Choosing where to get a loan is an important decision as you want to get the best deal and ensure that you are doing the best for yourself in the long term. Many people however don’t have a great range of options open to them as they may have poor credit or a lack of assets to secure the loan against so the choice may be limited.
Pawn shops that loan money are often a great choice for many people as they offer the ability to access a loan quickly and simply.
How does a pawn shop loan work?
A pawn shop loan can be a very convenient way to get a loan and allows you to access cash quickly whilst using your possessions as collateral for the loan. You will need to bring the item you are using as collateral with you to the pawn shop and they will appraise the value of the item and provide you with an offer for it.
Once the offer has been made you have the option to accept the offer or walk away. The offer will include the loan amount and the term of the loan. If you agree to the loan the item used as collateral will be retained by the pawn shop and kept securely in their vault for safekeeping.
You can return to collect your item at any point during the loan term as long as you repay the full loan amount. If you are unable to complete the loan at the end of the loan term, you may be able to extend the loan period so that you can still get your item back once the loan is fully repaid.
Why should you choose a pawn shop that loans money?
There are many reasons why a pawn shop loan is a good option for many people and these reasons include:
- Loans can be very quickly set up
- It doesn’t affect your credit rating and won’t count against your name
- You don’t need to have a good credit score
- You don’t have to use your home as security
- You can repay the loan and get the item back at any point during the loan
- You could extend the loan period if needed
How much money does a pawn loan offer?
How much you can borrow is dependent on the collateral item you provide and its value. We offer loans up to $1,000,000 on a wide range of items including gold, silver, diamonds, watches, automobiles and many more items.
At GEM Pawn we provide 24 convenient locations across New York, and we have been trading for over 70 years, so you can trust that we provide honest and reliable service. Visit us to find out what we can offer you.