After Cathleen and I got married, she received a phone call from a girlfriend who was in a bit of a financial jam. Her car was in the shop and she was completely broke, needing a $200 cash loan to cover the bill. Living in Vista without the car, she had no way of getting to work.
Making the situation more dire, Cathleen's friend is a single mom with a couple of young kids to worry about.
After I returned home from work one day, Cathleen explained the situation. Of course, being the inquisitive person that I am, the first question out of my mouth was, "doesn’t she have an emergency fund?"
Considering Cathleen and I were only recently catching up at the time, we were hesitant and unable to offer financial assistance . We were eating lots of macaroni & cheese and rice & beans to ensure we spent less than we earned. Our child is still a baby, and by the time we finished paying the mortgage for our new home, the car loan, and all our other bills and obligations, there was very little money left for discretionary spending or personal loans.
When looking for cash loans, people with poor credit histories are typically in bad shape if they need to get a loan for an unexpected expense, and banks and other lending institutions depend on credit scores almost entirely to determine if they will offer someone a loan.
At Gems N' Loans in Vista California, there are pawnbrokers willing to offer collateral loans with interest rates as low as 2%. The pay back time on these type loans are usually easier to content with leaving the only worst case scenario of not receiving your collateral should one default.
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