Most people have sold something on Ebay. I have to admit I quite enjoy receiving money for something I have absolutely no use for anymore. A few months ago I got a tenner for a jacket I hadn’t worn in three years.
So with an app like Ebay, easy to use with thousands of customers, why are more people turning to pawnbroking services such as Cashconverters? The answer, of course, is cash. Fast cash.
The Ebay process is much slower than Cashconverters. On Ebay you need to wait around for a few days while interest is generating for your item. At Cashconverters you take in your products and immediately receive cash - albeit much lower than the value of the item.
Using Ebay almost always means you receive more money for something you’re selling, even with the fees they charge. A willingness to accept a lower price for your items in return for fast cash shows Cashconverters, and others like them, you have money problems.
This turns you into a target. Fast cash means these companies know they can pay you rock bottom for your items, and sell them on at a much higher price.
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Knowing the reason why you’re in their store on their website, Cashconverters offer loans. These loans come with shockingly high interest rates. At the time of writing the representative APR is 1281%.
The loans are provided by Sunny Loans and Cashconverters receive a fee for providing them with a new customer.
In short, this adds up to exploitation. Cashconverters know if you’re willing to sell your belongings at a low price, you’re also likely to accept unfavourable terms for a loan.
Know your options
It’s easy for me to say you shouldn’t use Cashconverters and companies like them. Access to quick cash can be the difference between food on the table and an empty fridge.
The problem is if you’re short on money month after month. We all only have so many belongings that can be sold on.
Getting familiar with what other options are available to you is never a bad thing. There are debt solutions that could help to fix your finances so you don’t have to be exploited by companies like Cashconverters.
Follow the links to see if any of the solutions available could help you.
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