The Truth about Pawn Loans
Many people have a pawn broker near them, but might not be sure what they do. There are many stories about them, and we’d like to tell how these shops work to improve their local community.
GEM Pawn Brokers has been serving the community for seven decades by helping out and hiring workers from the local area. One service that people may not know about is the pawn loan. Here are some things that are not true that people believe about pawn loans, and the truth about how they help families every day.
- Not true: Pawn loans cost a lot. It is not like that at all! Getting a loan from a pawn shop can be better for your wallet than going somewhere else. Other loan brokers charge interest rates over time, and there is an added fee for paying back the loan too quickly. Pawn loans only add interest as long as you have the borrowed money, and you can pay it back as fast as you want.
- Not true: Pawn loans wreck your credit. This simply isn’t true! Since you are leaving an item to secure your loan, your pawn broker does not need to run a credit check.
- Not true: Pawn loans take too much time. Another wrong idea! In most cases you will be able to get a pawn loan or report to credit agencies within a few minutes. You will also get the item you left at the shop (called the “collateral”) back as soon as you pay off the loan.
Learn the truth about pawn loans and get more info on getting a loan by visiting or calling GEM Pawn Brokers today. Visit one of our 28 locations across New York City or give us a call at (718) CALL-GEM.