It can happen to anyone. You’re a little late paying the cable or phone bill and you’re hit with a pile of late fees and “reactivation” charges on top of everything you owe. The phone company charges you $45 to “reactivate” the phone. The cable company charges you a reactivation fee for simply flipping a switch. All of a sudden, your bill has doubled. With the added fees, you now owe $300 to pay the bill when money is already tight. But here’s the good news — a Boston pawn shop can help you avoid these fees in the first place.
Here’s how a pawn loan could work for you. Let’s say you have a $200 cable bill due. If you pay it late, you may be hit with a $20 late fee, along with an extra charge of $45 for reactivation. That adds a quick $65 to your bill, and what’s worse, you don’t get paid until Friday so the fees can continue to accumulate. In a situation like this, a $200 pawn loan at one of Empire Loan’s Massachusetts location’s may be the perfect solution. With a $200 loan, you’d pay only $22 for the appraisal fee and interest, and be able to keep your cable on in the first place. At Empire Loan, all that’s required is a valid ID and something of value like a gold chain, bracelet or ring to secure the loan.
Comparison of late fees and penalties with the low cost of a $200 Pawn Loan:
Cell Phone: $45.00 Late Fee and Reactivation Charges
Cable TV: $55.00 Late Fee and Reactivation Charges
Bounced check: $65.00 Insufficient Funds and Overdraft fee
$200 Pawn Loan: $22.00 Appraisal and Interest for a 30 day loan
Many companies will charge customers additional fees for bounced checks. In this case, you end up paying twice — one fee to the bank and another to the company who received your bounced check. This may also result in the company asking for a “security” deposit or refusing to take a check in the future.
Most of these situations are also reported to credit reporting agencies like Equifax, Experian and Trans Union. As a result, your credit rating is lowered which makes it difficult to get a credit card or loan. Worse still, landlords often conduct credit checks, so even your ability to find housing may be affected. Some companies have even started to use credit reports as part of their hiring criteria.
On the other hand, pawn loans are NOT determined by your credit history, nor do they affect your credit rating if you default on the loan, since it is secured by your merchandise. Nothing is reported to the credit agencies. Nothing goes on your record. You simply get to move on with your life with no repercussions. It’s that easy.
The price of gold is still high, meaning your old gold chains, rings, bracelets or even broken pieces of jewelry and loose earrings can get you a fast, short term cash loan that will let you pay those other bills and avoid the extras fees. Empire Loan will also do short term cash loans on electronics such as digital cameras, flat screen TV’s and laptops as well as musical instruments like guitars and trumpets. So the next time you need money for bills, consider a Boston pawn shop.
With a pawn loan from Empire Loan, you’ll never pay late fees again, plus you‘ll save yourself money.