What is the Answer to my Holiday Fast Cash Need?
In 2021, many people in America stacked up debt, about 36%. This was higher than in 2000, when 31% of people went into debt during the holiday season buying gifts. There may be a need for fast cash to help with unexpected expenses and shopping costs.
About 70% of people said they spend more than they wanted to get the gifts they thought their family and friends would enjoy. Parents are willing to go into debt to buy for their children. The holiday season, the implied expectations, and the desire to give gifts will cause stress for some people.
If you can’t afford to buy Christmas gifts, no worries.
First, don’t be ashamed to let others know.
Second, you can give the gift of time. Maybe offer to do yard work or chores as a gift.
Third, volunteer at a food bank or animal shelter in honor of your family member.
Fourth, sit down and talk honestly with your children, so they understand that you may not meet all their expectations.
Fifth, make something like cookies, jelly, sewing projects to give.
Sixth, keep your eyes open for discounts, freebies, and free events, and attend with your family or friends as a special treat.
Seventh, go through your closets and garage and consider liquidating valuable items at a pawnshop, so you can use the fast cash you get to buy gifts.
Eight, shop at your local pawn shop for items priced at an affordable price.
Nineth, consider a pawn loan to get fast cash and pay it back over time.
How to Decrease Stress Over the Holidays
The holiday season starts in mid October, and in 2022 it is expected to start as early as mid September. It’s easy to get caught up in all the advertisements and the desire to get everyone what they desire.
Establishing some things will help reduce stress.
Work on setting up a budget and save money you need for shopping. You can get money by liquidating unused valuable items you own to add to your holiday savings account.
When you set a budget, take time to determine what you can realistically spend on each person, and stick to this amount.
When you set realistic expectations for the holidays, you are less inclined to overspend.
Draw names so you aren’t buying for everyone.
Consider having the holiday meals a pot luck style, so everyone contributes and shares the cost.
Watch for discounts, sales, and check out the affordable pre-owned items at a pawn shop.
Pawn Loans for the Holidays
Life gets in the way of our best made plans. Unexpected expenses, such as car repairs, funeral costs, or a tooth ache, can quickly wipe out savings. I recently went to the dentist, and it was quickly a $350.00 bill for a painful tooth I had to get fixed. I also found that I have some medical bills I will occur over the next few months. As we all know, medical bills aren’t cheap.
I used the money I had set aside in my savings account to pay the bill, so that the dentist would do the work. Without the savings, I started thinking about how I would pay for holiday gifts.
I considered a payday loan, and believe me, there are all types of advertisements encouraging people to do this as a solution. The problem is the revolving debt this type of loan causes. If I set up an account with one of the many payday loans offered, I would need to write a post-dated check from my checking account, and the money would be withdrawn as soon as my paycheck was deposited. The payday loan would get paid back, but what about my other obligations?
I would then have to get another loan to pay my current bills, and next payday it would be the same thing. Most payday lenders charge high interest rates on payday loans, because they lend to people with bad credit.
Auto Title Loans
I have a nice car that is paid for and considered doing an auto title loan. The drawback is that I can’t risk losing my car if I default on the installment payments. Frankly, the repossession potential scares me. The fees are high, and so is the interest rate.
Credit Card Cash Advance
I have a credit card, and there is room to take a cash advance. I heard a credit card cash advance can harm your credit scores if the withdraw amount increases the percentage of available credit, or credit utilization rate.
I have been working to improve my credit scores, and sure don’t need a negative report to decrease it and make it a bad credit score again. There was a point in my life I had credit difficulties and sure don’t want to go down that road again.
I worked hard to save holiday money and emergency cash, but in our current economy, there seems to never be enough money to go around. I can sit and dream about getting free money, but I am realistic to know that money doesn’t grow on trees and certainly doesn’t come as free money.
There are many online lenders advertising enticing programs to get people to borrow money. I don’t like there is no face-to-face customer service. I am concerned about scams and fishing, and so I am reluctant to use these services. I need money desperately, but risking my accounts isn’t worth borrowing from an online lender.
Filling out a loan application online with all my information, so they can process my loan request, seems risky. My aunt just had her identity compromised, and what a mess. I don’t want long term financial trouble, because I was desperate for money now.
Bank or Credit Union Loan
There are banks and credit unions everywhere. I have a bank account and thought about going to my bank and asking for a loan. I would need to fill out the application, agree to pay the bank fees, and allow the bank or credit union to complete a comprehensive credit check. I think I have good credit, or at least decent credit, but each time they do an inquiry, it affects my credit scores. I know my credit rating affects the loan term, the interest rates, and fees. I would also have to wait a business day or more for an approval. I don’t have time to wait.
Secured Loans Through a Pawn Shop
A secured loan through a pawn shop requires a state or government issued ID and something of value so it can be used as collateral. Collateral loans are not a personal loan. They are collateral loans, meaning you are using the value of an item like gold, silver, a fine piece of jewelry or other item to loan against.
The pawn broker will appraise the value of the item you take to the shop and see what the current market value is. They will then make an offer. Collateral pawn loans are easy to get, because they don’t require a long application process like a bank loan. There is no risk of being scammed, like online loans present, and they can give you quick cash. They are fast cash loans.
You don’t have to disclose your credit score, not do they run credit checks. As long as the value of your item covers the cost of the loan, than you are golden.
I think my best option is a fast cash loan at Pawn King in Stratford, CT.
I earned that if I just want to sell my item, they will buy the item outright. They typically offer 30-70% of the item’s value. This depends on the type of item, brand, and how fast the item will sell on their retail floor.
They always pay top dollar for gold. They also provide instant money pawns. Team members determine prices at the time I bring my item into the store, and explain how they come up with the offer. The team members use various online vendors to see what items are actually selling for at that time.
One thing I need to remember is they want to make the best deal they can. They also must consider pricing that allows them to move the item quickly, so it does not stick around and decreases in value as companies release new versions. They can pay the most for items that tend to have stable values on the marketplace.
For this reason, things like consumer electronics generally bring a lower premium than precious metals, jewelry, and larger items.
Will and Cheryl are the owners of Pawn King. Cheryl said, “We pawn anything of value! Highest prices paid! At Pawn King, we strive to treat all of our customers with fairness and respect.”
Pawn King will consider anything of value. There is nothing too large. They even have military surplus, pawn on autos proving I have the correct documentation and ID, and have a large selection of jewelry. They place their customers first.
This was the answer to my holiday fast cash needs.