Quick Loans in Lincoln Park are available from various sources for customers who have bad credit or have not established a credit history. Payday lenders and companies that make vehicle title loans are examples. People also can obtain a fast loan from a pawnbroker such as Clark Pawners & Jewelers.
No Proof of Income or Checking Account Information
Many people prefer this option because they don’t have to provide proof of income as they would with a payday lender. Another aspect that many consumers prefer about Quick Loans in Lincoln Park from pawnbrokers is they are not required to provide checking account or debit card information. That information is typically required when dealing with payday lenders.
Payday lenders may require physical checks they can use to withdraw payments if the borrower does not appear by the due date. The account holder would have to tell the bank to place a stop on the check if there isn’t enough money to pay it, and that service typically costs around $35. The individual still owes the lending company the money.
No Risk of Losing a Vehicle
Some states have outlawed vehicle title loans and payday loans, considering these financing options to be predatory for low-income individuals. Pawnbrokers are heavily regulated, but legislators generally view the shops as a better source of fast cash. The interest rates are relatively high, as with the other two options, but the collateral is not as important as the car the person must rely on. Borrowers don’t risk losing their car if they can’t make a payment.
No Collections Activity or Penalty Fees
Borrowers also don’t face collections activity if they default on the loan, although they will lose the collateral. There are no penalty fees, and the customer is welcome to do business with the pawn shop in the future.
Customers who take out pawn loans need the money for a broad range of purposes. Sometimes, they have an unexpected emergency that has to be handled quickly, like a leaking roof, a failed refrigerator, or a car that has broken down. They can come with the money in 30 days but not immediately. Visit us on the website to learn about one particular pawnbroker.
