Wednesday, April 20 2022
When is a purse not just a purse? When it’s a designer handbag. For some, a designer handbag is a mark of luxury and a sign that you’ve “made it” in your life goals. Unfortunately, designer handbags come at a steep price and even if you’ve met your financial or career goals, you might not want to spend the money for one. Or maybe you’re still working on those goals and hoping to dress for success. Either way, here are some reasons you should consider getting your designer handbag at a pawnshop.
They’re More Affordable
It should go without saying, but you can save 50% or more on a designer handbag from a pawn shop. While the handbags are used, most are in excellent condition – after all, the pawnshop only wants to buy handbags they know they can sell. If you take the time to examine the bags available in your local pawn shop, you are sure to find a beautiful luxury purse at huge savings.
You Can Find Hard-to-Find Designer Handbags
Because people will often choose older items they don’t use to pawn or sell to a pawn shop, you may find handbags that you just won’t find anymore. This can include designs that you can’t find in stores anymore. Pawnshops can be treasure-troves for hard-to-find items, especially handbags, as people will sometimes pawn items left to them by loved ones.
You Can Find Handbags from Previous Seasons
Have you ever seen a handbag that you really liked and decided to wait until you have the money, only for it to be gone a couple of months later? Like all fashion, handbags often follow the seasons for their styles and trends. If you want a designer handbag, but aren’t happy with the current selection, check out your local pawn shop. You may find an older designer bag in the style you prefer.
You Can Also Save Money on Current Trends
Have you ever bought something, used it once, and realized that you won’t need it again? This happens more often than people realize, and pawn shops are an excellent solution. You can take that item you aren’t going to use and get some of your money back for it.
Consider that people do this with handbags all the time. Just as you can find older designer handbags at pawnshops, just as often you can find newer designs as well. So, stop into your local pawnshop and browse their selections. You might find that designer bag you saw at the department store at a much lower price.
Wednesday, April 20 2022
Sometimes an unexpected bill or emergency can throw us for a loop, leaving us struggling to pay our regular expenses. A quick short-term loan can help you meet your expenses. Two popular choices are pawn loans and payday loans, but which is better? Let’s look at both types of loans and the benefits and drawbacks of each one.
What is a Pawn Loan?
Pawning is the act of putting up an item of value as collateral for a loan – known as a pawn loan. You can pawn a variety of items including jewelry, electronics, and even some antiques. When you enter into a pawn loan agreement, the pawnshop agrees to loan you an amount that is a percentage of what the item or items are worth. If you repay your loan within the agreed timeframe, you receive your item(s) back.
What is a Payday Loan?
A payday loan is a short-term loan that you pay back on your next payday. Typically, a payday loan company will determine the maximum amount you can borrow between pay periods and you can take a loan up to that amount. On your payday, the loan company your bank account for the loan plus interest charges. You usually have the option to pay the loan before your payday to avoid the automatic draft to your account. Note that payday loan companies may require that you have direct deposit in your bank account, as this is how they “guarantee” you pay back the loan.
Which Loan Is Right for You?
Choosing between a payday loan and a pawn loan depends on your needs and what you have available to you.
Both types of loans have their advantages and disadvantages as you can see above. If you’re willing to have the loan company draft your bank account, a payday loan seems like a good option, as you don’t have to put valuable items up for collateral. However, what happens if you can’t repay your loan?
In the case of a payday loan, if you can’t repay your loan, your bank account is drafted anyway, leaving you with overdraft fees. If your bank pays the draft, you must pay the negative balance on your account (which will take away from your next paycheck). If your bank doesn’t pay the overdraft, the payday loan company will turn your loan over to a collector, where it then goes on your credit report.
With a pawn loan, however, if you can’t repay your loan, the pawnshop simply keeps the item(s) you pawn and puts them up for sale in the shop. While this means you don’t get your item back, it also means no collection calls and no defaulted loan on your credit report.
Why You Should Choose a Pawn Loan Over a Payday Loan
Flexible payment options are the number one reason you should choose a pawn loan over a payday loan. With a pawn loan, you and the pawnshop can negotiate the terms of your loan, including how long you have to pay. This means that you can budget payments over time to ensure you pay your loan and get your items back. With a payday loan, you have no choice but to pay your loan back on your payday. For many people, this means that you don’t have that money after your next payday, which leads many people to take out a new payday loan, often for several pay periods until they can catch up again.