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There’s nothing like seeing a Title Loan Shop or a Pawn Shop to signal that a neighborhood is going downhill.
Likewise, seeing an increased number of commercials for such places on television is a bad sign for the economy.
Fortunately, there are a few other ways to get cash fast when faced with an emergency…
While it may seem like a really good idea to sell your jewelry or the title of your car to get quick cash when you’re in a jam. Unfortunately, such actions may cause you to lose your valued jewelry altogether and to also lose your car!
Even when these places are willing to work with you to extend your terms until you can pay off your “loan,” you may find that you’ve paid the loan many times over before getting back your title or jewelry.
There are better ways to secure money for unexpected expenses:
- Perhaps you can find some part time temporary work.
- Perhaps you can get a loan with interest from your parents (even with interest it will cost you far less).
- Perhaps you can arrange to pay for the need over a period of time.
If you find yourself in a place where you have to sell something, consider selling an item you will not want to buy back.
That’s my $.02. What’s your opinion?
Must read: How Pawnshops Work
I have been a certified tightwad striving for financial freedom since I became pregnant with my first child — and I decided to find a way to stay home with him full-time. I enjoy sharing my personal experiences in my journey back to financial health and planning for a future — which will include sending 2 kids to college and early retirement.