Alternative Loans In New York For All Types of Consumers

In an economy as cash-strapped as the one America has been looking at the last several years, it’s no wonder the popularity of easy cash loans has grown so much. Bank loans are terribly inconvenient to obtain and they require collateral and excellent credit scores many people simply no longer have.

What’s a person supposed to do when they are in need of emergency money or loans to buy some of life’s necessities like cars, furniture and miscellaneous items? A line of Loans New York shops have popped up in the city in spots many people may not have ever ventured before, but they’re booming in business now. Pawn shops, loan stores and payday cash locations are now catering to the individual who cannot get traditional loans from the banks.

Now, the person lacking perfect credit can get the money he or she needs without the embarrassing “no” they’re used to hearing. By providing collateral such as jewelry or electronics at a pawn shops, they can get a no credit check loan to be paid back in a few weeks. This gives the consumer emergency cash to take care of whatever business has set them back, without having to spill embarrassing details to some uncaring customer service representative. These types of loan companies do not care if you have a job or the means to pay the money back. The item you put up as collateral will be kept if you are unable to pay the loan back.

Payday loans are another opportunity to obtain quick cash without a credit check. These small loans typically range between $200 and $1,500 and can be handed out the same day they’re applied for. The applicant needs to be over 18 years old and be able to prove they have a checking account and a job. Typically, those are the only requirements. The money is then paid back on the next payday via a pre-written check or an ACH debit from the borrower’s checking account. While they come with hefty fees attached to them, they’re often a good way to obtain cash quickly, if they’re not abused or used as a way to finance a lifestyle.