Timeshares in general has been under pressure in recent years due to defaults and diminished availability of receivables financing, but that has been improving recently.

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Whereas traditional pawn shops can charge upwards of 20% per month for a loan, online pawn shops charge as little as 2%, which is lower than other forms of alternative financing such as receivables factoring.

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As a result, retailers turn to alternative financing options such as credit card receivables, which are very expensive.

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The cash crisis forced Gall and Cooke to rely on purchase-order financing--in essence, factoring receivables before they are even receivable.

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Since 1986 the company has been financing the medical equipment and, later, receivables of healthcare providers, securitizing some of the loans and leases, and selling them to investors.

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Eighteen months ago Pierce turned to an alternative form of financing called factoring--the process of selling receivables at a discount to raise quick cash.

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