Payday Loans or Pawn Loans

First of all, lets take a look at what is the difference between your average payday loan and your typical pawn loan.  The fact is, they are very different types of loans and they should be used for different reasons, but let's talk about the basic difference.
 
Second of all a Payday loan is a type of unsecured loan. This means that there is no collateral involved when getting this loan.  All that the lender considers is your ability to pay it back if the deal goes bad. Typically you will need a job, have several hundred bucks in your checking account and a steady job that you can prove.
 
If you meet these requirements then you should be approved.  But remember you have to pay it back in a few weeks, so make sure you have enough money in your account.
 
A Pawn loan is a different animal all together.  This type of loan is a secured loan.  This means that you will have to provide an item of value to guarantee that you will pay the loan back.  This guarantee is called collateral.
 
So if you need some quick cash to take a trip to the beach or maybe even pay some bills that are overdue, both of these options make a viable choice for your unique situation.
 
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