Pawn shop loans might not be the first type of loan that comes to mind when you need money but maybe they should be!
A pawn shop loan is a quick and simple loan that most people can get.
Will I be eligible for a pawn shop loan?
There is no eligibility criteria for pawn shop loans as they do not require you to have a credit check or provide a home as collateral for the loan like many conventional loans do. All that is required is that you provide a valid ID and an item that you own as collateral for your loan which you will need to leave with us until the loan is repaid. It won’t even affect your credit rating.
Are pawn shop loans complicated?
No. A pawn shop loan is actually really simple and we make the process really easy by explaining everything to you in plain English so that you can be confident in what you are doing and signing for. We will make you a competitive loan offer which will be based on the value of the item that you are using for collateral plus interest with an agreed loan term. However, pawn shop loans are flexible and you can repay the loan early and get your item back sooner.
If you agree to the loan, your collateral item will be stored securely in our vault until you return for it and the loan is repaid. If you are struggling to repay the loan within the loan term, you should contact us as we may be able to extend the loan period so you don’t lose your collateral.
So what are the advantages?
There are many advantages of getting a pawn shop loan which includes:
- The cash can be released quickly
- You don’t need your home as collateral
- Your credit score won’t be checked, and it won’t be impacted
- The loan is flexible and can be repaid early without penalties
- Loans are available up to $1,000,000
- You can use an everyday item as collateral and get it back when you repay the loan
- The length of the loan could be extended if required
So what are you waiting for? How could it get any better or easier to get a loan?
Where should you go to get a pawn shop loan?
With over 70 years of experience and 24 conveniently located stores across the New York City area, GEM Pawnbrokers are one of the best places to get a pawn shop loan. We offer fair and competitive loans with a fast and efficient service provided by our teams of experienced and friendly staff.
Come and visit us at one of our stores to find out for yourself why New Yorkers have been using us for over 70 years and see what loan value we can offer you for your items.