Why are people choosing pawn shop loans for their personal loans?

Whilst the economic climate remains uncertain many people are struggling financially and are looking for ways to make their money go further or searching for loans to assist them. Is this a familiar story? Whether you are looking for a cash injection to alleviate your finances or a boost to pay for those extras, a pawn shop loan could be your best option.

The key reasons that people are choosing pawn shop loans are:

  • Ease of taking out a loan

A pawn shop loan in comparison to other personal loans can be very simple to take out. There are no forms or applications to complete, and you won’t have to provide lots of personal information. Your credit rating won’t be checked and we don’t want to know about your income.

  • Speed

Because we don’t need to undertake checks and there are no forms to complete, the loan can be completed quickly. The only requirement is that you bring your loan collateral item/s in for inspection so that we can value it. Based on this valuation we will make you a loan offer which will be less than the item's value. This process is fast and you can walk out with a loan on the same visit.

  • Accessibility

Pawn shop loans do not need any credit checks or background checks for their loans, so it doesn’t matter about your credit score. So pawn shop loans are accessible to more people as they do not preclude anyone. All you need to get a loan is a collateral item/s that is valued high enough for the loan amount you want.

  • Won’t impact your credit rating

A pawn shop loan doesn’t impact your credit rating as the loan is secured against your collateral. If you don’t repay the loan, the collateral item is kept by the pawn shop and can be used to recover the loan amount. Unlike other loans, defaulting on the loan won’t end up on your credit report or impact your credit score.

  • Fair loan option

A pawn shop loan offers fair and competitive loan rates, unlike some other loans such as payday loans which traditionally have higher rates and unfair terms. With a pawn shop loan, you will get your collateral item back which means you have an item that can be used again in a loan in the future.

So if you are looking for a personal loan and a pawn shop loan sounds like a suitable option for you, visit one of our 24 conveniently located stores across the New York City area. We will be happy to discuss the loan with you and value your item/s.