Need cash and aren’t sure the best place to source it from?

When it comes to deciding to take out a loan its important to know your source and the specifics of how it is to be repaid. Many loan sources have incredibly high interest rates, fees, damaging credit checks, slow approval processes, and are difficult to work with.

The traditional route of going to your bank to request a loan can be time consuming and if you do not have stellar credit you may end up wasting days waiting only to be turned down. The upside is that bank rates are usually low to reasonable with fairly standard monthly payments to be agreed upon.


The VERDICT:  Bank loans can be a great resource if you have time to spare and decent credit.



Payday Loans can be a short-term fix but if not paid back immediately the fees can rack up and snowball. Payday loans are known for outlandish fees and are not intended to be used on a regular basis. Payday loans on average cost a whopping 400% interest annually. Payday lenders often request access directly to your bank account to take payments automatically. There is no wiggle room, and they take the payment on the day agreed upon whether it causes an overdraft fee or not.


The VERDICT: Payday loans should be used responsibly and only in the case of extreme emergency where you do not have other options.


SELF LOAN (Collateral Based)

This is also known as a pawn loan. In a pawn loan you are your own lender in a sense. You take possessions you already own and based on value can withdraw money against that item or items to be held by a pawnbroker. The fees are far lower and more customizable than payday loans and they won’t allow you to dig yourself a hole you cannot climb out of.

Should you decide you do not wish to or do not have the finances to pay back the loan your credit isn’t hurt. Pawn lenders do not report to credit bureaus and there is no credit check to take out the funds in the first place. Should you not pay back the loan the item being held simply transfers permanent ownership to the pawn shop. The contract is then complete just as it would have been if you had paid it off and the item returned to you.


The VERDICT: Pawn loans (collateral based) are the best option to get you money when you need it, fast with the least amount of risk and hassle and the most flexibility.


Interested in a cash loan?
Come see the knowledgeable staff at First Pawn Jewelry and Loan of Naples, FL and Lehigh Acres, FL today.


First Pawn Jewelry & Loan

889 Airport Road South, Naples, FL 34104 | 239-434-7296

1331 Homestead Rd N, Lehigh Acres, FL 33936 | 239-369-2274





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