For those people who are suddenly faced with a little financial hardship and are in need of funds quickly, there are loans you can get that will allow you to get the money the same day. However, this speed usually comes at a price, as these types of loans are more expensive than conventional loans. There is also a long-term impact they have on your finances, and you also need to seriously consider before you get it.
Some of the most commonly used payday loan types are listed below so you can take a look and decide which one, if any, is the right choice for you.
Loans for pawnshop
If you have anything of value such as decoration, a laptop or a bicycle, then you can take it to a pawnshop and exchange it for a certain amount of cash – depending on the exact value of the pledged item. This is usually a little less than you would get elsewhere, but you pay a premium for quick money.
The advantage of a pawnshop loan is that you have the option to repurchase the item back, although this must be done within a specified period of time. However, if you do not meet this deadline, the pawnshop will sell the item to reimburse you for the cost of purchasing it. These types of loans come with an annual interest rate of up to 240 percent, so they are very expensive.
It is a loan for a certain amount of money, which is then returned (with interest) when you receive the next payment package. Because of the way they work, this means that you can only lend a limited amount of money – exactly as much as you get paid each month. The advantage of a loan secured by your pay-as-you-go is that there is no need for a credit check, which means that anyone with a steady source of income can get it, no matter what level they are at. credit rating…
However, you should expect to pay a premium for this with an average annual interest rate of around 400 percent. If you do not pay this amount on time, you risk getting another payday loan to pay off the original one, which will further increase the amount of your debt. This can get out of hand and leave you with a mountain of debt that you can never repay.
If none of these options look like they are financial products that interest you, then why not take a look at getting vodafone cash loan instead. With them, you simply make a purchase from your Vodafone wallet, providing an unrivaled level of convenience and flexibility.