Payday Loans Vs Selling Your Scrap Gold

It's a typical scenario. You cashed your paycheque yesterday, paid all of your bills, bought groceries for week, and, after all that, you only have enough change for a can of soda. Then, as luck would have it, your car broke down this morning.

You might be able to find another ride to work for the next two weeks, until you are paid again, but that does little for your car right now or for your bills that will pile up if you spend your entire next paycheque on a new car part. What about rent? Will your landlord be accepting if you spend all of your money on your car and fail to pay your rent? You need cash, and you need it as quickly as possible.

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There are a couple of routes you could take. If family or friends have the money to lend, you could simply borrow the extra cash from them. However, this is not likely if it the part is too expensive. You could also get a payday loan or sell your scrap gold to gold buyers.

But which option is the best one for you?

How to Choose Between a Payday Loan and Selling Scrap Gold

When choosing between a payday loan and selling scrap gold online, there are a few factors to consider.

Payday Loans- Payday loans are often called cash advance loans. They are a wonderful option for some individuals who need a good amount of cash very quickly, but they do harbour many disadvantages. For instance, some payday loan institutions will run credit checks, only allowing individuals with fabulous credit to qualify for this type of loan. Others won't run credit checks, but will require some sort of collateral to ensure you will pay off your loan, like the title to your car. The only way you will get the title back is if you pay the loan off completely.

One of the biggest disadvantages to this type of loan is the interest rates associated with them. This is how these institutions make money. You will be charged a certain percentage rate, which is typically high, and that amount will be added to the amount you owe. If you are unable to pay off the loan on your next payday, the amount you owe will "roll over" to the next payday and you will be charge additional interest on the loan. For many individuals, this type of loan may get them out of the hole they are in, but the relief is only temporary. They may spend the next month trying to get their expenses back on track.

Selling Scrap Gold- If you have scrap gold laying around in the form of jewellery, coins, dental scrap, or any other piece of gold, you may be able to obtain cash fast without all of the hassle of payday loans. Simply request a gold pack from an online gold buyer and ship your gold in. It won't take long for them to assess your gold and determine just how much it is worth. After you approve the amount they are willing to pay for your gold, you can receive the money in as little as 24 hours through direct deposit. If you would rather receive a cheque, you can also wait for it to come in the mail. This simple, yet profitable, method will ensure you get the money you need when you need it without all of the hassles of interest rates, collateral, and credit checks. And you can do all of it with something as simple as the broken jewellery in your jewellery box.

The next time you have a cash emergency, don't dig yourself into a deeper hole. Take the easier, and less stressful, route by selling your old scrap jewellery and scrap gold to gold buyers online.

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