Pawnshops are good in getting instant cash

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This article gets to highlight the cons of pawnshops in relation to other money lending institutions and retail outlets. 

Topic: Distinctive Drawbacks of Pawnshops/ Pawnbrokers 

Despite the fact that pawnshops have numerous advantages it falls short in some instances. Many people who are unable to get loans from financial institutions like banks opt for pawnshops yet not many of them are able to repay the loan pawned. This is just one of the snag issues affecting pawn industry. Pawnshops are one such business models you need to think twice before you venture into. Bear in mind the old saying that goes, when the deal is too good, think twice. 

Below are various drawbacks of pawning: 

  • Very High Interest Rates 

The decision to get a loan with collateral is that it makes lending that money less risky on lenders part. If the borrower doesn’t pay back, the collateral ensures it won’t be a total loss and less risk for the lender. This means lower rates for the borrower. This is in a normal scenario but with pawning this isn’t true. Despite pawnshops risking very little time in issuing loans, many of them are charging high APR rates exceeding 25%. 

  • What You Borrow Depends on  Item You Pawn 

In other words you cannot borrow that much.  The amount you will be able to borrow with a pawnbroker will depend on the value of the property that you are pawning. You will only get a small percentage of what that items really worth.  

  • Probability of Losing Your Property 

If you default in paying your loan back, the pawnbroker has the right of the item you left at the shop to own it. In other words it becomes property of the pawnbroker. You are usually given sometime to pay your debts, about a month or so. If you don’t, the pawnbroker is at a position to sell it. 

  • Acceleration of  Debt Cycle 

This is a result of the short term loans offered by pawnshops. This means a chance of not paying back on time is high and as a result, they will give you an extended date. This additional date means additional interests or charges. This can be tragic as the vicious cycle of debt can be created. You find yourself constantly throwing more money at your cash advance loan but not able to pay off the loan. 

  • You can always get cheaper interest rates elsewhere. For instance, with a homeowner loan. 



There are other disadvantages but these are just the basic things that you need to know about getting a loan from a pawn broker. 

Click the link for more information :- www nearme pawn shop

Discovering the Best Employee Benefits to Give Your Workers

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Employee benefits are plainly any form of reimbursement given to employees in addition to their normal salaries to cater for their daily expenses Lakeshore Cashmax loans. A major motivation for workers given these benefits is that there are expenses in their lives they would never have to spend a coin from their pockets to meet. Here’s a list of the best and most popular employee benefits that you can give your workers:

Health Insurance

Anyone is bound to get sick or require medical attention at any point of their lives. Under this insurance, the employee is covered for their medical and surgical costs. Based on the kind of health insurance coverage, the insured employee could either pay for their medical expenses to later receive compensation, or the insurer sends the payments to the service providers directly.

Life Insurance

This is an insurance policy that works as an exchange whereby the insurance company pays a large sum of money to the delegated beneficiary of the covered employee when they die after making monthly or yearly payments in return. An employer who gives life insurance stands the best chance to attract the most candidates to work for them. Most people in the working age bracket have families depending on them and would not want to leave them empty handed if they lost their lives. This is therefore one of the most preferred benefits that you should offer your workers as a competent employer

Retirement Benefits

Anyone would have to end their careers at some point and time. Retirement benefits are grants paid to retirees as promised by their employers. Normally, the amount of money that an ex worker is given depends on their initial earnings history, level and rank of service and age. The majorly used formula to determine this is based on the employees’ final salary whereby they are paid a stated percentage of their last earnings for a given number of years after they stop working. Many potential workers would prefer employers that offer these benefits to be sure that their lives would not fall apart when they retire.

Childcare Benefits

This means covering partially or fully the costs of emergency when an employee’s child falls sick. The job market has become very competitive and for you to be a competent employer you should consider giving child care benefits to your workers.

Dental Insurance

This is an insurance coverage whereby employees’ dental costs are catered for. It is one of the best benefits you could offer to your potential workers to attract and retain the most competent of them all. It would be any workers wish to have their dental expenses taken care of without having to strain their own pockets.

The above mentioned benefits are the best recommended for all employers to give to their workers as motivation to retain them and even attract more of their kind.