Whatever your financial situation, chances are you’ll need a little help to pay for that new car or the month’s bills. Getting a loan in Oceanside can help you out significantly if you’re just starting, or get hit by a long-term debt. But getting a loan in Oceanside doesn’t have to be complicated. Like with any other loan, you want to ensure you get the best rates and terms available. Read on to learn more about how to get a loan in Oceanside.
To get a pawn shop loan, you must bring something of value to the pawn shop, such as jewelry, a power tool, or a musical instrument. The pawn shop will then assess your item’s worth. If you’re offered a loan, it will typically be worth 25% to 60% of your item’s assessed resale value. You will receive a pawn ticket, which you’ll need to repay the loan and get your item back, typically within 30 days.
The pawn shop gets to keep the item to resell and recoup their money if you lose your ticket or fail to repay in time, but if you do repay in time this can be a great way to get some extra cash without having to do a hard credit check that could affect your credit score negatively. Pawn shop loans are expensive, have small limits, and require quick repayment. They are designed for short term uses, such as overdue bills, surprise small medical expenses, and others.
The most common way to get a loan in Oceanside is through a bank or other financial institution like a credit union. Banks typically offer the lowest interest, reducing the total cost of borrowing. Most banks will offer loans ranging from 30 days to 5 years. Your loan amount will depend on your credit history and other factors, such as your income level. Some banks offer perks like flexible payment options in order to help you manage uncertain financial times. If you don’t have a good credit history, it’s hard to get approved through a bank. With that being said, these are the hardest to achieve while remaining the most desirable type of loan.
One type of loan to avoid is a payday loan. They are short-term loans that charge 400% or more APRs and must be repaid by your next payday. These loans don’t usually require a credit check. Although they are easy to get, they’re often hard to repay on time, and are the most predatory kind of loans. On the other hand, Title loans are a type of secured loan where you pledge the title of your vehicle, such as a car, truck, or RV, as collateral. Your loan limit, evaluated by the lender, is usually between 25% to 50% of your car’s value. Lenders usually charge a monthly fee of 25% of the loan amount, translating to an (APR) of at least 300%, making this a costly financing option; but not nearly as expensive as a payday loan.
Your credit card may offer a cash advance, a short-term loan you borrow against your card’s available balance. A cash advance is a quick way to get money but can be costly. Credit card loans are usually capped at a few hundred dollars, but they’re quick and easy to get. To get a credit card loan, visit an ATM to withdraw if you have a pin. If you don’t have a PIN, take your card and ID to any bank that offers advances through your card’s payment network. Just make sure to pay the loan off as quickly as possible, as cash advances can have high APRs.
To get a quick loan for a surprise bill, come to a pawn shop such as Gems N’ Loans Oceanside. We’ll provide you with that quick bit of cash to get you through a tough time when you need it!