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If you need money quickly, working with a traditional lender may not be the best option. Instead, working with a pawnbroker can help relieve some of the financial stress you’re under. At West Green Pawn in High Point, NC, their experienced team will help you get the money you need through a pawn loan.

To help you better understand the pawn loan process, their pawnbroker has answered some common questions.

Top 3 Questions About Pawn Loans

1. What Is a Pawn Loan?

A pawn loan is a simple way to borrow money for a short amount of time without worrying about the credit checks or income requirements associated with other loan types. The loan amount is determined by the value of your collateral, or the item you’re bringing into the pawn shop. If you accept the value of your collateral, you’ll receive a loan in that amount. To avoid any penalties, most loans must be repaid within 60 days.

2. What Happens if You Don’t Repay the Loan?

If you find that you’re unable to repay the loan, your collateral becomes the property of the pawn shop. You lose all legal rights to the item and the pawnbroker is free to sell the item at their discretion. However, if you find that you’re unable to repay the loan, you can always contact your pawnbroker and see if an extension or renewal of the loan would be acceptable.

3. Do You Have to Pawn an Item to Get Fast Cash?Pawnbroker

While many people choose to pawn an item in exchange for a short-term loan, it’s not the only option available to you. West Green Pawn is happy to buy items outright and give you cash for the items you sell. That way, you won’t have to worry about repayment deadlines or interest accrual—you get the cash you need while getting rid of items you no longer want.

West Green Pawn has helped residents of High Point get fast cash for over 21 years. For more information on their pawn shop, visit their website or call (336) 882-7297 to speak with an experienced pawnbroker.

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