If there's one guarantee in life, it’s the occurrence of the unexpected. Major unforeseen situations can often result in the need for fast cash, but subpar credit scores prevent many individuals from qualifying for traditional loans. Fortunately, pawn loans can help people get the cash they need quickly and without a credit check. Here, you can learn more about the ins and outs of the pawn loan and retail process.
A Guide to Pawn Loans & Retail
How Does It Work?
Instead of using a credit rating, this kind of loan relies on collateral. A pawnbroker provides a short-term cash loan in exchange for holding onto a valuable belonging of the borrower. When you've repaid the loan amount, along with interest, you get the item back. The pawn loan and retail process is also instant, so you get your money on the spot at the time of the transaction.
To determine the loan amount, the broker evaluates the potential resale value of the goods. The loan offer reflects this price and is also accompanied by a time frame and interest rate. If you don't pay it back, the broker can place the pawned merchandise up for sale to the general public. The use of collateral ensures they get their investment back either way, and it also means failure to repay won't harm your credit score.
What Items Are Pawnable?
The types of items that are accepted vary by each pawn shop. Some of the most pawned items include jewelry, electronics, and furniture. Essentially, the only requirement is that the item should have some kind of value to it. If you're in need of a higher loan amount, you may need to pawn multiple items.
Need a short-term loan? Moore Pawn & Furniture is known throughout Lancaster County, NE, for their exceptional level of service. Specializing in pawn loan and retail, the business is committed to providing honest, reliable assistance. They accept a wide variety of goods, including electronics and fine furniture, with a cash loan value of up to $50,000. Learn more about their loan and cash advance options online or by calling (402) 477-5116. You can also find the shop on Facebook.