You’ve spent all summer working to make money to help pay your tuition, books, school supplies, and rent for when you return to college. Yet, you still find yourself a little short on cash to get everything you need. What can you do? Get cash loans from your local pawnshop.
With a fast cash pawnshop loan, you do not have to worry about your credit history or credit score. You can have no credit, good credit, or bad credit. The pawnshop doesn’t even pull your credit report. Nor do you need a cosigner to get your collateral loan. Instead, the amount you can borrow is based on how much the item you are pawning is worth.
How Does a Pawnshop Collateral Loan Work?
The process to obtain a fast cash loan from a pawnshop is not that hard. You do need to allow for an hour or two to complete your loan and walk out with your cash on the same day. In general, you will need to do the following:
- Bring something of value into your local pawnshop. Pawnshops accept a wide range of goods and items, including jewelry, gemstones, watches, designer handbags, electronics, sneakers, and more. To find out what items are being accepted, call the pawnshop before stopping by.
- Have your items valued. The pawnshop will appraise your items and assign a value to them. The value is what they could get for them if they sold them to someone else. To make sure you are getting the best offer, verify the person valuing your items is GIA, JA, and DCA certified.
- Accept or decline the offer. You can choose to accept the offer for your items or decline it. There is never any pressure, and the decision is entirely yours. If you accept the offer, there are a few more things you need to do to get your cash.
- Present a government-issued ID. You will need to show a government-issued ID to get your loan. The pawnshop is required by law to report all items you are pawning to the police to verify they are not stolen.
- Fill out the loan paperwork. You will need to fill out a loan application that will list what items you are putting up for collateral, the amount being lent, the repayment amount, and the repayment period. The repayment amount will be more than what you borrow, as you will need to pay interest on the loan.
- Sign the loan agreement. If you are happy with the loan amount and the terms of the loan, you will sign a loan agreement. This agreement gives the pawnshop the right to sell your items if you do not pay the loan off on time.
- Walk out with cash in hand. Once all the paperwork is done, the pawnshop will either give you cash on the spot or cut a check you can take to the bank and cash.
As you can see, it is easy to get a pawn loan when you need cash for school. If you have items you don’t want back, no problem. You just don’t pay the pawnshop back, and it will sell your items instead.
To get a fast cash pawnshop loan to help pay for school expenses or other cash emergencies, please feel free to stop by your nearest GEM Pawnbrokers location in NYC or call us at 718-596-5626. Our pawnshop locations are also great to shop for all of your back-to-school needs with great bargains on laptops and more!