Comparing Fast Cash Options: Gold Selling, Pawning And Payday Loans

This time of year, money’s always a little bit tight. You’ve got your post-holiday bills coming due and coupled with fewer hours on your cheque from holiday time off, it doesn’t seem like there’s a way to make your ends meet this month. When you face a financial shortfall, you have three options to secure the fast cash that you need to cover your bills. All of these options come with their own advantages and problems, so take some time to choose the one that best fits your situation.

Gold Buying

Gold buyers in Bristol have been around for centuries, because gold is a safe hedge against inflation and has never been worthless. To sell your gold, all you have to do is gather old jewellery that you no longer wear, that’s damaged or you just want to be rid of. Good gold buyers have relationships with the best bullion dealers, which allows the gold buyer to offer you the best price on your valuables. Most gold buyers also accept silver for sale, though silver attracts a far lower price.

Pros: Selling jewellery in Bristol gives you the most flexibility for your cash infusion. You don’t have to pay the money back if you don’t want or can’t afford to, so you’re not stuck in a long-term cycle of debt. Buy back programs allow you to change your mind later, if your financial situation improves.

Cons: You must have gold or silver to sell, typically a significant hurdle to those with financial problems. The good news is that your gold and silver doesn’t have to be in great shape, it just needs to be pure.

Pawning

If you have valuables that you want to keep, pawning is your best option. In this situation, you offer your valuables as collateral for a loan. The broker takes possession, and after you’ve paid your loan back, you reclaim your valuables. Failure to meet your obligations forfeits the collateral to the broker, though you can extend the payment terms before the due date. 

Pros: Pawn brokers accept almost anything of value, from your television to jewellery or a rare book. There’s sure to be something in your home that you can pawn for the money you need.

Cons: Pawning your belongings may not raise enough money to get you out of financial trouble, and a large loan amount can lead to a cycle of debt that’s hard to escape.

Payday Loans

Over the last decade, payday loans have become an extremely popular way to get quick cash. For a payday loan, all you have to do is prove income, direct deposit and a bank account. Once you can do these things, you can walk away with a loan worth hundreds. The loan is due your next payday, though some companies do have terms that cover a full month, and the lender withdraws the money directly from your bank account.

Pros: You don’t need anything of value to secure a loan, and the amounts can be higher than you might get with the other options.

Cons: Exorbitant fees can cripple you financially for years. The interest rates are usually over 100%, and once you get started with payday loans, it’s hard to break the cycle.

In most cases, your best choice for short term cash is to seek out a lender like Raselle Pawnbrokers. You’ll have flexibility in the amount of money you get, and won’t be burdened by long-term debt obligations.