to lend you in cash against the value of the item. You leave the item of value with the pawn broker until you can repay the loan.
As an example: for a diamond ring that is valued at $2,500 the broker may lend you only 10% of the re-sale value that being $250. This type of loan has a weekly service charge, (another term for interest) this service charge is another 10% which on the $250 the broker has lent you, equates to $12.50 per week.
So if you left the loan unpaid for a month you would end up repaying $300 on a $250 loan. These types of lenders will never lend you the re-sale value of the item you are pawning. But if you are able to pay the loan back within a week and you don't want to wear the diamond ring every day pawn brokers could work in the very short term.
But remember if you can't pay the loan you will forfeit you item of value.
Then there is always family members or close friends who may help you on occasion. Don't allow the loan to become an issue and if you are having difficulties financially, keep people informed as to your situation. Offer to repay any substantial amounts with interest. In most cases, the interest will be cheaper than what you would have to pay elsewhere.
Money combined with family and friends are one of the main causes of stress and can easily isolate a person from those who you will need the most during your lifetime.
The lesson really in short term loans or quick cash, is only borrowed what you can afford to repay in the short term. Understand any fees or charges that are always associated with these loans and only deal with licensed and reputable lenders.
If you are late with repayments on these sorts of loans you can end up paying just as much as the original loan itself.
Payday loans are an example of legally licensed money lenders that are doing a brisk trade in today's tough times. These loans attract a high interest rate or service charge for advancing you small amounts of cash against a pre-dated pay check or arrangements made with your work place pay master.
These types of businesses which usually trade in cash are being compared to the old school way of lending, the loan shark. This new shark is generally a licensed lender who is protected by money lending laws in many instances.
Pawnbrokers are another legal money lender and a way to access small amounts of cash instantly. Pawn brokers have been in existence for thousands of years. Even during biblical times.
The way pawnbrokers operate is if you have portable personal items of value such as a musical instrument, jewellery, watches even household white goods, any of these goods can be pawned. To pawn an item you will have to provide proof of your identification and address and the goods must have a re-sale value.
The broker will then assess have much they will be prepared to lend you in cash against the value of the item. You leave the item of value with the pawn broker until you can repay the loan.
As an example: for a diamond ring that is valued at $2,500 the broker may lend you only 10% of the re-sale value that being $250. This type of loan has a weekly service charge, (another term for interest) this service charge is another 10% which on the $250 the broker has lent you, equates to $12.50 per week.
So if you left the loan unpaid for a month you would end up repaying $300 on a $250 loan. These types of lenders will never lend you the re-sale value of the item you are pawning. But if you are able to pay the loan back within a week and you don't want to wear the diamond ring every day pawn brokers could work in the very short term.
But remember if you can't pay the loan you will forfeit you item of value.
Then there is always family members or close friends who may help you on occasion. Don't allow the loan to become an issue and if you are having difficulties financially, keep people informed as to your situation. Offer to repay any substantial amounts with interest. In most cases, the interest will be cheaper than what you would have to pay elsewhere.
Money combined with family and friends are one of the main causes of stress and can easily isolate a person from those who you will need the most during your lifetime.
The lesson really in short term loans or quick cash, is only borrowed what you can afford to repay in the short term. Understand any fees or charges that are always associated with these loans and only deal with licensed and reputable lenders.