A Quick pawn loan can help you come up with cash quickly when you need it most. The idea is that you bring in an item that you own — something of value, like jewelry, electronics, or furniture — and the pawnbroker will give you a short-term loan for it. You have a set amount of time to pay off the pawn loan, and if you do, you can redeem your item at the store and get your money back.
Pawn shops typically do not run credit checks, which makes them a great option for people with no or poor credit. However, if you don’t repay the loan, the pawn shop will keep your item and it may have a negative impact on your credit score.
Quick Pawn Loan: Fast Cash for Your Valuables
You can also take out a pawn loan using personal property that you own, such as a vehicle or boat. However, these loans tend to have higher interest rates than pawnshop loans. In addition, you may be required to provide a cosigner for these types of loans.
To qualify for a pawn loan, you must have an item that the pawnshop deems valuable and have a valid government-issued photo ID with you. It’s also important to keep in mind that the pawnbroker will only offer you a percentage, or no more than 60%, of your item’s resale value. So, if your goal is to make some extra cash, you may want to consider selling your item outright instead of pawning it.
