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Is a pawnshop loan a good idea?

Is a pawnshop loan a good idea?

For many people getting a bank loan is the last resort and is not always an option, which is where a pawnshop loan can offer you a great alternative to get some cash fast.

Unlike other loans, the item you bring in is used as collateral for the loan allowing you to unlock the value of that item without having a debt against you.

What are the advantages of a pawnshop loan?

There are many advantages in getting a pawnshop loan:

  • You can access cash quickly so is ideal if you have an urgent need for cash.
  • You release the cash from your assets and not getting a loan against your house.
  • It doesn’t count as a debt against your name.
  • No credit checks – ever!
  • You get your items back as soon as the loan is repaid.
  • You can extend the loan period easily, so you don’t lose your item.

How does a pawnshop loan work?

A pawn shop loan is a very simple and convenient way to get a loan as all you need to do is bring in the item that you wish to pawn along with valid identification. The item you are offering as collateral will then be appraised to see what it is worth and then you will be given a cash offer.

Once you have accepted an offer for your item, you have an agreed term length to return for the item and until then it will be kept securely in our vaults. You can return for the item at any point during the loan period and there is even an option to extend the loan period.

What do I pay to get the pawned item back?

The repayment is only made when you want the item back and it is made up of two figures – the original loan amount and the interest. Both amounts need to be paid to get the item back. Loan extensions can be offered, and this is where you pay the interest on the loan to extend the term.

How much could you get on a loan?

The loan amount will depend completely on the item being pawned but we offer as much as $1,000,000. We accept a wide variety of items which includes gold, silver, diamonds, fine watches and automobiles amongst many more items.

Why choose GEM Pawn?

There are many reasons why you should choose us:

  1. Firstly, we have been trading in New York for over 70 years
  2. We have over 24 locations which make us convenient to visit
  3. We provide secure storage for your valuables during the loan period in our private vaults that are equipped with state-of-the-art security and alarms system
  4. We offer loans up to $1,000,000
  5. We offer a fast and efficient service
  6. We accept a wide variety of items
  7. We will offer you the highest value on your items
  8. We offer some of the lowest collateral loan rates in the United States
  9. We never do a credit check.
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