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How Pawn Shops Are Perhaps The Last Bastion Of Freedom In The Financial Market

Posted by on Jan 23, 2015 in Blog, Finance & Money | 0 comments

The Hollywood image of the pawn shop needs correcting.

It is time to get the image of the cigar chomping, half-intoxicated pawn shop owner out of mind. Television and movies have done a job of promoting the pawn shop as a seedy place to sell, or fence, ill-gotten wares. This comedic representation probably prevents many people from understanding the true nature of the pawn business. It is only recently, with the success of a popular reality show, that some people have gotten a fuller view of the industry.

Here are some of the real things that pawn shops do to help the average American.

  • They Do Not Perform Credit Checks

In today’s society, that all important credit score means a lot. Without credit, it is difficult to get the basics needed to survive. Try renting an apartment with bad credit. Even worse, ask a bank for a loan. The only credit card offers these people can expect are those with astronomical interest rates. After years of repayment, most wish in the end that they never had gotten the cards.

In contrast, pawn shops operate outside the mainstream credit system. People bring in their goods and secure a loan for the value. If they fail to repay the loan, then the items become those of the pawnbroker. This is a “right to sale” feature.

This legal contract allows average people to get money they could never dream of otherwise. Moreover, “defaulting” on the loan only means loss of the items put up as collateral.

  • They Usually Buy and Sell Gold

Another facet of the pawn industry that people take for granted is the “buy gold,” feature. Pawn shops have long been places to buy and sell precious metals. Investors are becoming more aware of gold as world currencies continue to falter. Consumers realize the possibility that one day there could be a financial meltdown necessitating the use gold and silver. During a crisis, dollar bills, coins, checks and credit cards may not hold the value now given them.

Most pawn shops buy and sell gold in the form of jewelry, bullion coins and bars, whenever possible. People can get started trading in precious metals immediately at the pawn shop.

  • They Provide Temporary Cash

Last, the pawn industry is perhaps the last place left where someone can go to get temporary cash. Banks, credit unions and friends are often unable to understand the need for some pocket money. Yet, here in California, someone may just want to have some cash to spend on a weekend beach trip. No mainstream lending institution tied into the international credit system is going to accept this rationale. Meanwhile, the pawnbroker has no interest in the reason for the cash. There is no need to explain.

Enjoying Freedom at the Pawn Shop

With so many people working night-and-day to pay off school loans, credit cards and home mortgages, the pawn industry can seem like a last bastion of freedom. There are no interest rates, no midnight creditor calls and no lowering of credit scores. Anyone who wants to enjoy a stress-free lending environment might want to consider visiting their local pawn shop (such as A J’S Super Pawn Inc).


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3 Times When You Really Need A Payday Loan

Posted by on Jan 14, 2015 in Blog, Finance & Money | 0 comments

You probably already know that a payday loan is rarely ever the cheapest way to borrow money. Credit cards and bank loans can often get the job done much cheaper. But what if you don’t have a credit card? What if you need the cash today? What if you have bad credit, or the amount that you need isn’t enough for a traditional loan? Payday express loans have the benefits of being fast, easy to be approved for, and available in small amounts. In some situations, a payday loan really is the best available option, even if it’s not the cheapest. Take a look at few situations where a payday loan really is the best choice.

When You’re Facing a Shutoff

Almost everyone gets behind on their bills now and then. Perhaps your heating bill soared to unexpected heights over the winter months, or you had to skip a payment because of an emergency medical bill. These things happen. But now your electric company is threatening to shut off your power.

Your first step should to call the company that you owe and try to work out a payment arrangement. But if that doesn’t work out, a payday loan is the logical next step. Having your electric shut off may result in shut off and reconnection fees that add up to more than the interest on a payday loan, and what’s more, your house may not be livable while the power is off.

When You’re Facing a Repossession

Like missed utility payments, missed car payments can be an unfortunate fact of life. You may have missed a car payment in order to pay for a car repair or because you were dealing with some other bill. Miss too many payments, and your finance company may decide to repossess your car.

Losing your car could mean missed work or appointments that will almost certainly cost more than the price of a payday loan. If you wait to try to save up the money to get the car back, your payments and fees will continue to mount up. You may never get your car back, and you’ll end up losing a lot more than you’ll need to borrow. In this case, a payday loan can actually save you a lot of cash.

When You Need to Pay a Medical Expense

You can’t put a price on your health. When you need an antibiotic or a tooth extraction, you need them right away, not in two weeks when you get paid next. Sometimes medical emergencies happen when you’re uninsured, or when you don’t have enough in savings to cover your costs.

When you need money for medication or a medical treatment, it’s better for your health to go ahead and get the money that you need to take care of the problem right away. In the long run, it’s also better for your wallet. Leaving a medical issue untreated can lead to more serious, and more costly, medical issues down the line.

It’s true that payday loans cost more than traditional loans and credit cards. But payday loans also cost far less than utility shut offs, repossessions, and serious medical issues. It’s not a good idea to rely on payday loans for frivolous expenses or extras, but it’s a good thing that they’re available for true emergencies. 

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