If you've got
bad credit you are most likely not eligible to make personal
cash loans from banks. As such,
emergency payday loans are viable solutions, but with interest rates that are the highest on the planet, it may not be your best bet.
Here's a great alternative: pawn loans! Pawn loans, just like
bad credit payday loans, have extremely high interest rates.
Unlike
payday loans, however, that keep on accumulating charges until you are finally able to pay the loan, the pawn shop simply confiscates the item you hocked.
They usually are legally entitled to it 60 days after the due date of the loan. They can then make profit by selling the item at much higher rates. Moreover, most pawnshops accept anything that has value, whether it's a piece of jewelry, a watch, or even a VCD player.
The requirements to make a pawn loan are minimal, if not less than what is required by
payday loans. This is because whatever happens, the item pawned to them already translates into a profit, so they don't even need you to prove that you are working, or earning steadily.
If you've ever considered applying for
payday loans, choose to get pawn loans instead! Just remember that, like payday loan lenders, payment dates MUST be adhered to. Sure, you don't get additional fees like
emergency
cash loans but if you don't pay up in the end, you'll never see that watch, ring, bracelet, etc. again!
Just weigh the pros and cons and see which alternative suits your own personal cash flow.
