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If Stuck For Cash Are Payday Loans Or Pawnbrokers The Lesser Evil?
If Stuck For Cash Are Payday Loans Or Pawnbrokers The Lesser Evil?
As the vast majority of businesses continue to struggle and suffer, both payday loans companies and pawnbrokers are still on the rise, but which is the lesser evil?
Victoria,
London,
United Kingdom
(prbd.net)
04/03/2011
Between 2006 and 2010 the amount of people taking out payday loans has quadrupled, whilst from 2003-2010 the number of pawnbrokers in the UK has trebled. Both of these industries look set to continue growing healthily.
As we are only too aware as these industries grow healthily, more and more British people are falling into deeper debt than before. Often through no fault of their own, people just like you need to avail of one of these services. But which is the lesser evil when it comes to choosing between payday loans and pawnbrokers?
Firstly let’s cast our minds back into those distant days before the credit crunch when loans were being handed out like cheap sweets and society in many countries was having a fun party, on the back of all this credit.
Now as we are all painfully aware, we have been a long time tidying up after the party and credit isn’t so easy to come by – particularly if you ended up with a blemished credit history.
Many consumers who had no decisive part to play in the madness have as a result been pushed into the arms of less mainstream lenders; who have become more mainstream as need and time goes on.
Facing reality
Whatever way we look at it there is an ever increasing percentage of society who have been seriously let down by the system and now must choose between the two realistic fast cash options of payday loans or pawnbrokers.
Pawnbrokers say that it won’t be long before their industry will be as common on UK high streets as coffee shops. However the fact that they are becoming more common doesn’t make the option any easier.
Payday loan companies are slated frequently in the media for the high APRs that they charge. This is a fact. If you take out a payday loan in terms of APR it will be expensive, yet this in itself is misleading as APR means annual percentage rate and a payday loan if used correctly is paid back on the next monthly payday.
Facing reality about the choice between pawnbrokers and payday loans is not easy, but the straightforward option is a payday loan. There is a fee to pay which is made perfectly clear, you can have money in your bank often in a matter of hours or even minutes and there is no emotional attachment to deal with when it comes to payday loans, but with pawn broking items there is.
Always weigh the pros and cons of payday loans, know exactly how much it will cost you, and be sure it is to your advantage to make use of such a loan.
Cash Choice is pleased to provide customers payday loans ( http://www.cashchoiceuk.co.uk ) when needed to handle their short-term cash-flow needs.
They pride themselves on a quick and easy loan approval process.
About
Cash Choice is a business set up to help you with any financial emergency by offering you a cash advance. We realise that as organised as a person might be, there are situations that can take you by surprise.
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