Alternatives to Bank Loans

Alternatives to Bank Loans

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We all know that we can’t always trust the banks, even if you’ve been banking with one in particular for a quarter of a century or more. Poor administration, excessive charges and unfair banker’s bonuses are amongst a few of the most common complaints, so it comes as no surprise that we’re looking elsewhere for a bit of help with our finances.

If you have a poor credit rating, bank loans can be very difficult to get, especially now the banks are so reluctant to lend. On the plus side, pawnbrokers aren’t reluctant at all to lend and the only thing you need is some suitable ID (like a driver’s licence, passport etc) and an item of value the loan is secured again. This could be a watch, a gold necklace or a precious antique. You might get up to 75% of the value of your item loaned to you and with most pawnbrokers lending on average between 50-1,000,000, the possibilities are endless.

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It might surprise you to learn that pawnbrokers (or pawn shops) are a realistic alternative to getting a risky bank loan, despite their shady image. Pawnbrokers like H and T, Uncles the Original Pawnbrokers and borro.com are shops of the modern age that provide a reliable, efficient service catered to you, the customer.

So what are the benefits of a pawnbroker loan? One, they are very, very quick. There is no lengthy waiting time for decisions to be made, no bank manager meetings and no explanations for what you require a loan for. With pawnbrokers, your business is your own. What you choose to do with the money they loan is entirely up to you, whether you are paying off debts, putting down a deposit or simply buying someone a gift.

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You might think pawnbroker interest rates are awfully high at an average of 4-7%, but think of it like this: the loan lasts on average six months and the money can be in your hand or your bank in as few as 24 hours. Even if you can’t repay the loan, you will simply lose the item to the pawnbroker, who will then sell it off to replace the cost of the loan.

A lot of the biggest pawnbrokers now also trade online, much like Uncles the Original Pawnbrokers, a UK based, family-run business that was one of the very first genuine pawnbrokers to first start trading online. Online pawnbroking is easy to get to grips with, too: simply type in your item with a brief description like weight, material, estimated second hand worth and an estimation will pop up.

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After that, whether you choose to follow up the offer is entirely up to you. The internet is a useful tool for making getting a loan so much easier. Pawnbroker loans are especially good as bank loan alternatives as they are much faster, easier and won’t have any effect on your credit rating. The only thing they check for is your identification!

If you’re looking for the best pawnbroker loan around, come to Unclesmoney.co.uk today for a fast, easy and hassle free decision!. This article, Alternatives to Bank Loans is available for free reprint.

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