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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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