Loan stores are a particular kind of store set up for people who are vulnerable and tight on cash. Essentially, they lend people the money they need when they feel they have no other place to turn.
Never heard of them? They can be found in places such as strip malls or downtown lots. They are usually located in neighborhoods where the income level is low.
These stores offer a variety loans including title loans, payday loans, installment loans and check-cashing services. Don’t expect to borrow a whole lot. You can borrow anywhere between $100.00 and $500.00, which isn’t a whole lot of money.
Most of these companies make their money off of the origination fees and interest rates charged to customers. Before checking out one of these locations, please be aware they are expensive and their rates normally cost more than using a credit card.
