When you need some extra cash, it may be time to turn to a personal loan or cash pawn loan. Find out which one is right for you!
What Is a Personal Loan?
A typical personal loan is received from a private lender without collateral. Some lenders offer approval regardless of credit score, but the interest rate could be higher for those with poorer credit.1 As a result, this kind of loan is most beneficial to those with good credit.
What Is a Pawn Loan?
When you just need a few hundred dollars, it’s not always feasible to take out a standard bank loan. Whether you need a quick $150 to pay for a car tow, $350 for an unexpectedly high utilities bill or $600 for school books, clothes and supplies, a personal cash loan from a licensed local pawnshop can be all it takes.
A cash loan from a pawnshop uses your pawned item(s) as collateral and is a much faster process than a bank loan (making it ideal for emergencies). Because an item is used for collateral, your credit score is not even considered. Therefore, a pawn loan can be a great option for those with poor credit.
There’s Cash in Your Closet!
How often do you really use that Louis Vuitton purse? Turn that luxury handbag sitting on the shelf into quick cash! Don’t sell your treasures for what could be an unfair price—pawn them and get a great value at GEM Pawnbrokers.
To learn more about GEM Pawnbrokers’ cash lending options (up to $1,000,000), call us at (718) 596-5626. Or, get an instant quote on the pawn value of your unwanted items by visiting one of our 28 New York City area locations!