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Wichita pawn shops are a good
source of short-term loans and payday loans for those in need of immediate
cash. Wichita pawn shops also
offer discount merchandise (mostly pre-owned items that were put up as
collateral toward a payday loan that was defaulted on, as well as items
from estate sales and select new items) for sale to the public.
The newest service offered by local
Wichita pawn shops would be the payday loan. Although there are several specific locations offering payday
loans, pawn shops have become great sources of these loans as well.
How does a payday loan work? Basically,
it is set up as an advance on your paycheck.
You are required to present a pay stub and your personal
information into the pawn shop, and they run a quick credit check.
Then, based on your paycheck and the requested amount, the pawn
broker will sign off on a payday loan.
If you are interested in this
service, the payday loan at Wichita pawn shops will be at a high interest
rate (much higher than a standard bank loan, sometimes in excess of 18%),
and it will be required to be repaid within a set period of time (usually
30 days from the date the payday loan originated, assuring that the
borrower will receive at least one paycheck by the time the loan repayment
is due). There is also
usually a flat fee involved in such loans.
Often, the lender will offer an extension for the price of an
additional lending fee in the instance the payday loan cannot be remitted
in the designated time period.
In Wichita, there are several pawn shops who
offer short-term collateral based loans, and many have begun to offer
payday loans (check with individual shops for availability and policies.
Two of the most well-know lenders where you can get a payday loan
in Wichita are A-No 1 Payday, with 3 locations (East Douglas Avenue, South
Broadway Street, and South Oliver Street) and A-OK Pawn Shops, with 2
locations offering some form of a payday loan (South Oliver Street and
West Central Avenue).
New!
Online cash advances now available
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