In most cases, you must be over 18 in the United States to get a loan with a few exceptions such as a student loan. This rule also applies to pawn shop loans, and this can’t be waivered for any reason due to:
- Minors (defined as under 18) in the United States are not allowed to sign any document that is classed as a legally binding contract. Pawn shop loans are a legally binding contract as this makes it certified and provides protection for both parties, therefore under 18s are not eligible.
- If a minor were to sign a loan contract unknown to the lender at the time, the contract would be null and void when the true age was discovered.
- If a pawnbroker was found offering loans to minors they would risk losing their license.
These rules have been put in place to protect children and young people from being taken advantage of.
What type of loan to get?
If you are over 18 and want to get a loan then you may be finding it confusing looking at all the loans available and trying to find one that suits your needs. If you want a quick and simple loan that doesn’t require your credit history then a pawn shop loan might be the right one for you.
A pawn shop loan is a quick and easy way to get a loan because you don’t need to complete lots of paperwork or undergo checks and have your credit history checked. It also doesn’t impact your credit score and the rates are competitive. You just need to provide an item as collateral for the loan. This is why pawn shop loans are so popular as they are open to so many people.
So how does a pawn shop loan work?
A pawn shop loan is simple, and you can walk out with the loan the same day. You will need to visit one of our 24 conveniently placed stores across the New York City area with your collateral item so we can appraise it and offer you a loan based on its value. It is then up to you if you accept the loan offer or walk away.
If you take the loan, you will receive the money straightway and we will retain the collateral item for the duration of the loan where we will store it securely. When you have repaid the loan you can collect your item. If you have difficulties paying your loan, you should contact us to discuss it as we may be able to extend the loan term.
If you are over 18 and looking for a loan and a pawn shop loan sounds good, visit us and find out how much we can offer you.