Normally, the need for cash rises and falls more or less predictably in the life of every person. Rent or mortgage payments, the car loan, transportation costs, and monthly membership fees are all predictable. There are also the fixed payments you have to cover month after month.
Also, in many of our major urban areas rent realistically takes between 30 and 50 percent of the monthly income. That does not leave much room for discretionary expenses or for savings. Worse yet, there is little cash left to cover an unforeseen emergency.
So, what does a person do if the need for instant cash loans New York suddenly arises?
Here are the traditional solutions:
· Get a bank loan from your bank.
Relatively cheap money but difficult to get. Also, very time consuming because of the endless paperwork.
· Use your credit card.
Fast, if you have enough credit left to cover the emergency. On the downside, credit card loans are expensive.
· Apply for a payday advance loan.
Normally a fast and easy way to get emergency cash to cover you in a dire emergency. However, in New York instant cash loans in the form of payday loans are illegal. Nobody can offer or make payday loans in person, online, or over the phone in New York on post-dated checks. The only possible exceptions are payday advances or loans on payroll checks.
Collateral loans to the rescue.
Nevertheless, you can resort to a collateralized loan to cover your need for extra cash. Just head to your neighborhood pawn shop, bring with a rarely used item of value and see how much the broker will loan you on it.
The process is quick and easy. The broker will offer you an amount he is willing to lend you on the item. If you accept and get the cash, you can repay the loan amount, including interest and charges, at the end of the loan period.
Just make sure you get a ticket that spells out the term of the loan and the interest and charges.
Of course, a borrower can also walk away from the collateral. Yet, approximately 80 percent of all borrowers redeem the pawned item. Nevertheless, there are no negative consequences for those who do not. No negative entry on a credit report, no collection actions.
Instant cash loans, New York or anywhere else, are generally for a term of 1 to four months. Better yet, some states allow extensions of up to seven months.
Sounds great, you say? Yes, it is an excellent way to get instant cash loans in New York and elsewhere.