Whitby Auto Pawn Loans Are Safer Than Sameday Payday Loans

Do you need cash to cover an unexpected financial emergency? Are you considering on getting a same-day payday loan? If yes, read first the dangers of payday loans below before you secure one.

Disadvantages of Same-day Payday Loans

Although payday loans are easy to secure and seem to be a good solution for your urgent cash needs, there are so many dangers associated with such loans that you have to be aware and careful about.

• Payday loans have limited repayment terms. The worst fact about payday loans is that once you secured one, you have to repay it back the next time your paycheck arrives. For most payday loan companies, this would only be about two weeks. And that is a short time if you are really financially down. Worst is if you are not able to pay your loan on time, you will suffer terrible consequences such as high penalty fees and enormous interest charges.
• Payday loan amounts are small. If you need a big amount of cash, then payday loan is not your solution. Payday loans only let you borrow exactly the same amount of your next paycheck. So if you are awarded a payday loan, most likely you will still need to resort to another financial instrument to cover your entire cash need.
• Payday loans have been labeled with poor reputation. If you try to Google about payday loans now, you will see several results on its disadvantages. Hence, it is a best idea to resist yourself from obtaining such loans.

If payday loans are notorious financial options, then what loan is best for you? The answer is Auto Pawn Loans. Whitby auto pawn loans are safer option than payday loans for the following reasons:

• Whitby auto pawn loans let you borrow a bigger amount. Most auto pawn loans award cash amounting to more than $10,000. The reason why the loan grant is higher is because it depends on the equity value of the car given as collateral for the loan.
• Repayment period for auto pawn loans is longer. Most auto pawn loans need not be repaid immediately. Repayment terms are long. Here in Instant Loans Canada, for instance, you can have a repayment term of 2 years.
• Auto pawn loans offer fast cash. Most of the applications for auto pawn loans are granted on the same day. You don’t have to wait too long to have the cash you need.