Wealth solutions- In an era when banks are reluctant to loan money to consumers with pristine credit, pawn shops provide a way for those with poor credit scores, no job, and no credit to borrow money quickly and easily. The History Channel hit TV Show “Pawn Stars” earlier has helped legitimize the pawnshop as a legitimate business in the community loans out money as well as buy and sell goods. Pawnshop loans are a quick, convenient, and confidential way to get cash fast. It is the easiest way to wealth solutions.
Even celebrities and business owners use pawn shops for wealth solutions. A pawn shop in Beverly Hills called the Beverly Loan Company caters to the stars who have also suffered money problems as a result of the recession.
A bank loan may take two weeks to process if they are even interested in loaning money at all. A payday loan requires a job or other source of consistent income, which disqualifies those with self-employment income. Selling items on eBay usually results in a payment hold from PayPal which may last for up to three weeks. However, a pawnshop loan can make cash available within 15 minutes and is a perfect and fast way to wealth solutions.
How to Get a Pawn Shop Loan Fast for Wealth Solutions
Go to a pawn shop with an item of value, such as a wedding ring for wealth solutions. A pawn shop employee will take a look at the item and offer money to pawn it. For example, the shop may offer just $10 for a wedding ring that originally costs $200. Don’t try to pass off that cubic zirconia wedding ring as a diamond because they can spot fakes and counterfeits from a mile away.
The pawnshop offers a fraction of the amount it thinks it can get for selling an item. For example, if the pawnshop employee thinks that the wedding ring can be sold for $40, he may want to offer no more than 25% of what he thinks it can sell for, which is $10.
If a customer accepts the offer, the pawnshop will hand over the $10 plus a claim ticket. To get the pawned item back, the customer needs to pay back the loan plus a fee or interest rate which usually exceeds a 10% fee per month. In California, the claim ticket is good for 4 months and 10 days. This varies from state to state. If the claim ticket expires, the pawnshop owns the item and can sell it.
Most pawnshop loans range from $70 to $100. Of course, the amount greatly depends on the value of the collateral. Jewelry tends to do better than electronics. Because a pawn shop requires collateral for all borrowers, the job status and credit of its customers do not matter at all.
Pink Slip Loan, Car Title Loan, Auto Title loan
Another similar option for borrowing more cash fast that is similar to pawning an item is an auto title loan, also known as a pink slip loan or car title loan. With this loan, it’s possible to keep driving the car even though it is collateral for a cash loan. Auto title loans require a car with some value and a source of repayments such as a job, disability, or retirement pension income. The credit of the borrower does not matter. Only the value of the collateral and the borrower’s income matter.
Even during bad economic times when banks are reluctant to loan money, there are ways for people to borrow cash quickly, easily, and confidentially. Pawnshops have become a legitimate business that helps everyone in the community from consumers to those who need cash fast.
Wealth Strategies – Where to Get Bad Credit Financing
Once missed and late payments are reported to credit reference agencies, it is usually necessary to turn to bad credit financing. Whilst this may seem relatively straight-forward, finding a financial institution that is prepared to offer bad credit credit cards, basic bank accounts and/or no credit check loans can prove difficult. Financial products that are suitable to assist those with poor credit scores not only provide a financial lifeline but a chance to repair bad credit. The problem is that borrowing money isn’t cheap due to the risk of default faced by the lender.
Bad Credit Financing – Pawn Shop Loans and Same Day Payday Loans
Same day payday loans. It is possible to take out a no credit check loan for up to £1,000 with respect to wealth strategies. The cost of borrowing is typical £20 to £25 for every £100 borrowed. It is expected that the applicant has a full-time job, has a photo ID and is the UK or U.S. citizen. The borrowing term is one calendar month, but a same day payday loan provides a way of dealing with a short-term financial emergency.
Pawnshop loans. Borrow in excess of £10,000 based on the provision of suitable collateral, such as gold or jewelry. The term is typically 6 months and the APR can vary significantly. The provision of collateral when borrowing money means that poor credit scores are not a problem. If the loan is not redeemed, the item will be sold to recover any money that was lent.
Bad Credit Credit Cards for Poor Credit Scores
A credit card for poor credit is available on an unsecured or secured basis for those who don’t qualify for mainstream financial products. A bad credit credit card provides a way of recovering from a poor credit score. Making reliable repayments now and in the future will be reported to credit reference agencies which means that the borrower may qualify for low-interest cards in the near future.
Basic Bank Account in Wealth Strategies
The UK government introduced the basic bank account to prevent financial exclusion. A bank is legally obligated to provide bad credit financing and banking facilities for all customers. All accounts come with a cash point/ATM card and some even offer a Maestro, Solo or Visa Electron card. However, most banks specify a minimum for counter transactions and there is no overdraft available.
Bad Credit Credit Cards, Basic Bank Accounts and No Credit Check Loans
Bad credit financing is more difficult, but it isn’t an insurmountable obstacle under good wealth strategies. Although the terms won’t be as favorable due to the borrower’s unreliable repayment history, it is still possible to get a poor credit history credit card, basic bank account, same day payday loan or a pawnshop loan – often with no credit check necessary.