What's the difference between a payday loan and a pawn loan?
The biggest difference between a payday loan and a pawn loan is collateral. If you want a fast cash advance from a pawn shop you will have to bring in something you own for the pawn shop to store as collateral. If you do not repay the pawn loan you will lose your property to the pawn shop. Many people do not have items that are worth enough or they may not be portable or you may even need the item that you would pawn. Payday loans require no collateral because the money is simply added and then deducted from your checking account on your next payday. The great part is that only your payday fee is deducted giving you the option of paying off your payday loan or extending it for a longer period. You don't have to worry about the full amount of the payday loan being deducted from your bank account. Payday loans also happen overnight and you don't have to leave your house. You can simply apply online and have your money the next day. Pawn loans require you visit the pawn shop which may not be convenient or sometimes can require traveling to bad neighborhoods.
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