

Online Pawn Shops Lend Cash Fast  - chocoheadfred
http://online.wsj.com/article/SB10001424052970203518404577094701656317574.html

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vsl2
Brick and mortar or online, still basically a loan with a very high interest
rate (~36% in this case) while also putting up collateral worth more than the
loan.

Only use these services in the most dire of financial circumstances. If you're
in a situation where you have to pawn valuables, it may be time to start
thinking about getting a normal job to reassess and regroup.

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mattwdelong
I don't know where you're getting ~36%? Borrower in OP had a 3% interest rate,
and the article stated an industry average of 10-20%.

With that aside, I don't entirely disagree with your argument.

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dangrossman
Interest on loans/credit is reported in terms of annual rate, not monthly.
This loan at 3% per month is 36% per year. You won't find a credit card in the
US at an interest rate that high.

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pavelkaroukin
I would not be so sure about credit cards. I was in search for basic credit
card when just moved to USA to start my credit history somewhere... I was
offered credit cards which are:

1) Secured. I.e. I have to have whole credit line amount as a cash on CD with
the same bank.

2) Annual fee is 50% of credit limit

3) standard APY 37.5% and penalty APY even higher

4) Credit line - less then $500

And I bet this one was not worst one.

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lisperforlife
If you have to borrow at 36%, you are doing it wrong. You must consider your
exit strategies or simply look for a job.

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ohyes
I'm reminded of a line from the producers: "Never invest your own money."

I don't see how one could make methodical and appropriate business decisions
with the gun pressed to their head of potential financial ruin.

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wmf
I was hoping to read of something truly innovative, like putting up your Steam
account as collateral. Oh well.

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blacksqr
Lend

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teaspoon
That's a non-error:

<http://public.wsu.edu/~brians/errors/nonerrors.html#lend>

