Even the thriftiest among us have come across hard times when we are in need of some quick cash. If you’re suddenly caught up in a situation where you’ll be needing some money, bank loans seem like one of your only options. However, there are far too many horror stories of absurdly high interest rates and unpayable debts.
What other options do you have? By driving around town or doing a quick Google search, you may end up hearing about pawn shops. The pawning business seems to be a hit these days, with their reality shows on TV and shops popping up almost anywhere. If you are a bit uneasy about selling your items or buying from a pawn shop, then feel free to relax a bit as we take you through the advantages of seeing a pawnbroker, like us.
Flexible Loan Settlement
As long as you have an item of value, you can secure a loan with a pawnbroker. This loan will, of course, come with interest which you can pay at the end of the given time period. However, unlike bank loans, you can also opt to pay for your loan by selling your item to the pawn shop. In this sense, loans can be paid in two ways, adding more flexibility and giving you the option to pay the brokers back in cash or kind.
In terms of time period, these shops are known to give a shorter time for you to pay back your loan as compared to other sources of money loaning, although what is unique is the grace period present in many brokers across the United States. If you are unable to fully pay off your loan on the specified deadline, you are given a grace period before they claim your item. It then becomes possible for you to pay off the loan during the grace period and still be able to take back your item without it being claimed yet.
Low Credit Risk
One of the high points of loaning from a pawn shop is how there is little to no risk to your credit score. When you default on a bank loan, your debt begins to pile up and your credit score worsens. This is untrue in the case of pawning, wherein if you fail to pay your loan by the deadline, the shop will simply take your item. No need to worry about damaging your credit score. In the case of those who are about to loan from a pawnbroker, checking of your current credit is unnecessary. Banks have to make sure your credit score is high enough before granting your loan wherein pawnbrokers do not.
Ease of Getting Loans
Got an item of value that you think is worth enough to get you the money you need? Bring it to a pawnbroker. The process of getting the loan is easy since it simply entails having the item appraised to determine its worth and the subsequent loan they can offer while settling simple terms like deadlines and interest rates. Transactions like this are almost always completed within the day, which means you can walk in with your item and walk out with your cash. No extra measures to determine whether or not you deserve the loan.
Assortment of Items
Since we’ve mostly been talking about the loaning aspect of pawnbrokers, we can also look into the pros of buying items from them. As a consumer, you are definitely going to be interested in buying products at an affordable price. Given that a common product in these shops are jewelry, you can actually buy a watch or necklace here for about half the price you will pay for at a regular jewelry store. These shops are not just limited to jewelry, and after visiting one, you may notice that there are various second hand items that you can buy for a good price. Such items range from electronics to furniture and antiques.
Going to our pawn shop either as someone interested in loaning or purchasing an item can prove to be beneficial. With our easy loaning process, you can find yourself with the cash you need in a shorter span of time as compared to other sources. If you feel like buying something interesting but don’t quite know where to start, a quick trip to our shop may yield interesting results.
“One of the high points of loaning from a Pawn shop is how there is little to no risk to your credit score.With our easy loaning process, you can find yourself with the cash you need in a shorter span of time as compared to other sources.”