Whether you have bad credit and are unable to take out a traditional loan, you’re in the midst of an emergency and can wait for the money you need, or you need investment funds today to take advantage of a limited-time business opportunity, a pawn shop loan can be a great idea to earn some quick cash.
How It Works
All you need is an item of value to use as collateral, such as gold jewelry or an old TV, and you’re good to go. A pawn broker will start by appraising the item in question and offer you an amount based on its worth, age, and condition. Then, should you choose to accept the offer, they will draw up the paperwork to complete the transaction. Typically, it’s a very fast process since there is no need to run credit checks, but you will need to take a few minutes to go over the terms of your agreement to ensure you’re fully away of your financial obligations, payment due dates, deadlines, and such.
Pros Of Pawn Shop Loans
- Anyone can utilize pawning to get the cash they need quickly.
- Pawn shops don’t require credit checks.
- You can get your money the same day.
- There are no consequences for not paying off your loan except losing your collateral.
- You don’t need to have a bank account.
- Pawning an item is fast and easy.
- You can pawn almost anything.
Cons Of Pawn Shop Loans
- There is a chance you could lose your item for good if you cannot or refuse to pay your loan; although, statistics show that more than 85% of people who pawn items get them back.
- You still have to pay interest on pawn shop loans.
- Because pawned items are used, you may not be able to get full market value for them.
Bottom line is, in a world where most other financing options involve complicated application processes, vigorous background/credit checks, and are in many instances more risky than they’re worth – looking at you payday loans – pawn shop loans are simply the most logical solution. At Traders Loans and Jewelry, for instance, we’ve been the best pawn shop in the Valley since 1954; which makes us the oldest as well. That means we have the experience to bring you the best pawning experience you’ve ever encountered. So no matter how much you need, what you need the funds for, or what you have to offer in exchange, we encourage you to come talk to our trade professionals at Traders Loans and Jewelry to see how we can help you get the quick cash you need today! Stop in to Traders Loan & Jewelry today at 18505 Sherman Way Reseda, CA 91335, call 818.345.8696 , or simply fill out the form on our contact page if you have any questions.