Cash Loans Online
Cash loans are available from banks and credit unions, pawn shops and payday loan companies. Cash loans are short money, short term loans that are available from any number of sources.
Even though banks and credit unions offer cash loans, it is not something they do on a regular basis. Certain customers with an exceptional credit standing are eligible for cash loans. Cash loans are a perk for customers that have a proven good track record with their bank or credit union. The application process is minimal and most customers are preapproved for cash loans at the current interest rate.
Cash loans are also offered at pawn shops. The customer in need of cash loans can offer an item in exchange for cash. The pawn broker estimates the value of the item and will offer the customer anywhere from 30% to 50% of the real value of the item. The item is held for 30 days and the customer has that time to repay the loan plus interest. If the loan is not paid in that time frame, the pawn broker is free to sell that item in order to recoup the loan. The broker is required to give the pawn ticket holder 14 days notice before the item is sold.
Pawn shop loans are given with no credit check or cosigner, only the collateral offered in exchange for the loan. The cash loans are given to the customer immediately upon agreement o0f the exchange. Not all pawn shops accept all items. Check with the pawn shop of your choice to make sure they accept what you have to offer. Some pawn shops also buy items at certain times of the day and sell items at other times of the day.
Finance charges charged by pawn shops in exchange for cash loans are usually about 20 to 25%. Some shops charge higher rates while others charge lower rates. Pawn brokers might also set the finance charge according to the possibility the item might be retrieved. Pawn brokers do not want to have an inventory of items that do not sell well. They would rather the loan be retrieved and the loan paid than trying to sell an unpopular item.
Payday loans are another source of cash loans. The loans can are available to anyone regardless of credit. Payday loans are a popular means of cash loans loans for those with less than desirable credit. Payday loan companies can be found on the Internet and some have a store front business. The finance charges are quite high, making them the type of cash loans to take out when there is no other alternative. Cash loans from payday companies are usually payable in 7 to 30 days. The payback for the loans is timed to coincide with the applicant’s employment pay period. The loans that are not paid on time are subject to penalties and late fees and if the loan goes into default, the borrower can expect to hear from a bill collector.