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Payday Loans and Pawn Shops

In the UK numerous residents are struggling just to get through the month.  At this point many UK residents are seeing two options for how to supplement their income when they have already exhausted other options.  Pawn shops are gaining in popularity at the moment as many take their possessions they don’t use or jewellery to get a little money for an emergency situation.

Pawnbrokers have not been popular in the past and many are surprised to find they are still in existence, let alone offering help in a time when things are really tight.

The second option for many UK consumers is a little newer to the scene.  Payday loans made it on to the scene in 2003 where several UK residents decided to try out the new option.  It is a lot quicker in getting money when needed.  The payday loans can be used for the short term, but there are some consequences to be considered.  First the payday loans will have the highest interest rate than any other loan option.  The loans are also short term.

Residents have taken the payday loan option as a way to supplement income as well in the past month; however they could be in for a rude awakening.  The payday loan trend is expensive and very easy to get caught in.  Those who don’t have enough money in a month for several months are just hurting themselves more.  The cost of taking out the loan is minimal until you get the interest tact on.

The payday loan does offer a bit more than the pawnshops though.  You can get a loan on the internet or through your local office.  Usually you get the money deposited in the same day as well. If you are thinking about this option consider the consequences first.

Back To Financial News June 2008

100 Percent Mortgages
36 Percent Fall in First Time Buyer Loans
Arrangement Fees for Mortgages
Bank Account Situations
Bank Accounts Are Changing
Buy to Let Mortgages
Cotton Traders Scam on Credit Cards
Credit Card and Loan Insurance Changes
Credit Card Insurance a Scam?
Credit Cards: A Source of Desperation
Current Account for UK Consumers
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Earn Higher Interest on Your Current Account
Fixed Rate Mortgages Increasing
Halifax and Mortgages
Insurance in the UK
Loan Insurance
Loans from First Direct
Lower Credit Card Fees?
Monlink and Mobile Banking
Mortgages in Recovery
Payday Loan Companies
Payday Loans and Pawn Shops
Payday Loans can be a Problem
Payday Loans Increase Debt Issues
Quick Money Option
Reverse Mortgages Have Advisers Concerned
Secure Loans
Stolen Card Details Used in Hotel
US Debt Worsen which Could Affect UK


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