A tough financial situation is something almost anyone can relate to, and it's something that is very stressful. You must decide how you'll come up with the money you need to get yourself out of the financial jam without affecting your ability to pay other debts.

Your credit score can help or hurt you. A good credit score means you can likely get a personal loan that has a reasonable annual percentage rate, but a bad score leaves you struggling to find the help you need. This means you have a couple options for quick cash: pawning items or taking out a payday loan.

A visit to the local pawnshop is often a better choice. Here's why:

1: Pawning Gives You Options

You can pawn anything of value that you own. This means you can pawn something that you no longer need, so if you aren't able to pay off the ticket and get it back, it won't be really be missed. Jewelry that is of no sentimental value to you or your family is a good choice. Other items to consider are old coins and collectible items you no longer want or need.

Pawn shops offer to buy items outright. This means you can get some extra cash without having to pay it back. Again, if you have old jewelry or coins, especially gold, you can sell it to the pawnbroker and have cash in hand without the worry of adding a new monthly payment. 

2: Pawnshops Don't Report To Credit Agencies

Even if you have the best of intentions, but miss payments on your pawned item, it won't affect your credit score. A pawnshop usually gives you certain deadlines to either pick up your item, or make monthly payments for the shop to continue holding the item for you. If you fail to pay for the item in full, plus interest, or you miss payments, the pawnbroker can sell your item, but your failure to pay back the loan does not go on your credit report. 

3: Pawnshops Are Regulated 

Pawnbrokers must adhere to federal and state laws concerning their business practices. These regulations help protect your personal information, prevent stolen times from being pawned, and help make sure you are dealing with a reputable company. 

If you choose to take the Payday loan options, remember that companies must adhere to Federal Trade Regulations, but when dealing with online payday loan services, you must be careful and check them out. The FTC states that the number of payday loan companies has increased, and "Unfortunately, some payday lending operations have employed deception and other illegal conduct to take advantage of financially distressed consumers seeking these loans."

It's best to play it safe and check out your local pawnshop if you need quick cash for an emergency or to help make ends meet when financial troubles arise. Reach out to a local shop, like Desert Jewelry Mart & Coins, to learn more about their rates.