An adverse credit history means that most forms of credit that were once available are no longer an option. Pawnbrokers now provide no credit check loans online based on the provision of collateral. Gold loans and jewellery loans, as they are also known, are the ideal fast cash lender advance loan as they don’t involve credit scoring at any stage of the application process. The customer can either get an online pawn shop loan or go to the pawnbrokers directly, whichever is more convenient for the customer.
Applying for an Online Jewellery or Gold Loan from a Pawnbrokers
In order to get a fast cash advance loan, the lender will need to value the collateral. The most common items of value used to secure the loan includes silver, gold, jewellery, antiques, art and sports cars. Whilst the larger items will need to be physically taken to the shop, the smaller items can be sent securely to the pawnbrokers via the postal service. It is normally possible to borrow up to 50% of the items value, but this is at the complete discretion of the lender. It is rarely higher than this figure in order to ensure that there is enough value to cover the interest that accrues.
How to Get a Fast Cash Advance Loan Today
The collaterals value has been assessed and a maximum cash value for a silver, gold or jewellery loan has been determined. If the application has been submitted prior to 2.30 PM, the funds will be wired to the customer’s bank account on the same day. In the worst case scenario, the money will arrive the next day at the latest. If the need for a fast guaranteed loan is urgent, it is recommended that the customer goes directly to the pawnbrokers. Any identification can be quickly reviewed and the money can be handed out over the counter.
Rate of Interest on No Credit Check Loans Online
No credit scoring means that the risk of default is far higher, especially as the bulk of online pawn shop loans are provided to people who have been rejected by the banks. The rate of interest depends heavily upon the borrowing term and who the lender is. It typically costs about $25 to borrow $100 for a month. However, some lenders offer a 6-month term and charge just $6 a month. The extended term gives the lender longer to recover any administrative expenses and make what they deem to be a ‘fair’ profit.
Pros and Cons of Online Pawn Shop Loans
A poor credit cash loan can be used to tackle an emergency situation, such as paying the rent or fixing a car. No questions will ever be asked in-terms of what the money is to be used for. Although an ideal loan for unemployed people as no proof of salary is required, it can worsen money problems. The interest rate is high and finding enough money to clear the outstanding balance the month after could prove impossible. Whilst it may be possible to extend the borrowing term, failing to pay back the debt will lead to the sale of the collateral to recover the loan and any interest.
When a fast easy loan is needed, a payday lender may provide the answer. They offer no credit check cash for any purpose regardless of the borrower’s credit history. In order to reconcile the greater risk of default, the rate of interest is considerably higher than that offered by a bank. Whilst this may seem punitive, banks won’t deal with customers who have an adverse credit history without the provision of collateral. A bad credit payday loan is only suitable for short term borrowing (usually a month), but this helps to ensure that the repayment of the principal and interest remains affordable.
Qualifying for a Fast Easy Loan from a Payday Lender
- Must be an American citizen.
- Over 18 years of age.
- In full-time employment and have a minimum income of $1,000 a month.
- Able to provide at least 2 forms of identification – 1 form of photo I.D.
- Have a personal checking account.
How Bad Credit Payday Loan Work
Provided that the above criteria are complied with, it may be possible to receive approval for a fast easy loan for up to $1,000. It costs about $20 to $25 to borrow $100 for a month. Once the agreement is in place, the customer provides the payday lender with a postdated check that is set to clear when they are paid. The check will be for an amount that is equivalent to the principal and any interest that has accrued. If an application is received before 2.30 PM, a quick cash advance will be received the same day. The worst case scenario is that the money will reach the borrower’s checking account the next day.
Alternative Forms of No Credit Check Cash
- Credit union loans. Although it is necessary to become a member first, a credit union may be able to offer a fast easy loan. The lending terms are similar to bad credit payday loans, but credit unions are more likely to be understanding in the event of financial difficulties.
- Pawnbroker loans. It is possible to borrow money based on the provision of collateral (gold, jewelry). Pawn shop loans are available for those who aren’t currently employed or don’t have access to a checking account. However, failure to redeem the item will lead to its sale.
The Dangers of a Short Term Loan or Quick Cash Advance
Whilst a fast easy loan from a payday lender can help a customer who faces financial emergency, it also provides a temptation to make a series of impulse purchases. Regardless of how the money is used, a bad credit payday loan is expensive. The interest payments alone will leave the borrower with less money to pay household bills in later months. Think carefully before borrowing money with a low credit score as it is all too easy to get caught in a cycle of dependency.
So it’s your senior year of college and it slaps you in the head that you’re going to want to go to college next fall, and you didn’t save any money to do so! Unfortunately your parents are just as broke as you, and they can’t bail you out either! You have no money, and want to get an education. At this point most people default to finance their education up to their eyeballs and only realize that they borrowed well into five figures of debt after they graduate. This is not a winning plan! Who wants to start out their life with tens of thousand dollars in student loan debt? Here’s how you can pay for college without borrowing money.
The first thing that you have to realize is that you cannot afford to go to a fancy private school. Having a Champaign taste on a beer budget just does not work when it comes to college. All you can afford is an in-state public school, and that’s fine. We all don’t get to go to the college of our dreams; it’s called being an adult. Deal with it. Private schools are just too expensive to pay for out of pocket unless you get some big fancy scholarship to go to them. By going to an in-state school at the very nice tax-payer subsidized rates, you can usually get tuition down to about $5000 a year or $10000 with room and board.
Most college people live in dorms, and you should be able to do that if you want to, because it’s a lot of fun and you’ll meet a lot of great people. We do have to come up with $10,000 a year. That’s no easy task. Depending on when you’ll be entering college, you still could have a chance to get some scholarships to help pay for school, and if you do, apply for every single one of them. This is the easiest money that you’ll ever earn.
If scholarships aren’t an option, and for a lot of people they just aren’t, there is really only one option left, work. Don’t lie to yourself and think that you are too busy to be in college. You have plenty of time, chances are you’re only actually in a classroom for 15 to 20 hours a week. There’s ample time to work during college, and there’s nothing wrong with doing so.
So we know that we need to work, but how much do we need to work? You’ll need to work full time during the summer for sure. Any decent college student should be able to find a full-time job somewhere over the summer making around $8.00-$10.00 an hour. After taxes, you’ll probably make around $5,000. That’s about half of your college paid for, and now you have to come up with another $5000 during the 9 months that school’s going on. This means that you’ll have to work around 15-20 hours a week during school and over breaks, which is very doable. It’s not always pretty, but you’ll still have time for classes and friends.
The sad thing is that 99% of people will not work their way through college, instead they take the “easy” way out and finance their education over the next 20 years. They end up paying for their education multiple times over after interest is factor in. Let’s put it this way, after graduation where would you rather be, debt free, or have a $25,000 student loan to go with your new job? It might not be fun, but it will pay off in the long run.